What Is PayPal
If you want to know who to thank for the invention of PayPal, thank eBay, the internet auction mega-website that started the auction website revolution. In its infancy eBay needed a secure, easy way for all of their buyers to pay for their purchases and to all of their sellers accept payment, and PayPal was the solution.
Though they are separate companies the fact is that if you sell through eBay you need a PayPal account since practically nobody will buy from you if you don’t. It’s a truly symbiotic relationship because without one the other might just fail to function.
PayPal was purchased by eBay in 2002 for $1.5 Billion but the fact is that it was practically a bargain seeing as the payment processing website has had steady growth every year and is worth over $7 billion today. PayPal has nearly 60 million customers spread out in almost 40 countries, handling more than $50 million in transactions on any given day of the week. Those are some incredible numbers.
One thing that does set PayPal apart is that, over the last few years, people have started using PayPal to pay for other services and products that have nothing to do with eBay. You can now pay for all sorts of thing on all sorts of websites using PayPal, and that fact is evident in the nearly $4 Billion Dollars in revenue that PayPal made in 2011.
The only requirement for setting up your own PayPal account is an email address, although if you want to be ‘verified’ (and that’s a good idea) you will have to provide and link to your bank savings or checking account. With a Personal Account (their basic account) you can send or receive money from anyone else anywhere in the world that also has a PayPal account and make purchases or sales on eBay, making the buying or selling of goods internationally a reality for millions.
There is a Premiere and Business account also for people that do a lot of business on eBay or on the internet in general. The simple fact is, if you need to accept payments or send money on the internet PayPal is one of the best, most secure and most trusted names available. If you sell or want to sell on eBay it’s a definite must-have service.