PayPal enables any business or consumer with an e-mail address to securely, conveniently, and cost-effectively send and receive payments online. It is a network built upon the existing financial infrastructure of bank accounts and credit cards to create a global, real-time payment solution. In other words, they provide a Web-based service that enables users to send and receive payments electronically.
It works like this: As a customer or consumer, you open an account on PayPal.com and register your credit card; the next time you want to pay someone for a piece of jewelry you bought on an online auction, for example, or to reimburse a friend for dinner last night, you can charge your card by transferring funds from your PayPal account into that person's PayPal account. As a seller or online merchant, you open an account on PayPal.com and either use their shopping cart or your own to accept all major credit cards, debit cards, bank transfers, and PayPal payments securely. Basically customers shop on your website and pay on PayPal.
PayPal is the number one payment service on eBay and has been used on millions of auctions (eBay later acquired them). PayPal has become the global standard for online payments and is offered in more than 37 countries. Check it out by clicking on the link below!
NetLingo Classification: Net Organization