It’s no secret PayPal is the cornerstone of the majority of online businesses that are even remotely related to sales. Eventually, somebody’s going to have to make a payment, and there’s no better way to do it than with PayPal. But why? Surely you know what it can do, but how it does what it does best, it’s highly likely that you have no idea. To be specific, you don’t know what makes PayPal so special. More than a dozen other payment providers have popped up over the past decade, yet it has managed to stay on top! Well, we’re going to shed some light on this, and hopefully, by the end of this article, you’re going to know something more about it.
PayPal’s role in the advent of online businesses
Nothing’s by accident! PayPal’s founders, and later on some of them part of eBay’s team, conceived the idea because of the need they specifically felt first hand. In a way, it’s a custom built, tailor made, a user-oriented payment provider. What eBay failed to see, PayPal provided. Because it was the perfect fit for their clientele, eBay paid a hefty price, acquiring PayPal for a price of $1.5b. It’s safe to say, they had the perfect field study, the perfect first-hand experience to know what’s necessary for a payment provider to thrive.
The pleasant and convenient PayPal experience starts with an easy sign up process. Setting up a PayPal account takes only a couple of minutes if you have all the details prepared. This is just one of the reasons why it’s become a staple for all online vendors, including online stores, bank transfers, online entertainment of all kinds. Heck, even online casinos feature it as the go-to payment method. In your position, one of the best UK payment options is PayPal.
However, this is not PayPal’s only core competitive advantage. Even if you want to set up your very own online business, PayPal will make your start-up simple, at least in this area. No wonder it’s so widely used. But is it available everywhere? Read on, and find out! First, let’s take a look at its main principles.
Why is PayPal better than other E-wallets and payment providers?
Not much has changed since its formation in 1998. Only the security protocols, the safety checks have become more thorough and more reliable. The financial services industry is truly a dynamic one. In spite of the fast-pace development, PayPal has managed to stay on top. Why?
- Simplicity – If it makes the life of the customer easier, PayPal will implement it. There’s no room for unnecessary complexities.
- Speed – The transactions are processed almost immediately if compared to a regular bank transfer, which sometimes takes as much as 48 hours to be cleared.
- Cost-efficiency – Nobody likes covering a hefty fee. Enough said.
- Refunds – Unlike credit cards, debit cards, and most other e-wallets, PayPal features a refund option. It can be really handy. You’ll be thankful you use PayPal once the opportunity presents itself.
As an Aussie in the UK you can deposit/withdraw with PayPal
For your information, PayPal is NOT available worldwide. That being said, there still are some Western countries that do not validate PayPal as a reliable payment provider. However, this is not PayPal’s fault. It has more to do with protectionism. In other words, governments are acting in favor of local payment providers, and in some cases of local banks.
Fortunately, PayPal is a fully authorized, versatile payment option in the United Kingdom. Sure, it’s legit in Australia as well, but you’re probably more concerned about the UK.
For what it’s worth, PayPal adds value to your money. It may sound strange, but without it, you’re limited to your local shops, your local vendors, your local casinos, your local betting shops, your local movie rentals, the list goes on and on. The world is open to you!
The latest PayPal feature – Peer to peer payments via Facebook Messenger
Although it’s currently available in the U.S. and a few Western Countries (including the UK), this is big! The biggest social network Facebook, partnered with the most popular alternative payment provider in a push for extra market share in peer-to-peer transactions. There were roughly 3,000,000 PayPal accounts connected to their respective owners’ Facebook profiles and just as many have used this service, and it appears that this number is only going up. Once it goes global, this number’s going to surge!
It allows easy, fast, simple transactions amongst friends. Do not worry about its legal matter. PayPal has that covered too. After all, not much has changed in the background. This is more of a user experience improvement. It won’t cost you anything extra, nor is the safety of your money put in jeopardy.
Does this make PayPal simpler and easier to use? It definitely does!
PayPal beyond business – Strong supporter of charities and NGOs
Other payment providers will allow you to donate to charities and NGOs that are dedicated to noble and benevolent projects, but PayPal’s one of the few, probably the only one that will not charge you anything at all, yet will deliver the money where it’s needed. 100% of the amount you release from your balance will reach the balance of UNICEF or the Red Cross. If the charity organization you want to donate to has a verified charity PayPal account, all of the proceeds will go to the organization’s balance. Any extra fees that apply to the transaction are covered by the organization. This is kind of hypocritical, but in moments of distress nobody pays attention to the 1.5%-2.2% fee.
PayPal is without a doubt the leading alternative payment provider in the world. No other has managed to rise so high to be considered direct competition. Do you have a PayPal account?