7 Ways that PayPal Revolutionized e-Commerce
Since first introduced more than a decade ago, PayPal has grown to claim the spot as the number one payment processor around the world. The online financial services company experienced a giant leap in popularity becoming an exclusively-owned subsidiary of eBay in 2002. If you’ve never used PayPal then, in short, you’re missing out especially if you ever use the internet for e-Commerce, otherwise known as online shopping.
Using PayPal offers a flexible way to send and receive money, bid on auctions, and shop at one of the hundreds of thousands of shops accessible via the internet. For online retailers, it offers a way to accept payments from customers and put those funds directly into their own hands, often via a deposit into their account at a brick-and-mortar banking institution. Here are some ways that PayPal has revolutionized e-commerce.
Because PayPal handles payments for online commercial websites, like vendors and auction sites, all over the world it is a trusted way to shop online whether the shop is located in Kalamazoo, Michigan in the United States or Timbuktu, Africa. People can buy things via their personal computer, tablet device, or even their smartphones. On Black Friday, 2001 – the day after the American Thanksgiving holiday which is also the biggest shopping day in the country, PayPal helped consumers do a whopping 538% more mobile business globally than they had just one year before.
American business executive Meg Whitman, former Chief Executive Officer of eBay, once said that for her, “the international expansion of eBay was the best idea. We are now in 35 countries, and have a huge global network. The second best one was the acquisition of PayPal – the wallet on eBay.” The wallet feature is now a huge boon to internet shopping, and has helped everyone from American small business owners to corporate giants like Amazon to succeed in business.
Aside from the information required to set up your PayPal account, you never are never again required to divulge the first bit of personal information, except in the case of giving a retailer your shipping address. Checking out at a PayPal-verified retailer takes you to PayPal to complete the deal, so there is little fear of nefarious hackers sneaking around to glean information from your online transactions.
PayPal requires an alternate form of payment, allowing you to set up any number of personal or corporate bank accounts, debit cards, or credit cards to use as a backup resource. This gives you both freedom and flexibility to shop even when there’s not enough money in your PayPal account. Once the purchase goes through, they’ll attempt to cover the debt using your other resources according to the hierarchy that you indicate in the setup process. It’s a bit ironic but after finding checks for my personal bank account at www.personalchecksplus.com I used PayPal to complete the transaction.
If you’ve ever had a child at college, family member, or even just a close friend call you because they were in trouble and needed cash urgently, you know the importance of being able to transfer funds quickly and reliably. PayPal guarantees both with just the click of your mouse. It’s cheaper than other money-transfer services and takes less time, allowing you to be there when people depend on you for help. Some online retailers even use PayPal as a way to pay their employees, giving them quicker access to their funds than they would have with a paper check or even direct deposit.
Free and Bonus Services
First of all, PayPal itself is free. Unlike credit cards and bank accounts, using PayPal requires no minimum balance level, no annual (or any other) membership fees, and no annoying service charges. Users receive all the same advantages as their peers whether than have $10k or $10 in their PayPal account. Remember when I said that after perusing www.personalchecksplus.com I was ordering checks online using PayPal? Not even my personal bank account, which I’ve had for more than a decade, gives the amount of services that are included with a PayPal account. Some merchants like Wal-Mart, Nike, and HP offer discounts and other special offers to PayPal members who use their account to pay for retail items from their online shops.
It’s not just consumers who benefit from ways PayPal has revolutionized e-commerce. Online retailers can accept payments from folks all over the world using a variety of different currency types including the US and Canadian dollars, Swiss Franc, Euro, and Mexican Peso. The conversion is automatic, saving retailers the headache of finding a different financial institution that handles money conversion services. In the past couple of years it’s become more popular for people to use their tablet or smartphone to shop, allowing retailers to reach a wider customer base than ever before.
If you haven’t tried PayPal, then why are you waiting? Even if shopping on eBay has been your only experience with using PayPal, you’re still missing out because there is an entire e-shopping mall waiting for you on the internet. E-commerce has shown itself to be the future of the retail market, and with PayPal leading the way with innovative, reliable services coupled with top-notch customer support, it’s only bound to get more convenient as we move further into the future.
About the Author
Internet researcher Jason Monroe often uses his online skills to help with both the business and personal sides of his life. From earning free checks for use with his personal bank account to fact checking demographic and logistical information for one of his articles, he spends most of his workweek behind a desk. As soon as the weekend arrives he enthusiastically heads outside where he participates in activities like backpacking scenic trails with many of his friends.