PayPal is the leading online payment service on the Internet, with a boasted reach of over 190 markets available in 17 different currencies. The company was originally founded in 1998 but was purchased by eBay in 2002.

The service is akin to having a bank account online. Users and businesses create an account by entering personal information, such as name, address, phone number and email address. Once created, the account holder can transfer money to other PayPal account users, purchase products or services online by using their PayPal account, transfer funds to their PayPal account or collect payments if using a merchant account (Premier or Business accounts). PayPal is free for personal account holders, with Premier or Business account holders paying a small fee for funds collected (similar to credit card merchant accounts).

PayPal boasts a number of security features that make the service more appealing than simply using bank accounts or credit cards. Merchants or individuals paid with PayPal do not see any financial information when receiving money from a PayPal account holder. PayPal also provides a number of fraud and identity theft protection services for members. Account holders can also invoice customers and view an account history of transactions.

For software and web developers, PayPal offers a full support site. Information on this section of the website includes support documentation, training and marketing materials, as well as a variety of downloadable API’s for integration into an existing Ecommerce website.