In 1998, three business partners started a banking company called Confinity Inc. Two years later, Tesla’s Elon Musk joined this company through a merger between Confinity and Musk’s own X.com.
From this merger in October 2000, PayPal was born. The company has come a long way in the two decades since then. Not only does PayPal have a new owner, eBay, it’s also one of the biggest digital wallets in the world with 300 million customers.
What’s the secret behind PayPal’s success?
#1: Top-Notch Security
PayPal is a safe and secure banking provider. It secures your data using enhanced data encryption techniques like SSL. And it lets you protect your account using a strong password and Two-Factor Authentication.
In case you’re wondering, Two-Factor Authentication is the account protection option that asks you to provide a code sent to your cell phone before you can login. It ensures you’re protected from a hack because attackers would need your password and phone before they accessing your account.
Data encryption aside, PayPal is a regulated company. It has certificates that prove it is safe and secure in the US, the UK and Luxembourg. Owing to that backdrop, PayPal is one of the safest banking apps for online transactions.
#2: Available in 150+ Countries
One of PayPal’s best-selling points is its availability. Unlike many of its competitors, PayPal operates in nearly every country in the world. This is the source of the company’s 286 million customers and seven million merchants.
In turn, you can find a place to use PayPal regardless of what you want to purchase online. Thinking of shopping on Amazon? You can use PayPal. Contemplating to buy flight tickets online? Use your PayPal password.
PayPal also works with online casinos in the US and around the world. You can find a list of the best USA PayPal casino sites at bestcasinosites.net. The site hand-picks PayPal casinos to ensure they are all licensed, safe and reliable.
Still on PayPal’s availability, you can use the e-wallets through all major devices. If you’re an Apple device owner, you have the choice to transact through your iPhone, iPad or Mac computer. On the other hand, you can use your android smartphone or Windows computer.
#3: Low Fees and Decent Limits
When PayPal first got popular in the early 2000s, Elon Musk credited the company’s low fees as one of its secrets. Every other competitor had higher fees, took too long to process payments or had low limits.
PayPal stepped in with no monthly fees. Additionally, it introduced a 2.9% per transaction fee plus an additional 30 cents. To be clear, PayPal has no fees when sending money to merchant sites like Amazon, casinos, eBay and Forex trading websites.
When it comes to limits, PayPal is the ideal solution for small transactions. You can send as little as $1 to merchant sites, friends and family. Or you can increase your payment to a maximum of $10,000 per transaction.
Some of PayPal’s alternatives, say bank transfer and Bitcoin, support much bigger limits. You can send millions of dollars through wire transfer or crypto. However, the potential fees in wire transfer and worldwide support concerns for BTC make them less appealing than PayPal.
#4: One Touch
In this age of data breaches, everyone wants to transact with companies that keep their data safe. PayPal’s One Touch is one of the best tools for protecting your financial data. Basically, you give the e-wallet your financial data once.
After that, PayPal will help you send and receive money from just about any person or business in the world. The best part—you don’t need to reveal your credit card data to every merchant you work with.
Besides protecting your data, One Touch also helps you save time. No need to go through the account login stage when making a transaction. All you need is to click One Touch and authorize your payment.
#5: Easy to Use
We’ll admit—PayPal is one of the easiest payment companies out there. When you visit its website, you get two options—sign up a personal or business account. Unless you own a business and want to accept payments through PayPal, you’ll need a personal account.
Creating an account is as easy as providing your email address and setting up a password. After that, you’ll need to add a credit or debit card so that you can fund your account and withdraw money to your bank.
Sending money is straightforward. Click the ‘Send’ option, add an address and an amount. As mentioned, PayPal processes payments instantly. Withdrawing money is equally easy. You can send it to your bank account or to a mobile wallet.
#6: Multilingual, and Multicurrency Support
Think about it. Would PayPal operate successfully in 150+ countries if it only supported English? What if the US dollar was the only supported currency? Australians would look for an alternative that accepts the Ozzy dollar. The Brits and Europeans would do the same.
Fortunately, PayPal does its best to make its transactions convenient to everyone. In regards to language support, you can use English, Spanish, French, Portuguese, Japanese and a multitude or more languages.
When to comes to currencies, PayPal supports all the major currencies, from the US and Canadian dollar, to the Euro the British Pound Sterling. What’s more, the e-wallet works with thousands of banks and card issuers worldwide.
#7: Reliable Customer Service
Depending on who you ask, PayPal offers good or terrible customer support. That’s because it’s a huge company and satisfying everyone can be challenging. All the same, it makes easy to be contacted.
Firstly, you can visit PayPal forums to find solutions from people that use the digital wallet regularly. Then you can contact the company through its live chat bot, email, phone or social media channels. You can receive feedback with any of these channels.
Generally speaking, PayPal reacts immediately to concerns about account breaching. If someone hacks your account, the e-wallet will disable it immediately. For other complaints, you can get help anywhere from a few minutes to several days.