Paypal is the world's largest online bank. A large percentage of people who surf the net big time and having online earnings surely have a paypal account. What do you think is the main reason behind it? More security, fast service, acceptance all over the world or anything else?
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Why Paypal?
- Thread starter uplana
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The best thing I like about paypal is its world wide acceptance. Paypal supports payment in 19 currencies including U.S. dollars, Canadian dollars, Australian Dollars, Euros, Pounds, sterling, Japanese yen etc.tongyun said:
Paypal also offer a fast and reliable way to all your money transaction. Although there transaction charges are a littile bit higher, but I think its o.k. after considering the security service they ofers.Propeller said:
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First of all Paypal is not a bank! Read the agreement, you have signed with them. There is not protection or bank safety- they are no bank at all.
"1.1 PayPal is only a Payment Service Provider. PayPal helps you make payments to and accept payments from third parties. PayPal is an independent contractor for all purposes, except that PayPal acts as your agent only with respect to the custody of your funds. PayPal does not have control of or liability for the products or services that are paid for with our Service. We do not guarantee the identity of any User or ensure that a buyer or a seller will complete a transaction."
(You have have accept that by using the service- you should know it.)
By the way this is the same to Alertpay.
The only thing that makes people use Paypal is that it is worldwide available.
"1.1 PayPal is only a Payment Service Provider. PayPal helps you make payments to and accept payments from third parties. PayPal is an independent contractor for all purposes, except that PayPal acts as your agent only with respect to the custody of your funds. PayPal does not have control of or liability for the products or services that are paid for with our Service. We do not guarantee the identity of any User or ensure that a buyer or a seller will complete a transaction."
(You have have accept that by using the service- you should know it.)
By the way this is the same to Alertpay.
The only thing that makes people use Paypal is that it is worldwide available.
I don't think so. The only difference between paypal account and your bank account is that paypal did not offers any intrests on your deposits. Also it dd not has any facilities like loan etc. But safety of the customer is there uttermost priority.wildy said:
Sorry, you are wrong. they have no "legal" bank status.
Behaving like a bank does not mean, you are a bank. Otherwise you have to follow special rules, which Paypal is not following right now.
Quote from wiki:
In the United States, PayPal is licensed as a money transmitter on a state-by-state basis.[16] PayPal is not classified as a bank in the United States, though the company is subject to some of the rules and regulations governing the financial industry including Regulation E consumer protections and the USA PATRIOT Act.[17] On May 15, 2007, PayPal announced that it would move its European operations from the UK to Luxembourg, commencing July 2, 2007 as PayPal (Europe) S.à r.l. & Cie, S.C.A.[18] This would be as a Luxembourg entity regulated as a bank by the Commission de Surveillance du Secteur Financier (CSSF), the Luxembourg equivalent of the FSA.[19] PayPal Luxembourg will then provide the PayPal service throughout the European Union (EU).
Behaving like a bank does not mean, you are a bank. Otherwise you have to follow special rules, which Paypal is not following right now.
Quote from wiki:
In the United States, PayPal is licensed as a money transmitter on a state-by-state basis.[16] PayPal is not classified as a bank in the United States, though the company is subject to some of the rules and regulations governing the financial industry including Regulation E consumer protections and the USA PATRIOT Act.[17] On May 15, 2007, PayPal announced that it would move its European operations from the UK to Luxembourg, commencing July 2, 2007 as PayPal (Europe) S.à r.l. & Cie, S.C.A.[18] This would be as a Luxembourg entity regulated as a bank by the Commission de Surveillance du Secteur Financier (CSSF), the Luxembourg equivalent of the FSA.[19] PayPal Luxembourg will then provide the PayPal service throughout the European Union (EU).
Totally agree with you. Paypal is the only company which provides you the most risk free online transaction over the internet. The other thing which I like most about paypal is that the consumer has complete access to information about his/her account history and he\she can even report a dispute, if any.louise31 said:
Most of the sites are currently using paypal services to allow transactions to there members or users. I think the main reason behind the increasing popularity of paypal is due to its prime importance towards secure transactions. Even if you want to change your own password, its essential for you to provides the last four digits of your bank's account number.sanju123 said:
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PayPal is certainly the best when serving people. But it also have some drawbacks as for some reasons it is very strict when it comes to violating their TOS. And also their fee changes can sometimes be frustration but on the long run PayPal is much better than any other payment processors out there.
Many people are hesitant to provide credit card information over the Internet. PayPal provides a secure server (SSL) so your transaction is safe, but moreover, when you make a purchase through a PayPal merchant, you have additional security because only PayPal, not the merchant, is provided with your credit card information. This helps to reduce the incidence of credit card fraud due to unscrupulous merchants.
I use paypal for all my stuff online but I have a normal bank account. I don't use paypal as a bank...but I love paypal. It is easy and fast and say if there's an emergency or something my mom transfers me money to my paypal account.
I think Paypal is currently offering the most fast, secure and easy way to handling your transactions. They give prime importance to the safety of your account and this is the thing which I like mos about Paypal. Paypal is the most common mean of money transaction as it supports payment in 19 currencies.dreamr802 said:
Paypal is the most common processor in the world and that is the only reason why I use it.
I do not think that Paypal is very secure. To verify an account you only need to given them a few bills with your address on it (and these things are easy to fake).
I do not think that Paypal is very secure. To verify an account you only need to given them a few bills with your address on it (and these things are easy to fake).
I am not agree with you. Paypal gives prime importance towards safety of your account and that is the reason behind their success. Paypal is consider as one of the safest mode of money transaction over the Internet. Even if you want to change your profile information or to change your password, you have to verify yourself by providing your account information or answering some security questions.wildy said:
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