Today’s post is from J N. Hups.
Last week I talked about the anatomy of a web browser. This week I’m going to touch base on the benefit of buying and selling stuff over the Internet. To do this I decided to focus on PayPal, mainly because it’s one of the more popular ways of conducting online transactions.
That being said, Techie Tuesday proudly presents…
Money Money Money Money: Utilizing PayPal
Volume 1, Edition 2
A Little Bit about Online vs Brick and Mortar Transactions
Many people think giving a merchant credit card or bank information over the Internet is unsafe. However, did you know liability for fraud falls on your shoulders when a brick and mortar merchant accepts a credit card? And when a “card present” transaction is authorized, the merchant gets paid, even if a stolen card is used.
On the other hand, liability for fraud shifts from you to the merchant when a “card not present” transaction takes place (mail order, telephone/fax order, and Internet sales). At that point the merchant is generally liable for credit card charge backs, even when the bank has authorized the transaction.
Forbes claims most credit card numbers are still stolen the old-fashioned way by unethical employees, often stealing card numbers using hand-held skimmer devices. A scam artist can go through the trash of any merchant (brick and mortar or e-commerce) or for garbage and get valid credit card numbers. This is why purchases made via the Internet (which includes PayPal) are becoming more and more popular.
Who and What is PayPal?
PayPal, a wholly owned subsidiary of eBay, is an American-based worldwide e-commerce business that allows payments and money transfers to be made through the Internet in over 21 countries and 24 currencies.
How Many People Use PayPal?
As of 2011, PayPal operated in 194 markets and managed more than 232 million accounts, more than 100 million of them active.
How Does PayPal Work?
PayPal acts like a digital wallet where you can securely store all your payment options, such as your bank account and credit card. When you want to make a payment, you don’t have to pull out your credit card or type your billing info every time. Simply click on the PayPal checkout button, log in to your PayPal account, and select your preferred payment method. PayPal will complete the payment process—without sharing your info with merchants and sellers.
Is It Safe?
Yes. Bank account, debit card, or credit card information is never shared with retailers. In fact, it’s securely protected by data encryption technology, reducing the risk of online fraud and identity theft.
PayPal has safety tips and fraud-fighting tools like their Safe Password Checker, which allows you to set up password and security questions.
When you use PayPal, their Purchase Protection coverage is included at no extra cost. There is $0 liability to buyers for unauthorized purchases, refunds for incorrect orders or items that never arrive, and a convenient process for resolving problems.
How to Set Up a PayPal Account
PayPal account types are designed to provide you with the right amount of functionality for your needs. There is no cost to set up an account—no matter which type you choose. You can upgrade your account at any time. Sign-up is free and super easy.
To set up an account go to www.paypal.com, click on the HOME tab and move your mouse over “Getting Started” on the left side under “Getting to Know PayPal.” Once there, click on the “Sign Up Now” button. Choose from three PayPal account types—Personal, Premier, and Business—enter an email address, password, and a few more details, and you’re all set!
Once you’re done, you will receive an email from PayPal asking you to activate your account. After that you’re ready to shop, send money, and accept payments using PayPal.
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So there you have it. PayPal in a nutshell.
Next week: How Slow Can You Go? Tips for speeding up your PC and laptop