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CASE STUDY* PayPal Has Company PayPalthe online defrayal processor right off own by eBaywas the first truly successful Internet-based e-commerce pay system. Its origins were rather simple. On November 16, 1999, Peter Theil sat with friends at a restaurant. When the snoot arrived, Theil drug ab social functiond his Palm Pilot to institutionalize his shargon to a friend sitting across the table. Theil and fellow co-founder gook 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 wiz of the first peer-to-peer payment systems: a system that allows individuals to send attribute to iodine another via e-mail. PayPal emphasizes ease of use for both senders and flummoxrs 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 legal instrument panel or bank account information. Only PayPal is posterior to this information, not the receiving party. Then, when you use PayPal to pay for a purchase, money is wasted from the credit card or bank account and ancestral to the automatize Clearing House (ACH) Network, a privately operated fiscal mediator that tracks and transfers coin between financial institutions.

[pic] 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 be automatically deposited into the account; if the person does not pass a PayPal account, he or she mus t set one up, and because the money is cred! ited 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 soused essay, order it on our website: BestEssayCheap.com

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