PayPal started making history after the acquisition from X.com of Elon Musk. The digital payment system got aggressive marketing and succeeded to have millions of customers in a shorter time. It was founded in 1998 and the success journey started in the year 2000. Customers are segmented into two categories, individuals and merchants. The convenience offers in sending or receiving money across the globe are the key to its success. The business of PayPal is based on trust. The security trust offered by it has won the hearts of millions across the globe.
Data equipped with modern technologies AI & ML is fueling the growth. PayPal focuses on improving customer experience constantly. Data engineering helps it read the behavior of users and then human brains use the technologies to simplify the user experience further. The platform offers different experiences at different geo-locations as per the customer’s needs & requirements. PayPal has a presence across 200 locations across the globe. All the transactions made using PayPal confirm the regulations of the concerned geography. The support of multiple currencies and localized support & service to its customers across the globe make it the most successful digital payment system in the world.
Individual Customers
Individuals across the globe who want to send or receive money from within the country or across the globe can register and take leverage. Individual customers at PayPal need to verify their KYC before any transaction. This type of account is used to fulfill various purposes. For example, if someone has to send money to their dependents across the globe then they can use PayPal for the purpose. Likewise, if someone is a freelancer then they can receive payment through PayPal from their global clients. PayPal has the facility to send money and at the same time request money. While requesting money, PayPal sends a link in the email to pay the requesting individual. To pay money using PayPal, signup is not mandatory.
Individuals can have a website to sell products or services. Use PayPal for the checkout in the process of a purchase made at your website. The transactions made using PayPal are safe and smooth. The payment gateway integration for the checkout is easier and might not require technical skills at times. PayPal charges a transaction fee on every transaction. The commission amount depends on the volume of the annual transactions. PayPal has no hidden charge or other charges than the transaction charge. Money exchange costs can be there for different currencies. This account is usually for a low number of transactions per year.
Business Account at PayPal
The merchants who have a high number of transactions per annum and have registered their business with the local civic body can apply for the business account at PayPal. While registering, email verification takes the merchants to furnish other business data together with documents. Documents furnished are as per the local regulations of the government and may vary with geo-locations. After the registration process, integrate PayPal with your ecommerce store for faster and smoother checkout. The PayPal customers of the Business segment enjoy various online tools to manage business activities. Generate invoices for the payments, set up a recurring payment system, request money from clients, use the PayPal button for checkout on the website.
Merchants are not allowed to make personal transactions as allowed in individual customers. All transactions made will be counted as a business transaction and attract taxes as per the law of the land. Merchants can use PayPal’s most talked dispute resolution center. PayPal mediates for any dispute generated after a transaction made using the PayPal payment system. It has good feedback and helped many across the globe.
Conclusion
PayPal payment system is trustworthy, safe & secure, and faster than other payment systems available nowadays. Integrate PayPal with your ecommerce store built on the Builderfly platform with simple clicks and enjoy the cherry.
