The history of PayPal How the service works Transaction type PayPal Fees Competitors of PayPal Complains PayPal‟s future
Co-Founder: Peter Theil Elton Musk Theil was a security lawyer and a optiontrader. Musk was a engineer and a model fromSouth Africa. PayPal was founded in December, 1998.
Enter the recipient‟s email address, which istheir unique identifier (like a bank accountnumber) in the PayPal system. Enter the desired amount and chooserecipient‟s currency. Select payment type – either „Onlinepurchases‟ or „Personal payments‟. Click „Continue‟– sender will be prompted tolog in to his account to confirm transection. E-mail notification to the both party.
Personal Transaction Buy Sell Transaction Business Transaction
Free to open a PayPal account. Free to shop online in the UK atthousands of websites. Free protection wherever you shop withPayPal, so in the unlikely event that anitem doesnt arrive or isnt what youexpected, you can get your money back. Free to send money in the same currencyto anyone in the UK when you use yourbank account or balance.
Free to download the PayPal App on youriPhone, Blackberry and Android whichyou can then use to check your balance,send money to friends and family anddonate to charity. Free to add money to your PayPal balancefrom your bank account. Free to make a standard withdrawal fromyour PayPal balance to your bankaccount.
Float; PayPal re-invests funds that sit inmember‟s PayPal account. The charge approximately 2.5% of thedollar amount of the recipients of PayPaltransfers.
Purchase Pay- Free. Get paid- 1.9% to 3.4% + €0.35 EUR. Personal Taransfer From PayPal Balance- Free. From other Debit or Credit card- 3.4% + €0.35EUR. The sender decides who pays this fee.
MoneyBookers, Alertpay, Payza,eMoneyMail, Ecount, payMe.com,CheckFree, Gmoney.com, Moneyzap,PayPlace.com etc. PayPal simply does the transaction better,cheaper and faster than the rest. They also had the first move advantage.
Poor customer service. Credit protection policies are flimsy. The aprox. 2.5% charge is too high. “Double Taxation” on third party sitelike- eBay, Amazon. Moreover tons of complains can be foundon these sites- www.aboutpaypal.org www.paypalsucks.com www.paypalwarning.com
“PayPal has a bright future.”- TechCrunch They are considering branching out into afull fledge online bank with manybooking products. They will continue their successfulintegration with many e-commerce sitesand service providers.