PayPal is an online money transactional website using which you can shop and sell goods online, from a single id. You can add a Credit or Debit card to that account and even relate your bank account to the online PayPal user id. So, using PayPal you can transact money in a safer and faster(often) manner. You dont have to share your financial information to send money. And what’s more, keep track on your online spending and selling history for quick retrieval.
PayPal earns its revenues through taking a small percentage of what the money is being sent. This percentage differs from Personal to a Premier account. The fee is zero is you are transferring money form your bank account to your paypal account. But, for any other transactions, you would be charged at the mentioned rate, which was quite nominal.
But, now in a drastic move, Paypal set up a fee of 2.9% + 30 Cents to receive ‘Goods’ and ‘Services’ if you are using Personal accounts and the world has gone crazy over the new fee structure because it has not been formally announced. The users had been officially slapped with the fee for the Personal payments being made. After several ramblings has happened and paypal was contacted, there was an official response from Charlotte Hill, PayPal PR Manager stating that
We didn’t want to make a huge formal communication out of this pricing change, because we weren’t really adding any fees, and we were hoping it would be a more useful experience for people.
Other than Paypal and if you really wanna change your online payment mode, then there are several providers which are as secure and as vital as Paypal itself.
My suggestion would be: No matter what it’s advisable to use Paypal.
I like their service and their customer support. Prompt, fast and accurate. They know what the customers’ problems are when money is considered.
Share with us if you are aware of any other online payment service providers.
Thats a bad news
Well, I think PayPal is the best internet payment system by far.
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No arguing over that Jacob. Paypal is the best online payment service I have come across. And I have been using that for the past 3 years.
That’s what happens when you don’t have a real competition. Paypal is aware of the fact that majority of online transactions cannot happen without them.
@Victor: That’s absolutely true. When there is no other competitor on the horizon to provide a similar service in such a competitive manner, Paypal surely does instigate it’s own rules on its users. I wish Google Checkout does more than what it does right now. Once this is done, I will definitely shift all my accounts to Google Checkout from Paypal.