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 email 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 ?
Chen was one of the founders of Billpoint, an Internet payments company acquired by eBay in 1999, and has been a private equity investor for the last several years in China.
For example, eBay enabled various businesses or consumers with e-mail in various countries to send and receive online payments through its acquisition of Billpoint in 1999 and PayPal service in 2002.
and eBay, with their respective products C2it, PayDirect, and BillPoint.
PayPal, BidPay, Billpoint, C2it) is an acceptable method of payment and 0 otherwise.
Jackson recounts several episodes in which eBay issued new policies specifically designed to give Billpoint an advantage over PayPal, such as demanding smaller logo sizes from outside vendors or changing auction procedures and settings in ways that transparently favored Billpoint.
Systems like eCash, PayPal, BillPoint, Smart Cards and PowerWallet are being used by various e-commerce companies for online financial transactions.
The Billpoint payment method - used on eBay alongside PayPal - will now be phased out.
Businesses specializing in online payment transactions, like PayPal, Billpoint, and Bidpay, are encouraging an increasing number of consumers to pay online.
San Francisco-based Wells bought a 35 percent stake in eBay's payment service, known as Billpoint, in March 2000 and planned to court e-commerce customers across the Internet.
In effect, eBay provides the productmanagement and distribution links of the value chain, while the company's specialist partners, such as Billpoint, iShip, Mail Boxes Etc.
There should also be a variety of payment systems, such as Billpoint, an electronic payment service that eBay makes available, which allows sellers to accept credit cards or electronic checks, or PayPal.
The net auction giant has acquired Billpoint Inc of Redwood City, California, for its person-to-person credit card payment technology.