A short review of worlds most known online payment processor.Find out more about your favorite payment processor and a little bit about the loops&holes in it.Great payment method?A curse to use?Find out more.
Paypal is the most known payment processor on the internet.So i will start the review with an
overview of what this processor offers.While it is not a bank they are allowed to perform banking
operations and are legal.How legal?I really do not know.
Where are its offices located?San Jose California.
I also know it has another branch in Luxemburg.
There are three types of accounts:Personal,Premier and Business.
They each offer different facilities depending on what you need.
If you attach a Visa card to your account,you can verify and withdraw and deposit
(in some cases) payments from your account.You will have a limit of transactions per
year (2000$ in my case),unless you verify your account further with documents,then you
can remove all limits and send and receive unlimited amounts.
The fees are not very large if you send money to a friend or family.
However,for business transactions the fees are not the best to say the least.
The Account security is okay and i see they are trying to improve it lately.
For many people,this is the only processor they trust. Others,they try very hard to avoid it.
Truth be told,there are much better payment systems with better options than Paypal.
Still,it is a veteran of payment processors,and has been around a long time.On certain sites and
e-commerce places it is the recommend method to use,and sometimes the only one.
you pay no fees for having an account
-dispute system in case a transaction goes wrong or you did not get what
you paid for,you have a chance to recover your money
-works in the majority of the countries,making it available almost worldwide,but
it can have different terms of service depending on your country
-people can abuse the dispute system for scamming
-they can block your account if they see something suspicious
I personally use it only when there is no other payment option for some of the sites or places i use.
I did not have any major problems until now.The support is not very good though.They take a lot of time
to solve a problem if they even solve it.If i don't have any problems,it does not mean it is everyone's case.
Countless people had theyr accounts blocked and lost theyr money.Google is full of bad reviews.My advice if
you use it is to not keep large amounts in your account,because they may block your money and you will lose
it.Just ask the dudes in paypalsucks .
I hope you enjoyed my review and you are always welcome to leave a comment or a suggestion.