The World Secure Payment: Paypal

The internet has advanced so quickly over the past few years. Even the computing power and processing ability of computers have exponentially increased in such a short span of time. Along with these technological advancements, come the many conveniences that many people can now enjoy by logging on to the World Wide Web. In the field of internet marketing and business, PayPal is perhaps one of the initiatives that revolutionized the way money is circulated among millions of people across the globe. Imagine, sending and receiving money to anyone on the planet can be as simple as a click of the mouse.

What are the beginnings of PayPal, and what made it fit in as one of the internet transaction standards in the World Wide Web? There are two men who are responsible for how PayPal came to be. Peter Thiel was a German-born and American-raised entrepreneur, and Max Levchin was a US-educated computer scientist from Ukraine. It was before the turn of the new millennium when the idea of PayPal became a reality. Along with its success in merging as part of the eBay company, PayPal gained more popularity because of the sophisticated programs developed by Levchin to prevent fraud while making transactions.

As of the last quarter of the year 2006, there were over 150 million accounts being managed by PayPal. More than a dozen currencies are being supported by PayPal payments, among them are the US dollar, Euro, Canadian dollar, Japanese yen, Pound sterling, New Zealand dollar, and the Australian dollar. At present, PayPal has its headquarters in San Jose, California.

Who are the persons eligible for signing up for a PayPal account? One of the most important requirements is for the user to have an active and valid credit card or debit card. This will be used for verification purposes, as well as a means of adding or withdrawing funds. Upon sign-up, an extended use number will be sent to the credit or debit card company, which the account holder should contact after a few days. When the card company has verified to PayPal the eligibility of the applicant, the applicant can now enter the expanded use number onto his PayPal account. With this, he can now start sending and receiving money from anywhere in the world.

There are various account types that PayPal offers to its clients, depending on the purpose or intention of the applicant. Personal accounts are usually for the convenience of internet shoppers, such as those on eBay. This helps them to easily make payments whenever they purchase an item. Personal account features, however, are limited, so a user has an option to upgrade. Premier accounts are for buyers and sellers, while Business accounts offer more options and advanced features, especially for internet marketers and online entrepreneurs.

Whenever a PayPal Premier or Business account holder receives payments from clients, PayPal imposes a fee, which is deducted from the value of the amount sent. Also, when an account holder wishes to withdraw his PayPal funds into his debit card or bank account, PayPal charges a fee, and this depends on the location of the account holder. It takes about a week before PayPal funds are reflected on the bank account where they were withdrawn.