But this decision lies solely with PayPal, in other words the buyer protection can’t be claimed legally. If they fail to respond, then PayPal refunds the corresponding amount, so long as the buyer protection claim is legitimate. PayPal then contacts the seller, who has a maximum of 20 days to react. Should purchased goods not reach a customer or fail to meet expectations based on the product description, then the issue can be reported to PayPal – up to 180 days after payment. For added security, there’s the option of protecting your PayPal account using an SMS security key. The seller or recipient is also unable to view their customer’s bank account or credit card information.
All payments take place using a TLS / SSL encryption to protect personal information against unauthorized access. By linking your bank account to your PayPal account, you can even avoid using cards altogether PayPal simply withdraws the money for purchases directly from your bank account using an instant transfer. In this way, you can top up your PayPal account in advance of making purchases. When you go to make another transaction, PayPal will first attempt to use money from your existing account balance, paying part or all of the bill, depending on how big your surplus is. If you pay in more than you’re required to transfer to another account, the difference is automatically credited back to your PayPal account as a surplus on your balance. PayPal will also store money for you in credit, like a bank. To send money, you must first deposit funds into the virtual account in one of the following ways: If the recipient doesn’t have a PayPal account, they are notified of the payment and can access the amount as soon as they open their own account. Once registration is completed, money can be sent to any supported e-mail address. This was reason enough for the management team of the online auction house to buy out PayPal in October 2002 for 1.5 million USD and remodel their in-house payment service.Ī PayPal account is a virtual account, containing an e-mail address, personal data, and other account information of each user. Shortly after, the common idea of a simple, online payment service became the preferred payment method of choice for over half of all eBay users.
In 2000, the internet firms Confinity and X.com merged to create PayPal setting in motion an incomparable online success story.
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