Mister

CASE STUDY*

PayPal Has Company

PayPalâ€"the online defrayal processor now own by eBayâ€"was the first truly successful Internet-based e-commerce payment system. Its origins were rather simple. On November 16, 1999, Peter Theil sat with friends at a restaurant. When the snoot arrived, Theil drug abused his Palm Pilot to beam his shargon to a friend sitting across the table. Theil and fellow co-founder Max Levchin had build a system that would allow them to send m unrivaledy to single a nonher via a Palm Pilots infr ard links. From this idea sprang one of the first peer-to-peer payment systems: a system that allows individuals to send property to one another via e-mail.

PayPal emphasizes ease of use for both senders and receivers of cash. Heres a brief synopsis of how it works. First, you create a PayPal account at the PayPal Web site by filling out a one-page application form and providing opinion or debit instrument panel or bank account information. Only PayPal is privy to this information, not the receiving party. Then, when you use PayPal to pay for a purchase, money is drawn from the credit card or bank account and transmitted to the automatize Clearing House (ACH) Network, a privately operated financial mediator that tracks and transfers funds between financial institutions.





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The party who is to receive the payment is notified via e-mail that money is waiting. If the receiving party has a PayPal account, the funds are automatically deposited into the account; if the person does not have a PayPal account, he or she must set one up, and because the money is credited to his or her account. Once the funds are in the PayPal account, the recipient can then transfer them electronically to a checking account, request a paper check, or use PayPal to send the funds to someone else.

Levchin and Theil originally conceived of PayPal as a method for beaming money to users of handheld PDAs. When this idea did not pan out, they changed their target to arranging...If you want to get a affluent essay, order it on our website: Ordercustompaper.com



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