PayPal
From ArticleWorld
Paypal is a company that offers itself as a medium to two parties that wish to transfer funds, this is a means of eliminating the need for paper funds such as checks and money orders. They offer a list of services for a fee.
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Base of operations
Corporate headquarters are in San Jose, California; it is now an eBay company.
PayPal’s operation center is located near Omaha, Nebraska and PayPal’s international headquarters is located in Dublin, Ireland.
They also operate in 13 countries to date.
Requirements
To have a PayPal account, the user must have a debit/credit card and must be 16 or over. If you want to use the bank account system you must be over the age of 18. Previously to have a PayPal account you had to be 18 no matter what, this was changed in November 2005, due to growing demand the age limit was lowered.
PayPal operates in 55 markets (including China) and it manages over 105 million accounts. Every second PayPal processes a base average of $1,100 in total payment volume.
Available currencies
PayPal currently supports payments in U.S. Dollars, Canadian Dollars, Australian Dollars, Euros, Pounds Sterling and Japanese Yen.
As a bank
PayPal’s service builds on the existing financial infrastructure of bank accounts and credit cards.
In the United States, PayPal is licensed as a money transmitter on a state-to-state basis. Although PayPal is not a bank, the company is still subject to many of the rules and regulations governing the financial industry including Regulation E Consumer Protections and the USA Patriot Act.
Safety
PayPal has a built in means of protecting the buyers and the sellers. It may not always return the funds or ensure the payments, but it is one of the best means available today.