PayPal is a global e-commerce business which allows safe and fast transfer of money and allows online payment. Electronic alternatives of paying with traditional paper methods such as checks and money orders are served by online money transfer methods. PayPal is an acquirer which performs payment processing for online vendors and other commercial users and charges a fee for the same. It may also charges a fee for receiving money which is proportional to the amount received.
PayPal is the leader in safe online payments around the world. There are a lot of reasons behind this. Purchase history is available to customers online at their PayPal account. Every transaction is confirmed to the PayPal account holder by an email and is reviewed by state of the art security models. Customers can also use a mobile phone to receive an MTAN (Mobile Transaction Authentication Number) via SMS. Using sophisticated risk models and advanced technology, PayPal’s Anti-Fraud team that works 24/7 detects and often predicts suspicious activity to help eliminate identity theft. The fraud prevention system of PayPal monitors transactions for suspicious activity. It ensures that users who send or receive large amounts of money successfully complete their verification system and identity check.
PayPal also ensures that card information remains private. They encrypt all information sent between the user’s computer and their systems. “PayPal Buyer Protection” is a way by which PayPal certifies that certain sellers are trustworthy. It allows customers to file a buyer complaint within 45 days if they do not receive an item or if the item they purchased was significantly not as described. If the buyer uses a credit card, they might get a refund from their credit-card company. PayPal also protects sellers to a certain extent under the Seller Protection Policy. It protects sellers from certain kinds of complaints if sellers meet certain conditions including proof of delivery to the buyer. PayPal has also introduced an optional security key as an additional precaution against fraud. This two-factor authentication tries to ensure that malicious third party cannot compromise an account without access to the physical security key although it has a few shortcomings.
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PayPal promises to offer customers a SAFE environment i.e. secure, accessible, fast and easy. It is quick and easy for buyers and is accessible in 193 countries in the world. . PayPal also comes handy because eBay owns PayPal. No system is 100% foolproof. PayPal uses the very latest technology and employs a large team of experts in all areas of online safety to reduce errors and fraud and hence no other online financial institution is better at protecting its customers than PayPal.