PayPal is a company that operates an online payment system under its own brand. It can be used for the settlement of medium and small amounts, for example, when buying and selling in online trading. According to PayPal, the company has over 230 million member accounts (June 2014) in 193 nations and 25 currencies. Paypal dominated the market segment of Payment Processing. The company’s headquarters is San José, the European subsidiary is PayPal (Europe) S.à rl & Cie, S.C.A. and has its headquarters in Luxembourg. From October 2002 until July 17, 2015 Paypal was a subsidiary of the US company eBay.
PayPal Customer Service information
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The PayPal account is a virtual account: The identity of the PayPal account is defined by the e-mail address of the PayPal-member, so there is no separate account number. With the account, payments to third parties can be done and third party payments can be received. This PayPal account acts as a service provider for the transfer. PayPal takes over the function of a trustee. That is, it is merely acting the payment process and is independent of the performance by the seller.
An elementary advantage of PayPal – as well as other micropayment systems – is that via PayPal Payments made are immediately credited to the payee and thus eliminating, for example, the usual term of a bank transfer. Online shop purchases made can thus be paid very quickly. This shortens the delivery time if the seller ships the goods promptly after receipt of payment.
PayPal members have to register with their personal data and account information and wait for the verification of the data provided. PayPal performs a test transfer to the specified account. Then PayPal members can send money to any e-mail address in the supported countries.