Having founded in 1998, has impeccably stood out as one of the trusted online banks in the world. Besides online banking, the company has grown to be the default payment method for millions of merchants and eBay auction sellers globally. It is almost as universal as Google and so can be branded as the most widely accepted web payments.

Products and services

1. Payment solutions
As much as offers several payment solutions including the PayPal Payments Standard, Advanced and the Pro, the three are somewhat similar because they allow your business to accept online payments from customers through credit cards, even if the customers do not have a PayPal account.

2. Money transfers
You can transfer funds in over 24 currencies globally. This can be in terms of business, to your family members and even friends who are residents of the PayPal’s 190 operational markets.

3. Virtual Terminal
PayPal provides a virtual terminal in which you can process mail or phone orders directly.


1. Easy Account Setup boasts of its easy account creation and usage. All you need is an email address and you are set to go. In order to begin making payments and withdrawals services instantly, you just need to link your PayPal account with a credit or debit card.

2. Transparency in pricing
Notably, PayPal carries its operations in an effective cost, clearly outlined. There are no hidden costs as would have been experienced elsewhere. There are neither no setup and annual fees.

3. Multiple products and services at a go
PayPal offers you the inherent opportunity to access all online banking and mobile features at a click, under one account. You can access micro-payments, invoicing, payment forms and bank transfers among other features at the comfort of your home.

4. Global usage
PayPal has a large user base of over 153 million active accounts, hence this makes it a trusted method of payment and online banking for all users.


1. High costs of transactions
PayPal’s transaction fees are relatively higher as compared to traditional merchant accounts. Hence making it unsuitable for transactions involving little funds, because the fees will reduce the amount to almost nothing.

2. Withholding funds, account freezing and even account termination
When it comes to dealing with fraud or suspicion of fraud, PayPal operates on a very strict platform and are frequently known for withholding your funds in such cases. They can even end up freezing and some serious cases, shutting down your account.

3. Limited seller and buyer protection
Since PayPal is not a member of Federal Deposit Insurance Corporation (FDIC), account holders are at a risk of their deposits because in case of any failure, there is no protection offered.


As from the above highlights, can be a reliable payment company and online banking option, but it is worth noting that users should be careful when the are dealing with large transactions of money especially $1000 and above. It is generally a suitable and convenient account to use.


Robert Gombos

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