One of the most renowned and widely used online payment systems is PayPal. PayPal revolutionized the way people send and receive money online, providing a secure and convenient platform for e-commerce transactions. In this article, we delve into the intricacies of PayPal, its history, features, and how it has transformed the digital payment landscape.
History of PayPal.
PayPal was founded in December 1998 as Confinity, a company focused on developing security software for handheld devices. However, the founders soon realized the immense potential of online payments and shifted their focus to creating a reliable digital payment solution.
In 2000, Confinity merged with X.com, an online banking company founded by Elon Musk. The combined entity adopted the name PayPal and aimed to revolutionize the way people conducted financial transactions over the internet. Their vision was to provide a safe and seamless platform for online payments, catering to the needs of individuals, businesses, and merchants worldwide.
Features and Benefits of PayPal.
PayPal offers a wide array of features and benefits that have made it a preferred choice for millions of users globally. Let’s explore some of the key features that set PayPal apart from other payment systems.
1. Secure Transactions
Security is paramount when it comes to online payments. PayPal employs robust encryption technologies and advanced fraud detection systems to ensure that your financial information is safeguarded. With PayPal, you can make payments online without worrying about the security of your sensitive data.
2. Easy Integration
PayPal’s seamless integration capabilities make it an ideal choice for businesses and e-commerce platforms. Whether you are running a small online store or managing a large-scale enterprise, PayPal offers simple and efficient integration options that enable smooth payment processing.
3. Buyer Protection
When you make a purchase using PayPal, you benefit from their comprehensive buyer protection policies. If an item doesn’t arrive or doesn’t match the seller’s description, PayPal offers a resolution process to help you get your money back. This buyer protection feature adds an extra layer of confidence and trust for consumers.
4. International Transactions
With the rise of globalization, conducting cross-border transactions has become commonplace. PayPal facilitates international transactions in multiple currencies, making it convenient for businesses and individuals to send and receive payments globally. Moreover, PayPal’s currency conversion services eliminate the need for separate foreign exchange transactions.
5. Mobile-Friendly Solutions
In today’s mobile-driven world, having a payment solution that seamlessly integrates with mobile devices is vital. PayPal offers user-friendly mobile apps for both iOS and Android platforms, allowing users to make payments, manage accounts, and track transactions on the go.
How PayPal Transformed E-Commerce.
PayPal’s impact on the e-commerce industry cannot be overstated. It has played a pivotal role in shaping the way businesses and consumers engage in online transactions. Here are some key ways in which PayPal has transformed the e-commerce landscape:
1. Enhanced Trust and Credibility
With PayPal’s secure payment infrastructure, buyers and sellers have gained increased trust and confidence in online transactions. The buyer protection policies and dispute resolution mechanisms have significantly reduced the risk associated with online purchases. This enhanced trust has fueled the growth of e-commerce worldwide.
2. Streamlined Checkout Process
Before PayPal, the checkout process on e-commerce websites often involved lengthy forms and credit card details. PayPal introduced a one-click checkout solution, simplifying the purchase process and reducing cart abandonment rates. This streamlined checkout experience has boosted conversion rates for online businesses.
3. Global Market Access
By enabling cross-border transactions, PayPal has opened up a world of opportunities for businesses. Merchants can easily reach customers in different countries, expand their customer base, and tap into new markets. PayPal’s currency conversion capabilities and localized payment options have made international expansion more accessible than ever.
4. Seamless Peer-to-Peer Payments
Apart from facilitating business transactions, PayPal has made peer-to-peer payments effortless. Whether you need to split a bill, send money to a friend, or collect funds for a group gift, PayPal’s peer-to-peer payment feature simplifies the process. It eliminates the need for physical cash or writing checks, making personal transactions convenient and hassle-free.
Create a Paypal Account.
You may follow the steps given below to create your PayPal account:
- Go to the site www.paypal.com and click on the sign up for free button.
2. Select ‘Business’ and then click on NEXT button.
3. Enter your email id which you want to use for paypal and enter the password. Click on ‘Continue’
Please remember your email address and password using which you can login to your PayPal account and do not share your password with anyone. Please create a new password for this account. It need not be the same that you use for Digital Profit Course.
4. Business Type – ‘Individual’ and click on Continue.
5. Fill the form completely and carefully and click on ‘Continue’
- Business Category – Business to Business
- Business Sub-category – Advertising
- Purpose Code – Advertising and market research
- Enter your PAN number
- Name on your card statement.
6. Fill this form with your basic details. Click on ‘Agree & Continue’.
7. Your account is now set up. Confirm your email address. You must have received an email from paypal on your email id which you have used at the time of registration.
8: Click on Link a bank account. Add Bank Name, IFSC Code, Account Number, Name etc.
And click ‘Review’ button.
Now you need to enter following details.
1 Your name must be the same as your name that is mentioned in your PAN Card. Your PayPal account name, PAN card name and Bank Account name must be the same.
2 Please enter your bank’s full name.
Example – State Bank Of India and not SBI
NEFT IFSC You can find the codes by entering details on following websites:
http://www.ifsccodebank.com/
http://www.bankifsccode.com/
3 Enter your Bank Account Number.
You will then get some small amounts credited into your bank account. Sometimes, PayPal may even charge a small amount from your account to verify the details that you have provided. This is done at random and is returned to your account in a few days.
When you see a deposit or charge in your bank statement, come back to PayPal and login with your registered email address and password. Confirm your account by entering the amounts in specified places.
Once these steps are completed, you’ll have a PayPal verified account eligible to take payments online from affiliate networks.
PayPal now has an office in Gurgaon, NCR, India. Please leave your question at PayPal helpdesk on their website and they will immediately contact you. They have a very quick response time and they are very helpful.
https://www.paypal.com/in/smarthelp/home#
