The PayPal payment platform was born in 1998 and has been founded by one of the most millionaire people in the world, Elon Musk, together with Peter Thiel. This has its advantages and disadvantages. The truth is that it is currently one of the most used companies to pay electronically or virtual via the Internet since it is simply necessary to have an email to register.
Then, we must link an international credit card to extract the money that we have in the account. Many PayPal customers come from the sales site through the web called eBay, one of the most important in the world in this area. Instead of paying by a physical or visible method, such as a check or cash, simply type the amount of money we want to send to the recipient and then simply make the payment, just like that.
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Throughout recent years, the rumor has emerged that PayPal was going to incorporate the currency of Bitcoin, the virtual currency that has gained much popularity today. Now then we are going to analyze the advantages and disadvantages that PayPal has.
Advantages of PayPal:
- Practicality: it is very easy to make a payment in a virtual way, as well as make a deposit from an Online Banking account.
- Speed: payment is made immediately, compared to banks, which can take 24 or 48 business hours between different branches or even longer.
- Sure: it is very difficult for us to enter our account. And if this happens, we can know where the money went by contacting the company.
- Customer service: this is something really important in a serious company, and PayPal has this quality, that of providing communications either by telephone or via mail in a satisfactory manner and that is why it is a great advantage.
- Globalized: this payment platform is already widespread throughout the Internet, due to the trajectory and the corresponding years of the company in the virtual market.
- Free: create a PayPal account is completely free, you do not have to pay initially to originate it.
- Privacy: the company provides confidentiality with respect to the data we provide since they are not public at all. This is also a clear advantage in these times where privacy is being lost proportionally with rituality. This is a consequence of the increase in technology.
Disadvantages of PayPal:
- High Commissions: every time someone makes a payment, PayPal is left with a small commission when receiving it. Each applied rate is different according to the origin of the accounts.
- The non-existence of fixed terms: the platform does not allow the money to be stored and PayPal to invest them in a business so that finally we can earn a small amount more than we had. This is a disadvantage that may be modified in the future, and be more like bank systems.
- Possible frustrations: it is possible that some unknown and untimely we enter the account and try to divert the money to another. Anyway, this can be solved by talking to the company by phone to do it faster. This is the cost of manipulating money through the Internet, which is more exposed to uncontrollable external situations.
- Gross amount vs. net amount: when negotiating a product, there are usually discussions related to the amount of the product. Therefore, it is necessary to clarify how much money one has to send in order for the other to receive the amount of stipulated money.
- Limitations without verification: if we do not have the account verified by means of a credit card, we will have limits when extracting the money monthly and completely. This is perhaps a considerable disadvantage according to the needs that each person has.
- Frozen Accounts: If PayPal investigates or suspects an account for its past transactions without statements, the company can freeze the balance and cannot touch it until the controversy of the unknown ends.
These are the most important advantages and disadvantages of PayPal.