What is Pay Pal
PayPal is the safer, easier way to pay and get paid online. The service allows anyone to pay in any way they prefer, including through credit cards, bank accounts, buyer credit or account balances, without sharing financial information.
PayPal has quickly become a global leader in online payment solutions with more than 153 million accounts worldwide. Available in 190 markets and 24 currencies around the world, PayPal enables global ecommerce by making payments possible across different locations, currencies, and languages.
PayPal has received more than 20 awards for excellence from the internet industry and the business community -most recently the 2006 Webby Award for Best Financial Services Site and the 2006 Webby People's Voice Award for Best Financial Services Site.
Buyers Benefits
If you are a buyer, you can choose to pay via your credit card, debit card or bank account. Additional benefits are that your payment is secure, and no one can see your credit card number or financial information. The idea is to shop now, and pay later. It allows you to shop on sites such as eBay or on any of the thousands of PayPal vendors worldwide.
Seller Benefits
PayPal allows credit cards, debit cards and bank account payments to be made directly into your account with low transaction fees. It is easy to add PayPal to your website, with step by step instructions directly from the PayPal website and allows sellers access to a growing user base with millions of active online shoppers.
How Secure Is PayPal?
PayPal is famous for the strict security measures that it implements on all transactions and is one of the leading payment systems where fraud prevention is concerned. The service has a loss rate of only 0.5% (less than 0.6%) with online fraud. State of the art technology enables them to immediately check suspicious payments and identify thefts.
companies such as CNN, and it looks as if the company is finally sorting out their sub par services.
South African Users
Currently, Paypal is limited to South African users. According to Paypal's website, South African residents have been able to open a PayPal account as of June 2005, from which they can send PayPal Payments at present. PayPal may not be used by South African citizens to receive payments. The company is continuing to research how best to expand its offering in South Africa.
Conclusion
PayPal's online payment system is regarded as one of the best online payment systems where security is concerned. Even though they can freeze your account, it is still regarded as one of the safest ways of transferring money on the Internet. There is a less than 0.6% chance of your credit card number being stolen, or your money being defrauded. In this world where cyber fraud is so prevalent, PayPal seems like a good option, according to the majority of people using Paypal. If you are willing to take the risk and entrust your credit card number to them, this could save you thousands by preventing online fraud!