What is Paypal?
PayPal is an account-based system that lets anyone with an email address securely send and receive online payments using their credit card or bank account. It is the most popular way to electronically pay for eBay auctions and it is becoming a cheap way for merchants to accept credit cards on their on-line storefronts instead of using a traditional payment gateway.
Why use Paypal
- With PayPal it's easy to sign up to accept payments
- Zero upfront cost in accepting payment no need of merchant account, can be up and running in two minutes.
- Paypal has large user base and is one of the most popular payment mechanism
- No paper work involved, no monthly payments*, easy integration with bank account
- PayPal acts as a middle man between the buyer and seller so that the seller never has to expose his payment information to the seller directly*
- Paypal provides easy to program API to implement order processing system
- Paypal supports multiple currency and automatic conversion
- Recurring payments can be easily implemented
- Detailed reporting and access to logs
- lot more features......