The Internet has changed the world. It has made a change in e-commerce too.
Online banking facilitates users to pay for the products and transaction of funds online.
PayPal is a big name in online banking software. It is the payment gateway that allows the users to authorize banking and related information with just one click.
So that’s why in this article, you will get all the information about PayPal.
What is PayPal?
PayPal is the most popular middleman service for online shopping.
According to an estimate, over 286 million people worldwide use PayPal. It is no doubt the first choice of everyone who wants to make any purchase.
They use it to send money by making online purchase and email. It is the most trusted way to transfer funds, and about a significant portion of purchasing on eBay is done by PayPal.
However, it is banned in some countries like Ghana, Pakistan, Bangladesh, and Afghanistan. So, in these countries, you have to find some other gateways.
Working on PayPal: –
PayPal is an online transaction broker that allows people to send money by sharing email addresses.
When you share your email, your receiver can see the credit card information and bank information within no time.
The role of PayPal is like a middleman that holds the money and then send to the other person.
It is a trustworthy name due to its strong policies and integrity work. They provide the customers with the firm guarantees to both the seller and buyer.
The customer always wants from the company to keep their personal information like credit card or bank information private.
Hence, it is the primary key to their success. This service is also useful if you want to send money to the stranger as it does not share any information.
All the transaction they do only by providing the email so, you can use it confidently.
If you want to use PayPal, you do not need any business license or specific software. You only need a valid email and a valid credit card.
Why should you use PayPal?
- We all know that online shopping trend is increasing day by day. So, shortly, all of the supermarkets will rush towards it.
- They will need a gateway to make the payments. You will need to use the online banking company to do any kind of shopping. You can use it by yourself and set up the account on the same day.
- It is time to move toward an official gateway for the payments. It will help you shortly.
- Customers are afraid of online shopping. They always want to make payment via a trustable gateway and PayPal is the big name among these.
- So, if they see that you are offering to pay via this platform, they do not feel any hesitation in paying.
- It is especially beneficial for the companies who just started the company, and they want to work for brand recognition. It will help you to get the trust of customers.
- PayPal ha the extensive network and security team that make sure to keep your confidential information private. They hold everything on their platform, and it is quite safe.
- Some online stores make their systems of payment, and they are at the edge of hacking. To keep your company account safe and customer’s information, you should choose a trustable gateway.
Pros of PayPal: –
- It is one of the well-known and secure brand in e-commerce. The name people trust.
- Paypal is mostly used by all the recognized brand like eBay and many more companies. It helps you to convert the currencies to your local currency automatically.
- In the case of programming, PayPal provides API notification that sends immediate information to users on every transaction.
- It is borderless, and you can pay or get paid anywhere from the world except some countries.
- They are very secure in case of any suspicious activity they instantly limit your account. In this case, you cannot send money to another person.
Cons of PayPal: –
- The transfer of money is a little bit slower than other gateways. It is not good for instant transfer.
- They charge extra money if you want the instant transfer of funds.
- The service speed is somehow going down. In this situation, you become unable to make any payment.
- Customer support is also not so good. They just provide the phone contact or online chat that takes a lot of time. It is not always sufficient. They take a lot of time to solve your problems.
- To get a verified account, you must have to connect to an actual bank account. If you do not confirm it, you have to face limitations.