2007-04-17 22:34:55 · 5 answers · asked by VIJI L 1 in Business & Finance ➔ Small Business
Depending on whom you talk to, it's either the greatest thing on earth or the dumbest way to transfer money (nicknamed "beaming"). The basic concept is this; PayPal offers a secure service through which funds can be transferred from one PayPal account to another.
(Technically no funds are actually transferred. PayPal is just a running total of how much one account was given from another and vice versa. It isn't until someone "cashes out" that money is actually "moved".)
The transfer is immediate and guaranteed. PayPal won't transfer funds unless the buyer has a credit line (or amount in bank account) to make the transfer. No, PayPal is not a bank. Thus, their accounts are not federally insured in the same way as a traditional bank account, however they do offer their own private insurance. As of the time of this writing, the insurance was provided through the Travelers Group.
The fact that the money is transferred from one PayPal account to another, rather than right to the user, is important. We'll get to why in a moment.
In order to participate in PayPal, you must sign up to be a member. Right now (April, 2001) it's free. In fact, it remains a free service as long as you remain only a buyer, meaning money only moves from your account to someone else's account or you request from your own monetary sources.
In order to sign up, you are asked all the basic questions, plus you choose the traditional login and password. Your email is proven active by the computer sending you your confirmation number. You get the number, return to the site, and finish the process.
After signing up, you are asked to enter either a credit card number or bank account. Either way you go, or even if you choose to allow both, the computer system performs a check. If the accounts are active and have sufficient funds, you're good to go.
2007-04-17 22:45:36 · answer #1 · answered by uk girl 1 · 0⤊ 0⤋
paypal is an e-commerce business which allows payments and money transfer to be made through the internet. it performs payment processing for online vendors and other corporate users .it is a result of a merger between x.com and confinity.paypal users cannot use their funds to make a payment on their paypal plus credit card balance.this credit card is issued by ge money bank.
2007-04-17 22:58:03 · answer #2 · answered by akki 1 · 0⤊ 0⤋
Here is the wiki on Paypal
2007-04-17 22:57:07 · answer #3 · answered by rajivraj007 2 · 0⤊ 0⤋
PAYPAL MEANS SPEND TODAY AND PAY AFTER MONTH.
2007-04-17 23:20:10 · answer #4 · answered by lplcnf1 1 · 0⤊ 0⤋
Go to their website and read about it ...
http://www.paypal.com
2007-04-18 07:09:19 · answer #5 · answered by jdkilp 7 · 0⤊ 0⤋