Among all the digital currencies, PayPal is the industry leader and commands a very high pedigree of respect among all other digital currencies used worldwide in financial transactions. PayPal combines both high-tech technology for the security of accounts and an excellent financial management system in dealing with it’s over 3million customers worldwide. This feat was achieved as a result of the tight financial regulatory policies and laws of the US government that aims at guaranteeing individual account safety and isolating PayPal from the devious machinations of hackers and cyber criminals. This has further boosted the confidence of large corporations and individuals who now prefer payment s medium of payment over all other payment systems including credit cards.
PayPal did not achieve this feat by happenstance. It has over the years perfected its security network features with sophisticated technological surveillance that monitors each individual account in an automated system that can raise a yellow or red flag if any irregularity is suspected. These 15 unique features of PayPal as a payment processor is thus highlighted in what I refer to as “PayPal Unequaled”.
- IP and Browser Sensitive Software: PayPal has developed its security software such that the location of an account user is determined once he or she is logged into a PayPal account. The software also leaves cookies on the web-browser once a user log into an account and it can also determine the browsing history of the computer which helps in detecting any fraudulent IP change.
- Privacy and Confidentiality of Information:The information stored in a user’s credit card or bank account is not revealed during a financial payment or purchase transaction. This is because one can make a payment via PayPal with his or her credit card or bank account which is linked to PayPal. Hence only the name of the PayPal owner and his PayPal email address are revealed during a payment.
- Multiple e-mails for Convenience:An account holder can have up to 8 email addresses linked to single bank account which makes receipt and payment of money more convenient and flexible. It also serves as a shield from online hackers who may get familiar with a single e-mail.
- Easy withdrawal via a Bank or Credit Card:you can withdraw your PayPal funds via a credit card of through your bank account. The transaction is usually concluding within 3-5 working days.
- Multiple currency and automated Conversion Process: Another unique feature of PayPal is that it supports multiple currencies of different countries and has an automated currency conversion process based on the current exchange rate. This eliminates unnecessary bank conversion fees when withdrawing via your local bank account
- Multiple Language Selection: PayPal supports over 20 languages in its platform which makes it very easy for anyone in the country approved by PayPal to sign up an account without the difficulty of translation from English.
- Transaction Protection: PayPal has a unique transaction dispute resolution mechanism that protects both the buyer and the seller. It can hold up the money in an account for up to 180 days if there is enough proof of a transaction fraud or scam. This is to ensure that any money lodged in an account can be used to offset any debt owed by the account holder.
- Bill Me Later:In an effort to fast track financial transactions and help buyers who do not have an immediate cash for payment, bill me later was introduced where an account holder can make a purchase even without sufficient funds in his account but would be debited later via his credit card of bank account. This feature is available to US account holders.
- Efficient Customer Support:PayPal has the reputation of very fast and efficient customer support as replies to queries are answered within two business days via e-mail and instantly via phone calls.
10. Optional Account choices: Customers can make a choice between a personal and a premium account while signing up. This discretion depends on whether the would –be account holder intends to use PayPal for online purchases, receiving payments or used as a company account for sending out large payments to clients or employees.
11. Easy Account Set Up Procedure:Signing up to PayPal is very easy. It takes less than 10mins to conclude.
12. Country specificity: Each country approved by PayPal has its own peculiar terms and conditions regarding account usage. Verification by credit card and bank account is also compulsory for full access to account for certain countries awhile others are restricted to only receiving and sending money. All these are aimed at ensuring that money laundering is kept in check and discourage fraudsters from undermining the system.
- Link with other companies:You can link your PayPal account with your Payoneer card and bank account for withdrawal purposes. EBay accounts are also linked to PayPal accounts for more convenient purchase transaction and sales by eBay account holders, merchants and online retailers.
14.The Paradox: The PayPal website is as simple as it is sophisticated! Its content can be understood by almost anybody the visits it and very easy to navigate yet it is so sophisticated in appearance, appeal and technical ingenuity. This web sophistication and simplicity further confirms the uniqueness of this international payment processor and its enviable position among the numerous digital currencies available worldwide.
- Global Audience: PayPal has its presence in over 170 countries of the world making it a truly global brand where ideas and prospects can be shared by users of PayPal spanning over 118 million in number.
12 Important Tips To Note While Opening And Using A PayPal Account
Very many PayPal users complain of the strictness PayPal applies to account usage which has led to several accounts been limited due to one reason or the other. But the truth is that PayPal must maintain its integrity and command the confidence of millions of clients it services if it must remain in business. So, they do not take illegality lightly and frown at any contravention of their terms and conditions. You would agree with me that they do this with the aid of their ‘attack dogs’—software and cookies.
The outlined 12 steps below would greatly help any individual or organization that wishes to sign up a PayPal account, use a PayPal account efficiently or prevent a PayPal account from being limited or blocked.
- Read the terms and conditions of the country you wish to sign up with in order to avoid incidence of breach in TOS.
- Never log into your PayPal account from a public internet facility. This can severely compromise your identity and your account.
- Clear your browser cookies, history and cache at least twice before you log into your PayPal account if you suspect its IP has been compromised.
- If you are using a VPN connection, then clear your browser history and cache thoroughly and connect the vpn before you enter the PayPal website and log into your account.
- If you are using a VPN connection, make sure you verify that the VPN is actually connected and there is an IP change to the desired country (i.e. PayPal account country). Use more than one IP checker to verify your connection.
- Avoid VPN services that are not secure as they can expose your real location and compromise your account.
- Ensure that only genuine virtual credit card is used for verification as PayPal randomly and routinely conducts integrity checks on all accounts.
- Never log into your account with two different IPs simultaneously (i.e. within intervals of less than 12hrs).
- Make sure you write down the all account details (security questions, credit card details, address, bank account details etc) you entered while signing up a PayPal account and keep them safe. PayPal may demand those details from you before you can regain access to your account if they suspect a threat or a yellow flag is raised on your account.
- Whenever PayPal declines a transaction you initiated just discontinue immediately and log out of your account. Do not retry a declined transaction more than twice.
- If you reside in unsupported countries then you can use a withdrawal service. Some of them have every low and affordable transaction service charges. You can click here for such a service for your PayPal account.
12.You can verify and withdraw your PayPal funds easily using Payoneer
Digital currencies generally have the unique advantage of transaction simplicity! These currencies can be converted to the major world currencies of dollars. Pound Sterling and euro through financial institutions such as banks and stock broking firms. E-currency exchangers have further popularized them by making exchanges to local currencies very easy at a very affordable exchange transaction fees. Citizens of developing countries like Nigeria, India, Bangladesh, Philippines, Pakistan, Sri Lanka and Indonesia can now participate in various online income earning opportunities such as paid to click jobs, Forex, survey taking and freelance writing websites that pay via these e-currencies and cash the money over in their respective countries. You can get a good list of e-currency exchangers from bestexchange .com