PayPal is an
e-commerce business allowing payments and money transfers to be made through the Internet. Online money transfers serve as electronic alternatives to paying with traditional paper methods, such as checks and
money orders.
Originally, a PayPal account could be funded with an electronic debit from a
bank account or by a
credit card at the payer's choice. But sometime in 2010 or early 2011, PayPal began to require a verified bank account after the account holder exceeded a predetermined spending limit. After that point, PayPal will attempt to take funds for a purchase from funding sources according to a specified funding hierarchy, regardless of what funding source is listed as "primary" in the account-holder's profile. The funding hierarchy is (1) a balance in the PayPal account; (2) a PayPal credit account, PayPal Extras, PayPal SmartConnect, or Bill Me Later (if selected as primary funding source); (3) a verified bank account; (4) other funding sources, such as non-PayPal credit cards.
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The recipient of a PayPal transfer can either request a check from PayPal, establish their own PayPal deposit account or request a transfer to their bank account.
PayPal is an
acquirer, performing payment processing for online vendors,
auction sites, and other commercial users, for which it charges a
fee. It may also charge a fee for receiving money, proportional to the amount received. The fees depend on the currency used, the payment option used, the country of the sender, the country of the recipient, the amount sent and the recipient's account type.
[3] In addition, eBay purchases made by credit card through PayPal may incur extra fees if the buyer and seller use different currencies.
On October 3, 2002, PayPal became a wholly owned subsidiary of
eBay.
[4] Its corporate headquarters are in
San Jose, California, United States at eBay's North First Street satellite office campus. The company also has significant operations in
Omaha, Nebraska;
Scottsdale, Arizona; and
Austin, Texas in the US,
Chennai,
Dublin,
Kleinmachnow (near Berlin) and
Tel Aviv. As of July 2007, across Europe, PayPal also operates as a Luxembourg-based bank.
On March 17, 2010, PayPal entered into an agreement with
China UnionPay (CUP), China's bankcard association, to allow Chinese consumers to use PayPal to shop online.
[5] PayPal is planning to expand its workforce in Asia to 2,000 by the end of the year 2010.
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Between December 4–9, 2010, PayPal services were attacked in a series of
denial-of-service attacks organized by
Anonymous hack in retaliation for PayPal's decision to freeze the account of
WikiLeaks citing terms of use violations over the publication of leaked
US diplomatic cables.
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