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Paypal is an international company offering an online payment system. It is a system used on the Internet which allows you to buy directly from a website and transfer money between yourself and someone else via email or between merchants. The system breaks away from the traditional payment methods such as cheques and money orders.
Buyers Benefits If you are a buyer, you can choose to pay via your credit card, debit card or bank account. Additional benefits are that your payment is secure, and no one can see your credit card number or financial information. The idea is to shop now, and pay later. It allows you to shop on sites such as eBay or on any of the thousands of PayPal vendors worldwide.
Seller Benefits PayPal allows credit cards, debit cards and bank account payments to be made directly into your account with low transaction fees. It is easy to add PayPal to your website, with step by step instructions directly from the PayPal website and allows sellers access to a growing user base with millions of active online shoppers.
How Secure Is PayPal? PayPal is famous for the strict security measures that it implements on all transactions and is one of the leading payment systems where fraud prevention is concerned. The service has a loss rate of only 0.5% (less than 0.6%) with online fraud. State of the art technology enables them to immediately check suspicious payments and identify thefts.
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As U.S. online transaction volume grows from $150 billion in 2007 to a projected $355 billion in 2012, the online shopping population will change attitudinally rather than demographically, according to a Javelin Strategy and Research report. The report indicates that existing online shoppers with convenience needs and security concerns will influence the evolution of alternative payment methods. These systems will be built and tailored to those with online shopping experience, rather than those unfamiliar with or new to online shopping. The Javelin report also indicates that online alternative payment methods such as PayPal and Bill Me Later — traditionally used by early adopters — will become more mainstream as others temper their use of credit cards and embrace these new online methods.
Implemented correctly and with reasonable expectations, alternative payment solutions provide lower cost and a higher yield for those looking to get their feet wet with e-commerce. So what are these alternative payment opportunities? There are many, some of a very traditional nature and some that break the mold entirely.
Alternative payment solutions are evolving and will be a major factor in the continued growth of e-commerce. It’s important to choose a solution that works for your business and, more importantly, works for your customers. Some solutions may be better suited for experienced online shoppers while other, more traditional methods will serve those new to e-commerce. As the busy holiday season approaches, find out where your customers stand and what solution they feel most comfortable with. Whether accepting payments through email or by processing credit cards, making the process easy and trustworthy will ensure a positive experience for your customers and help your business take advantage of a booming Internet commerce.
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