The internet has become in itself an entity that’s found its roots seeded within our daily lifestyles. It becomes almost impossible to imagine a world without the web, considering we already were living in its absence just a few decades before. It’s a path that is filled with convenience and the full flow of information. A path that’s become in sync with how we live our very lives that it’s become second nature to depend on the internet for everything–from the search for new information to something as mundane but equally vital as transactions.
And as the finance sector and other related industries migrate much of their stakes online, new industries like online betting start to emerge that are wholly dependent on online transacting. For one, the e-commerce industry is one that fully depends on third-parties for their online transactions, along with online betting sites. That also depend on third party payment methods for their transactions. Direct, simple and convenient — that’s what these online payment methods offer. Of course, this doesn’t come without risk. So, be a smart user and choose responsibly which payment method or e-wallet will keep your money safe and secure, whether it be for storing, paying, depositing and withdrawing.
Paypal as a payment method
And this is the reason behind Paypal’s popularity as the preferred payment method of so many who do their betting transactions online. In fact, it’s become the main method of online payment for some. Paypal offers services that transcends just having a virtual wallet, it allows transfers, bill payments, funds withdrawals, just to name a few. Paypal’s versatility of services, along with the convenience and security it offers.
While Paypal is normally free of use, it does incur certain fees for basic functions like the withdrawal of funds to certain banks which charges a percentage and even a fee for withdrawing below a standard rate. However, it is one of the options of many employers as the mode of payment made to remote employees and freelancers. E-commerce vendors also thrive on Paypal for their transactions between suppliers and customers as the payment method becomes a viable alternative to credit payments.
First out in 1998 as Confinity, a security software developer company, Paypal came to be initially as the company’s transfer service in the next year. In the year 2000, Confinity was incorporated by X.com, Elon Musk’s online banking service. It was only in 2001 that Paypal truly acquired its brand as a standalone when X.com renamed it to its current name.
Ebay then acquired Paypal as a subsidiary in 2002 as a payment option for their auctions. Paypal then started to acquire similar companies as the years went by. It even moved its store to an offline platform via Discovery Card, which allows payments via Paypal in any of Discovery Card’s network of merchants.
It was only in 2014 that Paypal became a separate publicly traded company and has been growing in size and function ever since. Its most recent undertaking is PayPal.Me, a peer-to-peer payment platform that allows funds request via a custom link on any messenging platform as well as through SMS and text.
Products and Services of Paypal
There’s a reason that Paypal has become one of the top payment options for online transactions. Paypal is more than just an online virtual wallet, it allows seamless transactions between parties while offering a variety of services that caters most especially to business owners in the e-commerce industry.
While the basic function of Paypal is for its users to withdraw money from the platform into their accounts, Paypal also has paid services that entrepreneurs can avail of for their online businesses. The most basic of which is Paypal Payments Standard which acts as an alternative payment system when a company does not have a credit or debit card payment option. Paypal Payments Pro, on the other hand, gives a hosted checkout on your very own website. And for companies that do accept credit cards, Express Checkout provides that necessary add-on for checkouts.
While PayPal.Me allows for mobile fund requests, Paypal Here allows users to collect money via mobile while on the go. Growing businesses also take interest in the Virtual Terminal which accepts emails and phone calls, and many other services. Freelancers also use Paypal because it has online invoices they can use for their services.
Pros of Paypal
- Paypal’s most basic function is as a virtual wallet so it offers the convenience of transacting online to merchants within its network.
- Another advantage of Paypal is withdrawing your funds from your virtual wallet to your bank account.
- Despite the numerous fees, Paypal is very transparent with their pricing system and all of the costs are found on the website.
- One has to consider Paypal’s large network of merchants that accept it as the main form of payment alongside traditional bank transfers and credit/debit cards for casino payments.
- Paypal also has a strong customer support system including phone support at PST working hours, seven days a week. They also have an email support system and a FAQs portion on their site. What stands out though, is the numerous users in the Paypal community forums where you can easily find solutions from users who have had similar problems in the past.
Cons of Paypal
- Paypal pretty much has fees for everything. Sending money to a Paypal account incurs fees from the receiver and owner while withdrawing money into one’s bank account also incurs a fee if you withdraw below a certain amount.
- Many Paypal users have expressed horror stories of their accounts freezing with their money still intact after their accounts were considered at risk and moved to the Paypal Risk Department.
- Paypal does not cover all industries that blossom online. In fact, they don’t cover most online casinos, sports betting sites, and similar industries considered with a risk factor. They cover only a number of gaming sites.
Although Paypal has fees left and right, one can’t deny its security and functionality. Paypal seems to be one of the smarter choices when choosing an online payment method, not because of its many breakthroughs as a platform and company, but because it’s practically omnipresent on the various businesses of the e-commerce industry.