PayPalPayPal is an Internet business which allows the transfer of money between email users and merchants, avoiding traditional paper methods such as checks/cheques and money orders. PayPal also performs payment processing for e-commerce vendors, auction sites, and other corporate users, for which they charge a fee. Corporate headquarters are in San Jose, California; it is now an eBay company. HistoryBeginningsPayPal was founded in December 1998 by Peter Thiel and Max Levchin. One of its first premises was the 165 University Avenue office in Palo Alto, California, home of a number of other noted Silicon Valley startups. On the business side, many of its initial recruits were alumni of The Stanford Review, which was also founded by Peter Thiel. Most of the early engineers hailed from the University of Illinois at Urbana-Champaign, recruited by Max Levchin. In its initial incarnation, PayPal was a service for users to send money via PDAs, with actor James Doohan, Star Trek's "Scotty," as its spokesman. The PDA software was later discarded in favor of a web-based system that became popular with eBay's millions of buyers and sellers. Coupled with aggressive marketing campaigns offering $10 (and later $5) for new users to sign up, the firm grew at a meteoric rate of 7–10 percent per day between January and March 2000. Unknown to many people is the fact that PayPal is one of the few Internet companies which has a single letter domain name, (http://www.x.com) in use. As of Jan 2006, this URL still resolves to the PayPal home page. This name was acquired by PayPal in early 2000, when x.com merged with PayPal. [1] Though growing rapidly, PayPal was losing $10 million a month and was fraught with internal turmoil that led to three CEO changes in its first year of operations. Foreign Mafia rings found ways to steal millions from the young company. And worst of all, eBay launched a payments service named Billpoint to compete with PayPal. Yet the company was able to turn the corner and become the first dot-com to IPO after the September 11 attacks — an accomplishment that ironically backfired when PayPal's new high profile status helped prompt a slew of class action lawsuits and regulatory probes, including one by NY Attorney General Eliot Spitzer. This paved the way for the company to eventually reconcile with its former rival, eBay. [2] [3] Acquisition by eBayIn October 2002 PayPal was acquired by eBay. (See GAMEY) PayPal had previously been the payment method of choice by over fifty percent of eBay users, and the service competed with eBay's subsidiary BillPoint. eBay has phased out its BillPoint service in favor of retaining the PayPal brand. PayPal's only substantially similar competitor is now BidPay, after Citibank's c2it service closed in late 2003 and Yahoo!'s PayDirect service closed in late 2004. BidPay itself ceased payment operations on the 31st December 2005 but the site remains to carry out any remaining customer service issues . In 2004, the total value of transactions through the PayPal system was $18.9 billion, up 55% year over year. In January of 2005 PayPal announced plans to pursue the Merchant Services opportunity, the online payments business 'off of eBay'. TodayAs of the end of Q2 2005, PayPal operates in 57 countries (including China) and it manages over 86.6 million accounts. Every second PayPal processes an average of $823 in total payment volume. PayPal supports payments in U.S. Dollars, Canadian Dollars, Australian Dollars, Euros, Pounds Sterling and Japanese Yen. PayPal operates locally in 13 markets, including: the United Kingdom, Canada, Australia, Austria, Belgium, France, Germany, Italy, Spain, Ireland, the Netherlands, Switzerland and China. PayPal also operates a large customer-service center in La Vista, Nebraska, just outside Omaha. Bank statusDue to the manner in which it operates, PayPal is not considered a bank. Therefore it is not required to abide by the legislation that governs banks. Like Western Union, PayPal is considered a money transmitter in many states in the United States and is licensed as such where required. PayPal's European subsidiary PayPal (Europe) is licensed as an electronic money institution and regulated by the UK Financial Services Authority. SafetyPayPal's business model involves providing safety to buyers and merchants/sellers. Buyers are ensured that they recieve the item they buy as it is described. If this doesn't happen, PayPal will try to take the money back from the seller and refund the buyer. If the buyer used a credit card, they are ensured a refund via chargeback. PayPal also protects sellers by offering the Seller Protection Policy. As long as seller provides confirmation of delivery available online, they are protected from chargebacks and fraudulent item-not-recieved claims. CriticismPayPal is not subject to regular