2007-07-20 11:52:56 · 9 answers · asked by {Angel} 1 in Business & Finance ➔ Credit
They act like a bank in many ways, but allow small businesses and people who could not otherwise accept credit cards, do so.
They act as a funding middleman, in essence guaranteeing the transaction. For this they take a fee of around 4%.
If a transaction goes bad, as long as the seller can prove they sent the goods, PayPal will pay - and take on the trouble of collecting from the buyer.
Similarly, if the buyer never receives the goods, PayPal will refund the purchase and go after the seller.
In all cases, they isolate the purchaser's credit card numbers or bank account numbers from what might otherwise be an unscrupulous seller.
PayPal uses Wells Fargo as it's clearing bank, and is owned by eBay.
2007-07-20 11:57:49 · answer #1 · answered by Mountain Top 4 · 0⤊ 0⤋
Provides payment with a third party that isolates your personal information.
When you get a Pay Pal account you can use it like a credit card, or an electronic debt card.
When you create the account you give Pay Pal your personal information including the credit card number. When you make a purchase through your Pay Pal account the other company gets paid, but they don't get your credit card information. You only have to give it up once and that is to Pay Pal who will keep it secure. This means you can make more secure transactions. This is why eBay bought up the company.
You can safely make purchases through Pay Pal secure against Identity Theft. That's why it is such a great idea and so good to use.
2007-07-20 18:55:49 · answer #2 · answered by Dan S 7 · 1⤊ 0⤋
Paypal is for people who sell items over the internet. It allows selllers to have money directed into their accounts and buyers to purchase the items with either check or debit/credit card. Neither side has direct access to the other information, so no account gets compromised.
2007-07-20 19:00:35 · answer #3 · answered by tlcorbett85 3 · 0⤊ 0⤋
Pay Pal acts as an online payment processor for internet transactions. Small business and individuals choose it to receive payments from others using credit cards or other financial accounts. Pay Pal takes a small transaction fee from each sale.
2007-07-20 18:57:14 · answer #4 · answered by deepseaofblankets 5 · 0⤊ 0⤋
paypal is a way for you to pay for things without putting credit card numbers on unsecure websites.
you link your bank account to paypal, and you can basically pay for many items online , ebay, and send payments to people and receive payments from people.
2007-07-20 18:57:24 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Paypal is an online money transfer system, you can send money from one person to another using the email ids. From http://pa2.info
2007-07-20 19:33:10 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Takes a huge dump on your happiness.
2007-07-20 19:01:50 · answer #7 · answered by High 'N' Dry 6 · 1⤊ 0⤋
It is an electronic payment for things on e-bay.
2007-07-20 18:55:57 · answer #8 · answered by Anonymous · 0⤊ 0⤋
emoney
2007-07-20 19:00:46 · answer #9 · answered by Anonymous · 0⤊ 1⤋