Paypal is more than likely the most widely used payment service program used today. This payment service has over 60 million users worldwide and there are over 190 countries that use it for money transactions. Paypal was created by Ken Howery, Max Levchin, Elon Musk, Luke Nosek and Peter Thiel. These innovators saw the opportunity to create an online business that would eventually be used around the world. It is strictly an e-commerce business that is completely internet dependant. The company was founded in 1998 during the Dot-Com bubble but was able to make it out alive with little discrepancies. Working with Ebay, paypal was able to build its success very quickly. This payment service generates a whopping $4 billion dollars year or exceeds that amount.
Paypal charges its users 2.9 percent of whatever the sale price is and they also charge 30 cents for every transaction that is made. This isn’t a bad way to go when you are making high amount of dollars with the sales at Book Bunker. There are many advantages to using Paypal to receive money from customers and pay vendors for products or services. It is a secure program that ensures that your money is taken well care of. Although setting up an account with Paypal is very time consuming, it reaps great rewards.
There are many advantages to using Paypal for the many transactions that Book Bunker has come into contact with. By using this money processing service, you will be able to have a one click link on the checkout section of Book Bunker that allows the customer to be directed to the Paypal site to complete the transaction. As a merchant, you will be able to link your Book Bunker bank account to the Paypal account that will ensure that your transactions are secure and promising. You will be able to simply pay for your transactions just by clicking the Paypal payment method. If you do not wish to link your bank account to paypal, you do have the option to link your debit card or perhaps if you have a business credit card designated to Book Bunker transactions.
With all the advantages, that Paypal has to offer there are also the disadvantages. The biggest disadvantage is that no online transaction is 100 percent safe. There will always be the possibility that a thief could manage to hack into your account and steal your money. Another disadvantage is that Paypal will charge you a fee for refunded transaction back to the merchant. Paypal tends to hide their customer service number and has an automated email response system. If a customer receives a product via Paypal and is dissatisfied, they get to keep the product and you as the merchant must still refund the customer. I would suggest having a return policy requiring the customer to return the purchased product. Another disadvantage is that many people have distaste for Paypal mainly because they have had their accounts frozen due to fraudulent activity. Paypal has been known be hacked by thieves around the world.
Google checkout is another great online money transaction service that could be beneficial to Book Bunker. The Google creators decided that Paypal needed a competitor and that is when Google Checkout came to be. It is a processing payment service that means to simplify the check out process that is involved during the purchases of any online consumer purchase. Paypal’s biggest competitor is Google Checkout.
Google itself has millions of users and it is not surprising to assume that these Google users will eventually start using Google Checkout instead of Paypal. Google has made it very easy to navigate their website but Google checkout is not as user friendly. However, I think this would be a great money processor for Book Bunker.
Google Checkout is simple to set up especially if you already have a Google account. You can simply link Google Checkout to your bank account or company credit card. Much like Paypal, Google Checkout has a link that simply directs you to the...