banking regulations. Because it considers itself to be an 'electronic money transmitter', user rights and safeguards vary. Controversial aspects of PayPal include the terms of its User Agreement; particularly, for limiting account access and user access to funds. According to the PayPal user agreement, users agree to give PayPal the power to limit access to funds in the account for 180 days. This policy appears to protect PayPal from financial loss in the event of chargebacks or disputes. Banks and financial institutions provide chargeback rights for a specified period of time that varies by the institution. PayPal's account access limitations prevent the movement of funds until discrepencies, or terms of the limitation, are resolved. In March 2002, two PayPal account holders separately sued the company for alleged violations of the Electronic Funds Transfer Act (EFTA) and California law. Most of the allegations concerned PayPal's dispute resolution procedures. The two lawsuits were merged into one class action lawsuit (In re PayPal litigation). An informal settlement was reached in November 2003, and a formal settlement was signed on June 11, 2004. The settlement requires that PayPal change its business practices (including changing its dispute resolution procedures to make them EFTA-compliant), as well as making a $9.25 million USD payment to members of the class. PayPal denies any wrongdoing. In September 2005, PayPal suspended an account (opened by Something Awful owner Richard Kyanka) used to collect donations for the American Red Cross to help Hurricane Katrina victims. After receiving over $30,000 USD in donations in 9 hours, PayPal locked-down the account. To re-activate the account, PayPal demanded "proof of delivery", even though no products were being sold. Kyanka asked PayPal to transfer the funds to the Red Cross; PayPal said they couldn't do this, but could give the money to United Way (a rival charity collecting for the same cause, that had an undisclosed agreement with PayPal). Kyanka originally agreed to this, but after learning of the United Way's prior legal troubles, he asked PayPal to refund all the donations. It's unclear whether simply waiting for PayPal to reach a decision in regards to the account would have resulted in PayPal allowing the money to eventually reach the Red Cross. [4] [5] [6] PayPal's Seller Protection policies do not cover intangible goods or goods that are "not as described". PayPal does not allow people from certain countries to use its services, and in some occasions where it does, it only allows the participants to send and not receive. This has brought criticism from people from within these countries.[7] WarningsIn August 2005 eBay required that sellers who accept PayPal not refuse credit card payments, which result in transaction fees. [8] Beginning in January 2006, eBay now prohibits any online payment system other than Paypal, as stated here[9]. This is due to the wide numbers of fraudulant online payment methods. EBay lists Bidpay.com as the only alternative, but that company's demise predates this policy. Questions of illegality and antitrust have been raised over this new rule, mostly by merchants who believe they shouldn't have to pay for a legitmate service and abused the personal account status on PayPal. EBay specifically prohibits E-gold, a PayPal competitor with high fraud history. Ebay's new policy states that accepting a non-PayPal online payment system could result in the user's account being banned. Since PayPal only works in certain countries, Ebay's policy limits participation to the countries that PayPal supports. In the news
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Since PayPal only works in certain countries, Ebay's policy limits participation to the countries that PayPal supports. Constantine is a common name derived from the Latin word constans, meaning constant or steadfast. Ebay's new policy states that accepting a non-PayPal online payment system could result in the user's account being banned. . EBay specifically prohibits E-gold, a PayPal competitor with high fraud history. Constantine Palace. Questions of illegality and antitrust have been raised over this new rule, mostly by merchants who believe they shouldn't have to pay for a legitmate service and abused the personal account status on PayPal. Constantine College, based in Middlesbrough, England and now Teesside University. EBay lists Bidpay.com as the only alternative, but that company's demise predates this policy. Constantine is a movie based on the comic book Hellblazer whose main character is called John Constantine. This is due to the wide numbers of fraudulant online payment methods. The Constantines are an indie rock band from Guelph, Ontario, Canada. [8] Beginning in January 2006, eBay now prohibits any online payment system other than Paypal, as stated here[9]. "Konstantine" is a rock ballad by the band Something Corporate. In August 2005 eBay required that sellers who accept PayPal not refuse credit card payments, which result in transaction fees. Constantine, Andorra. This has brought criticism from people from within these countries.