PayPal is an online payment service that enables individuals and businesses to make secure, fast and easy payments.
The product builds on the existing structure of credit cards and uses a world-leading system specifically designed for online commerce.
- The Personal Account This account is intended for personal, non-commercial use. Its primary function is to send money to a seller or recipient – you create a profile with your address details and credit card information, and protect it with a strong password.
- The Business Account It is aimed at businesses and designed for commercial use. Its functionality is identical to that of a Premier Account.
Wikipedia explains Paypal as follows
The account is a virtual account: its identity is defined by the member's email address; there is no separate account number. The account allows users to send and receive payments. PayPal acts as a payment service provider for these transfers. PayPal does not act as an escrow agent. This means it only handles the payment processing and is independent of the seller's performance.
PayPal members must register with their personal and account information and wait for verification. To do this, PayPal performs a test transfer to the specified account. After that, PayPal members can send money to any recipient. E-mail address Send to supported countries. If the email address owner does not have a PayPal account, PayPal will notify them by email that a payment has been received at that email address. To access the sent amount, the recipient must be registered with PayPal or register as a new member.
Participant information is automatically transmitted with each transfer. SSL protected. The financial data of the PayPal member, such as the credit cards– or Account number, remain hidden from the payee, which is intended to prevent misuse of this data by the payee.
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