Paypal is known as the champion of global payment solutions until now. It is an American company that is operated worldwide for financial purposes. The founders of this company are Ken Howery, Luke Nosek, Max Levchin, Peter Thief, Yu Pan, Russel Simmons, and Elon Musk. They founded it in December 1998.
The company offers us online transfers and serves as an alternative to our ancient paper techniques, i.e., checks and money orders.
The PayPal referral program is also one of the best features to earn a handsome amount.
History of PayPal
Originally it was started by Max Levchin, Peter Thief, and Luke Nosek and was a company that developed security software for handheld devices. No success was monitored in the business. At that time, it was known as Confinity. Then in March 2000, Confinity merged with X.com, which was an online company by Elon Musk. CEO of this company Musk and Bill Harris were not in favor of the future success of the money transfer business, and Harris left the company in May 2000. That same year Musk decided that X.com would terminate its other internet banking operations and focus on PayPal. In the same year, Musk was replaced by Peter Thief as the CEO of X.com, and the company was renamed PayPal in 2001 and came into existence in 2002.
A List of Services offered by PayPal Over the years
It allows customers to hold funds in 25 currencies worldwide. It has around 305 million active and registered user accounts. The company always made its users happy by providing better and better facilities one after the other in the following manner:
- From 2009-2016 it gave a facility for students to account, where parents could set up a student account, transfer money into it, and obtain a debit card for students’ use.
- In November 2009 it opened its platform for other services to access its code and infrastructure.
- In 2007 they acquired the online credit product Bill Me Later, Inc.
- In 2012 the company launched a small mobile payment system, “PayPal Here.”
- 2013 it launched a free app for Android and iOS users that allowed users to search for local shops and restaurants that accepted PayPal payments.
High-end Security Provision
This platform is a well-recognized site that imparts secured global payment solutions. In 2006 it introduced an additional security key to prevent fraud. In this, the user’s account was tied to a security key. Also, the account holders had to enter the login details, and they even had to enter a six-digit code that was sent to the account holder’s number. And in the following procedure, they were not promoted to any other page. This two-factor authentication made it difficult for the third party to have any malicious activities.
Benefits of using Paypal for online transactions
1. The company offers two main payment solutions: Payment Standards and Payments Pro. The payment standard is useful for a great starter for e-commerce. On the other hand, Payment Pro offers a wide range of payment options. It gives you a function in which you can design and host your own checkout page.
2. You can accept payments in 26 currencies from 193 different countries. And the most important benefit is that there are no cancellation or contract fees.
3. It allows both the users as well as the sellers to send and receive money transactions in a secure manner.
4. If you do not have a personal account, then, the process takes a little time, but when it comes to security reasons, the time is worth it. Once the account is linked to your bank account, you can safely do your transactions.
Some Last Words
It is a great tool for providing global payment solutions. It provides an excellent service for small to big amount transfers. It is one of the most recognized brands that is trusted for e-commerce business. It has largely become the solution for third-party online payments. Throughout the world, if you are looking for any payment options, “PayPal” is the most recommended one. So, what are you still waiting for? It is time that you set up your account for personal as well as business use and make all your secured online transactions hassle-free.