What is PayPal?

Advancement in modern technology has revolutionized financial transactions, making the payment gateways incredibly easy and quick. Could anyone ever think of receiving and sending money across the distance of thousands of kilometers with a click or a touch? It stands accomplished now! One of the best online payment gateways, PayPal enables you to transfer money from one account to another without revealing your financial details. It offers the best electronic alternative to the traditional paper methods of money orders and checks. The old procedures not only involve a lot of hassle but also cause the wastage of time, which is considered the most precious thing in this world.

PayPal - An Online Payment System

Unique Features of PayPal:

In comparison with other online payment systems, PayPal brings many unique and distinguished features. That is why it has fetched immense popularity over the period of about one and a half decade. Following are some of the exceptional characteristics that justify its worldwide appeal.

  1. Millions of Payments per Day: The individuals and business firms, connected with PayPal, make as many as 11.5 million payments every day. In this way, it becomes the most widely used web-based financial transactions network that caters to the financial needs of a huge public.
  2. 162 Million Digital Wallets: This secure and open payments ecosystem hosts about 162 million active digital wallets. So, it enjoys the trust of such a large number of clients. This is particularly because of the unprecedented efficiency of the financial services offered here.
  3. Fast, Safe & Secure: The sagacious people are right in saying that safeguarding the treasure is more difficult a task than accumulating it. Shifting money from one place to another is especially very risky and involves a danger to the life of the carrier. Talking of electronic means, the online theft and hacking of accounts again poses a great trouble. Under these circumstances of confusion and darkness, PayPal emerges on the scene as the fastest, safest and securest means of making online transactions.
  4. Worldwide Network: The large multinational businesses have their networks spread across many countries of the world. They inevitably need to be financially interconnected through some payment gateway that works in all those countries. The best choice is PayPal because its financial network stretches worldwide.
  5. Secrecy of Financial Details: After creating an account on this system, you may add credit cards and bank account by providing the essential financial details. Once it is successfully done, you will not be required to disclose such sensitive information again while making any kind of transactions. So while working with this gateway, you get guarantee for the secrecy of your important personal and business related data.
  6. Greater Flexibility: If, while purchasing services and goods online, your credit card is declined, it causes a lot of embarrassment. The greater flexibility of PayPal, on the other hand, allows you to do all type of online trading quite smoothly without facing any hassle on the way. It can accept and integrate multiple bank accounts and credit cards and keep them active all the time. On the basis of the order you define, it will intelligently look for funds from your sources.
  7. Very Economical: High processing fees and service charges serve to distract the attention of the clients, forcing them to go for an alternative even if the latter proves to be less secure. To your very surprise, the majority of the financial services offered by PayPal are totally free while the remaining few ask for negligible amounts. In other words, the users can enjoy all the supreme features without caring for the fees.
  8. Special Discounts on Shopping: There are many companies, like Nike, WalMart, Barnes & Noble, HP, and so on, that offer special discounts on their products if shopped through PayPal. It means, besides getting benefitted with the best financial solutions, you can save a significant amount on the purchase of the articles of daily use.
  9. Supporting 100+ Currencies: This truly global payment platform allows the customers to get paid in more than hundred currencies. However, the currencies supported for fund withdrawals into the bank accounts are 57. Concerning the account balance, it can be maintained in about 26 currencies.

How PayPal Works:

The working of the world’s most popular online payment system is quite simple, easy, quick and efficient. However, to ensure maximum safety and security, while creating accounts and harvesting its potential, the users are required to follow the measures defined by the administration and maintenance staff. Given below are some aspects associated with the working of PayPal:

Account Creation and Verification: To start availing all the amazing financial services, you have to create an account with PayPal by providing all the required information. The next essential step involves verification of the given account through email and mobile phone messaging/calling. You may also be required to verify your identity and address. All this is done to ensure maximum safety and protection of your finances over this diverse and widely-used platform.

Integration of Cards & Accounts: In the next step, the beneficiaries are facilitated to integrate the credit and debit cards and bank accounts into their online digital wallet. Fortunately, it accepts multiple accounts all of which remain active. So, you can use any of these anytime and anywhere.

Spare Seconds to Make Transactions: Monetary transactions constitute one of the most important parts of a business. Big firms have to make hundreds or even thousands of financial transactions on daily basis. It inevitably requires a lot of time. You have option to save your precious time by opting for the online methods. Sometimes, here too the processing is very slow and much time-consuming. Still, there is no need to worry as an ever fastest gateway is available in the form of PayPal. Accepting payments from debit and credit cards, and associated bank accounts is a matter of seconds. So, you can save a lot of time which can be devoted for business to earn more money.

Concluding Remarks:

Amid the intense global competition, PayPal successfully emerges as the leading and most favorite online payment system. All this is owed to the advanced functions and excellent financial services provided here. Economy, safety, security, and hassle-free usage are some of the features worth mentioning. The payments can be made as quickly as a single touch of your finger. The great amount of flexibility and worldwide coverage further contribute to its appeal. That is why it is trusted by over 162 million users who have active digital wallets here.

April 16, 2015 | Mohsin Ali | 1 Comment | 880 views