Buyers and sellers all over the world are using online payment services to perform many kinds of business transactions. Less than a decade ago, there were virtually no online payment services available – today there are many operators to choose from. Online payment services have become particularly popular with online auction buyers and sellers with merchant accounts. To transfer money, using an online payment service, is a relatively simple procedure. Once you have signed up for an account, you can send and receive money online, anywhere in the world. When sending money, you can withdraw the funds from your online payment service account, or your credit card or bank account. The recipient is then notified via email from the online service that you have made a payment. When someone wants to pay you via an online payment service, they merely log onto the site, enter your email address and the amount owing. The funds are paid directly into your online payment service account, which can then be transferred to your bank account.
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Online payment services help keep all your financial information in one place. You can link all your credit and debit cards to your online account. This will enable you to pay for goods at thousands of shopping websites. Online payment services enable the buyer to send funds safely – all transactions are backed by a sophisticated fraud prevention system. Neither buyers nor sellers get to see credit card or bank account numbers. Anyone starting out in business with an online payment service must be able to offer clients a quick and safe way for them to transfer money. Most online payments are made through methods Visa, Mastercard and American Express.
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An online payment service allows you to send cash safely and securely to anyone with an email address. You can also gain access your account with your mobile phone or laptop. The fees, which are minimal, vary and depend on which online payment services you use, the amount of the transaction and the country. Your online account will have a ‘history’ section that allows you access to all transactions made. This information is available to you at any time.
PayPal , founded in 1998, is perhaps the global leader in online payments, with more than 170 million account holders worldwide. PayPal revolutionized the process of buying and selling online and, while many other online payment services are available, PayPal remains a firm favorite. PayPal is an eBay initiative and, anyone who is familiar with the internet, will know that eBay is the busiest online store in the world. You can buy with confidence at thousands of merchant accounts without disclosing any of your financial details. You are also guaranteed 100% protection against unauthorized payments sent from your personal account.