PayPal—Enabling Individuals to Accept Electronic Payments
Payment processing systems such as PayPal have enabled individuals to accept electronic payments over the Web. This capability has led to a dramatic increase in individuals, including small-scale entrepreneurs, and small businesses doing business over the Internet.
PayPal's transactions are performed via credit card. Every user is allowed to sign up for a PayPal account at no cost. The account binds users' identities with their credit cards. Users simply use their e-mail addresses to refer to their PayPal accounts. Assume that a user named Mallory wants to make a payment to a user named nevernine who has a PayPal account. Nevernine PayPal account is simply referred to by her e-mail address, [email protected]. If Mallory wants to make a payment to nevernine. Mallory first has to sign up for a PayPal account. To do so he creates a PayPal account and assigns his credit card to the account. To make the payment, Mallory signs onto PayPal and initiates a payment to the [email protected] account. PayPal uses Mallory's credit card to credit Jill's account with the specified amount of online payment. An e-mail is automatically sent to Jill stating that she has received money from Mallory.
PayPal offers three types of accounts:
personal, premium, and business with different features and facilities.They customized for individual users, individual users with high volumes of payment receipts, and small businesses, respectively. Facilities such as receiving direct credit card payments, using an ATM or a debit card connected to the PayPal account, handling mass payments, and the like are provided by PayPal.
Some twenty million individuals, small businesses, and large-scale business currently use PayPal, enabling them to carry on business to online. PayPal is the number one method of accepting payments on auction sites such as eBay. PayPal also encourages the "shareware" software market. Shareware is based on the concept of try before buy.Software developers distribute their software at no cost and give customers an option to purchase copies if they like it and want to continue using it. PayPal allows individual software developers to accept payments via credit cards from such customers who use their software. PayPal is also used extensively by the Internet pornography industry, which has now enabled individuals to accept payments for pornographic content.
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