Final PayPal Report
Final PayPal Report
Final PayPal Report
Roshan Regmi
Submitted by: Bikram adhikari Bishnu khanal Drone C Ghimire Santosh Sharma Sushil Aryal Date: April 11, 2010 1. Introduction to PayPal:
PayPal is the world's most popular "middleman service" for online purchasing. Where money grams and wire transfers were the standard in the 20th century, today over 99 million Internet users prefer to use PayPal to send money to each other via email. PayPal has become such a convenient and trusted way to transfer money online, 95% of eBay's purchases go through PayPal. As an online financial transaction broker, PayPal lets people send money to each other's email addresses. At no time will either party see the other's credit card or bank information. PayPal acts as the middleman holder of money. Through its policies, practices, and business integrity, PayPal has earned the trust of both parties. With multiple guarantees in place, buyers and sellers entrust PayPal with their credit card and bank information. PayPal keeps that private customer information secret. Then, while "blinded" from the other party's confidential information, strangers safely send money to each other through PayPal and email.
2.
PayPal Requirements
You need neither special technology nor a business license to send/receive money through PayPal as a middlemen bank. One can get easy access to the PayPal a valid email address and a valid credit card or bank account. Precisely because it is so easy to use, PayPal is the favorite of millions of amateur sellers and buyers around the world.
help eliminate identity theft. The Anti Fraud teams sole job is to make every PayPal transaction is safe and seamless as possible.
6.
IPN notifies you when an event occurs that affects a transaction. Typically, these events represent various kinds of payments; however, the events may also represent authorizations, Fraud Management Filter actions and other actions, such as refunds, disputes, and chargebacks. IPN is a message service that PayPal uses to notify you about events. These events include the following:
Instant payments, including Express Checkout and direct credit card payments check payments and associated status, such as pending, completed, or denied
Payments that may be pending for other reasons, such as those being reviewed for potential fraud Events related to recurring payments and subscriptions Authorizations, which indicate a sale whose payment has not yet been collected
Chargebacks, which are initiated by a credit card processor; for example, when a customer disputes a charge
Disputes, which are initiated by a buyer using the PayPal resolution process Reversals, which occur when you win a dispute or a chargeback is canceled Refunds, which you may choose to give
In many cases, the action that causes the event, such as a payment, occurs on your website; however, your website is not the only source of events. In many cases, events can be generated by Website Payment Standard buttons, the PayPal API, or by PayPal itself
7. Payment Procedure
First the customer enters in the PayPal website while purchasing the goods and services through ebay or any other business houses and other stores. After when the customers gets goods and services he/she enters his/her bank a/c number with valid e-mail address or PayPal a/c number. After than the seller conforms the customer identification. And PayPal securely sends the payment to the sellers PayPal account. When the payment is send to the sellers PayPal account the seller confirms his PayPal account. Then the seller can either deposit the amount in his bank account or PayPal account. Finally the transaction is settled without the confidential information being disclosed between the parties involved.
8. Conclusion
PayPal is one of the most popular medium for online purchase of goods and services. Its service allows anyone to pay in anyway they prefer, including through credit cards, bank accounts, without sharing financial information. It has one of the best security systems so as to ensure activities involved in purchases. It is able to satisfy customer needs in changing information technology. After consumer has made the payment, they will receive a receipt in their E-Mail conforming that the payment has been sent to the seller. The seller also gets an email notification of the payment and they will proceed to ship the item to the consumer. Most likely, the customer will receive a follow message from the seller that their item is on its way. IPN is an asynchronous message service, meaning that messages are not synchronized with actions on your website. Thus, listening for an IPN message does not increase the time it takes to complete a transaction on your website. The IPN message service does not assume that all messages will be received by your listener in a timely manner. Because the internet is not 100% reliable, messages can become lost or delayed. To handle the possibility of transmission and receipt delays or failures, the IPN message service implements a retry mechanism that resends messages at various intervals until you acknowledge that the message has successfully been received. Messages may be resent for up to four days after the original message. As customer will discover themselves, making PayPal payment is indeed a very easy process. No more sending cheques or money order via SNAIL MAIL, or typing in customer credit card details, and no more stamps and trip to the post office. The convenience of using a PayPal account is why 96 million people use PayPal every day. Easy to set up, easy to use, and it saves consumers time as well.