PayPal is a leading digital payment platform that boasts of more than 140 million users who enjoy the company’s services in 193 countries.
In the first quarter of 2014 alone, PayPal acquired 6 million new active customers. PayPal supports payments in 26 currencies. This is what makes the PayPal merchant account a top choice for entrepreneurs who deal online.
PayPal started out as a money transfer service launched in 1998 by a company called Confinity. Confinity was acquired in 2000 by X.com, which eventually decided to get rid of its other internet services and just focus on PayPal. In 2001, X.com was renamed Paypal.
Paypal became a wholly owned subsidiary of eBay in 2002, helping it expand rapidly. It became the payment system used by majority of eBay sellers, and in 2009, the total value of Paypal transactions amounted to over £40 billion. In September 2014, Ebay announced that it would spin off PayPal into a separate business, with the split expected to take place in the second half of 2015.
While its main headquarters are in California, PayPal has major offices across the US, India, Ireland, Germany, Israel and Luxembourg.
PayPal Merchant Services: What’s on Offer
This type of account lets you accept debit and credit cards on your website by adding the PayPal button to your checkout page. It also provides you with mobile on-the-go technology which allows buyers to purchase items off your site on their mobile phones or tablets. The Standard account is also the account you’ll need to help you get set up as an eBay seller, making the payment process a lot easier for you and your buyers. You can also get a Chip and PIN reader for £99 with this product.
With a Pro account, you can design the checkout process so that customers can complete the process without having to leave your website and go to the PayPal payments page. This means customers can pay for their purchases in just three clicks. This product is compatible with various online shopping platforms, such as Magento, OSCommerce 3DCart, ASPDotNetStorefront, Miva Merchant and Pinnacle Cart. As with the Standard account, you also have the option of getting a Chip and PIN reader for an extra £99.
3. PayPal Here
PayPal Here allows you to accept and process payments wherever you are. All you need is a PayPal Chip and PIN reader (available for £99) and your mobile or iPad. This is useful for merchants who are always on the go, such as plumbers, cab drivers and market sellers.
Summary of PayPal’s Merchant Services
It’s fairly easy to set up a PayPal account thanks to it’s straightforward sign-up process. Payments made to you will show up in your PayPal account within minutes, and you can choose to transfer these immediately in to your bank account. A merchant account, in the traditional sense of the term, is not needed.
PayPal charges a fixed percentage and a transaction fee on each sale, but there are no setup fees or charges for downgrades, statements, withdrawals or cancellation.
There is free phone support from UK landlines, making it easy to get help in case you encounter any problems.
Disclaimer: All prices quoted in this article are true at the time of publication.