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Internet business owners who do not want to engage in their own credit card processing always have the confusion to choose the best payment option for themselves and their customers. There are a number of companies on the Internet that facilitate the services offered by online money transfer services. PayPal is the biggest competitor out there, influencing industry development from the very beginning of the concept.

PayPal was formed as a partnership between Confinity and X.com – two neighboring companies, conveniently located on the same street in Palo Alto, California – this street is also the headquarters of another Internet giant – Facebook. The merger created a system that offers email payment as a feature along with an automated system invasion shield known today as CAPTCHA. By March 2000, the company was meeting millions of users, and in 2002 it was acquired by eBay, the largest online online auctioneer. The acquisition itself has made a huge impact on e-commerce, changing the way internet vendors have done business before.

If eBay started out as an online garage sale that allowed anyone to sell unwanted (or requested) items through online channels, and PayPal is an online checkout that has become accepted anytime, almost anywhere. Before PayPal came, only merchants could process online payments online, and if obtaining a business license and setting up an IRS tax ID is more a right-click, than setting up a merchant account is quite complicated and expensive procedure. PayPal has provided vendors with the ability to pay them through a credit card transfer system, instant transfers and e-checks from a bank account, with only the requirement that you have a PayPal account and a valid email address. Such transactions are easy and secure because neither the seller nor the merchant has access to customer information, including the account number. The only information sent is personal email, name and shipping address.

PayPal is a simple payment system and popular with small merchants and …

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Source by Yuliya Karnaukh

 

 

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