When PayPal entered the online business world or the so-called e-commerce industry, there were a lot of changes that brought business transactions into a better light. Since its advent in 1998, PayPal is still one of the best payment options existing today. Because of its simple interface, it has become the default payment method used by millions of business owners on eBay. With the expansion of businesses on the web, PayPal became preferred payment platform for both sellers and buyers.
Today, PayPal is widely used by almost anyone who conducts transaction on the web. Just like any other web payment option, PayPal carries its own pros and cons. However, it is worth noting that there are many good changes that PayPal has brought in the arena of internet trade. Here are the answers as to how PayPal changed the e-commerce industry.
Made online business transactions brief and straightforward
Most business websites offer PayPal as a payment method apart from credit cards and bank transfers. Since a payment transaction can be easily completed, the acquisition of goods and services is also quick. Although some goods require 5 to 7 days of transit through courier service, waiting period starts from the time you have made a payment using PayPal. Through PayPal’s simple transaction page, you can check all details when the payment was made as well as the time the merchant received the money. This page therefore, serves as your evidence or proof of payment.
Made online shopping more efficient
With PayPal’s simple and user-friendly interface, online shopping has become hassle-free. As a shopper, all you need to do is choose your product or service and pay this by inputting your PayPal account ID on the window provided for payments. In most business websites, a cart is provided for the user to shop for more goods. If the buyer decides to pay everything, a computation is done on the site and the total amount can be paid using the PayPal ID. Take note that your PayPal account must have sufficient funds to make transaction successful.
PayPal increased the number of online entrepreneurs
Since some websites only offer credit card payments, not all shoppers are eligible to buy goods on the internet. As PayPal infiltrates the e-commerce industry, more internet users can open a PayPal account and thereby able to conduct buying and selling activities. With the increase of PayPal account holders, the number of online business owners expanded too. Aspiring business starters are also given opportunities putting up an online store and eventually earn good income.
PC payments to mobile application
As PayPal expands from PC to mobile application, money transfer can already be done anytime and anywhere. You don’t need to be on your work desk or home PC to perform a transaction because PayPal turned into an accessible application on smartphone and mobile tablets. To send money to someone or to pay for a purchase, you just have to tap the PayPal icon on the screen of these gadgets. Transaction is safe and secured because a password will only allow the user to log in.
Made online gaming simple and secured
Internet gaming started with payment options using credit card and bank transfer. As game website creators saw the convenience of PayPal usage, they already included this method as one of their payment platforms. In fact, most gaming sites today such as www.paypal-bingo.org, utilize PayPal as money payment scheme because of its ease-of-use, security and simple interface. Many gamers with PayPal accounts enjoy gaming today especially that they can use their accounts to play casino and bingo games anytime and anywhere.
Automated payment system for global merchants
For business sites that require constant payment from customers, PayPal has made collection prompt and easy. PayPal has provided an automated payment system where merchants remind their customers of payments through an agreed schedule. Both business owner and client benefit from this systematic payment scheme because there is no need to conduct communication as everything is automated.
As business continues to proliferate over the World Wide Web, PayPal continues to widen its scope in terms of benefits and services. With several payment solutions, account owners can determine whether they fall under Standard, Advanced and Pro. Nevertheless, PayPal is not only advantageous for business transactions but for personal money transfers as well. Should you wish to send money to someone, wire transfer can be done in a speedy pace. You don’t need to find a remittance center, wait for banking hours to open because PayPal allows you to perform a transaction at your convenient place and time. What’s important is that you can connect to the internet using your device.