PayPal

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PayPal

A Web payment processing service from PayPal, San Jose, CA (www.paypal.com). Founded in 1998 and acquired by eBay in late 2002, PayPal operates as an independent brand. Customers with PayPal accounts can pay for merchandise by bank account or credit card on any PayPal merchant site, and their financial data are not revealed to the merchant. Anyone else may use credit cards on PayPal sites; however, their financial data are sent to the merchant.

An E-Commerce Solution for Small Sites
PayPal's Web Payments Standard service hosts the processing on PayPal servers. Merchants add buttons on their order forms that link the customer to PayPal, which performs the credit card processing and returns the customer to the merchant's site with an approval or denial. Although the logo of the merchant is on the page, customers are well aware they have been transferred to an external PayPal service.

Gateways to Credit Card Merchant Services
For retail sites that wish to display credit card forms with their own site's custom look, PayPal's Web Payments Pro offers gateways to PayPal credit card services or to a merchant's existing credit card service provider.

Send Money Free
Individuals with PayPal accounts can send money to anyone with a bank account and e-mail address. If recipients do not have a PayPal account, they are asked to open one when they receive notification that funds have been sent and are pending.

A Huge Success
In 2002, the company went international, allowing its customers to accept payments in euros and pounds. It operates throughout the world with more than 140 million PayPal account holders.
References in periodicals archive ?
33) Direct acceptance requires that the seller be equipped to take payments directly from Visa, MasterCard, or other credit cards; online methods of payment such as PayPal and Billpoint enable the buyer to pay with a credit card but through a third party.
When Billpoint entered into a partnership with Visa, for example, PayPal responded by offering its customers a PayPal debit card and giving them cash back each time they used it.
Indeed, today, eBay reported the acquisition of BillPoint from Wells Fargo, a would be competitor, which may signal the beginning of the end for that competitor.
Prior to joining Talaris, he served as CIO of Billpoint, a subsidiary of eBay and Wells Fargo Bank, where he managed the execution of Internet person-to-person payments.
In addition, eBay's Billpoint payment service generated $5.
Billpoint, eBay's online payment solution, and its partners, Visa USA, MasterCard International, Wells Fargo Bank and Discover Financial Services, Inc.
Beginning with Q4-02 financial results, eBay will report the combined operations of PayPal and Billpoint in a separate Payments segment.
Gross merchandise sales processed using the Billpoint online payment service increased by 16% sequentially and 687% year over year.
eBay's current payment service, eBay Payments by Billpoint, will complete the phase-out of its operations in the first half of 2003.
In addition, Bannick will oversee the phase-out of eBay's current payment service, eBay Payments by Billpoint.
eBay's current payment service, eBay Payments by Billpoint, will be phased out after the close of the transaction.