[7]. Constantine, Switzerland. PayPal does not allow people from certain countries to use its services, and in some occasions where it does, it only allows the participants to send and not receive. Constantine Township, Michigan. PayPal's Seller Protection policies do not cover intangible goods or goods that are "not as described". Constantine, Michigan. [4] [5] [6]. Constantine Bay. It's unclear whether simply waiting for PayPal to reach a decision in regards to the account would have resulted in PayPal allowing the money to eventually reach the Red Cross. Constantine, Cornwall. Kyanka originally agreed to this, but after learning of the United Way's prior legal troubles, he asked PayPal to refund all the donations. Constantine, Algeria. Kyanka asked PayPal to transfer the funds to the Red Cross; PayPal said they couldn't do this, but could give the money to United Way (a rival charity collecting for the same cause, that had an undisclosed agreement with PayPal). Constantine Zureik. To re-activate the account, PayPal demanded "proof of delivery", even though no products were being sold. Constantine Stanislavski. After receiving over $30,000 USD in donations in 9 hours, PayPal locked-down the account. Constantine Simitis. In September 2005, PayPal suspended an account (opened by Something Awful owner Richard Kyanka) used to collect donations for the American Red Cross to help Hurricane Katrina victims. Constantine-Silvanus. PayPal denies any wrongdoing. Constantine Rhigas. The settlement requires that PayPal change its business practices (including changing its dispute resolution procedures to make them EFTA-compliant), as well as making a $9.25 million USD payment to members of the class. Constantine Samuel Rafinesque-Schmaltz. An informal settlement was reached in November 2003, and a formal settlement was signed on June 11, 2004. Constantine Phaulkon. The two lawsuits were merged into one class action lawsuit (In re PayPal litigation). Constantine Paparregopoulus. Most of the allegations concerned PayPal's dispute resolution procedures. Constantine Papadakis. In March 2002, two PayPal account holders separately sued the company for alleged violations of the Electronic Funds Transfer Act (EFTA) and California law. Constantine Mitsotakis. PayPal's account access limitations prevent the movement of funds until discrepencies, or terms of the limitation, are resolved. Constantine Manasses. Banks and financial institutions provide chargeback rights for a specified period of time that varies by the institution. Los. This policy appears to protect PayPal from financial loss in the event of chargebacks or disputes. Constantine M. According to the PayPal user agreement, users agree to give PayPal the power to limit access to funds in the account for 180 days. Constantine Lascaris. Controversial aspects of PayPal include the terms of its User Agreement; particularly, for limiting account access and user access to funds. Constantine Koukias, Australian classical composer. Because it considers itself to be an 'electronic money transmitter', user rights and safeguards vary. Constantine Karamanlis. PayPal is not subject to regular banking regulations. Constantine Kanaris. As long as seller provides confirmation of delivery available online, they are protected from chargebacks and fraudulent item-not-recieved claims. Constantine Ducas. PayPal also protects sellers by offering the Seller Protection Policy. Constantine Dadeshkeliani. If the buyer used a credit card, they are ensured a refund via chargeback. Cavafy. If this doesn't happen, PayPal will try to take the money back from the seller and refund the buyer. Constantine P. Buyers are ensured that they recieve the item they buy as it is described. Constantine Carathéodory. PayPal's business model involves providing safety to buyers and merchants/sellers. Constantine Bruno. PayPal's European subsidiary PayPal (Europe) is licensed as an electronic money institution and regulated by the UK Financial Services Authority. Constantine Brâncoveanu. Like Western Union, PayPal is considered a money transmitter in many states in the United States and is licensed as such where required. Constantine Andreou. Therefore it is not required to abide by the legislation that governs banks. Constantine Alexios. Due to the manner in which it operates, PayPal is not considered a bank. Constantine of Preslav. PayPal also operates a large customer-service center in La Vista, Nebraska, just outside Omaha. Constantine III of Britain. PayPal operates locally in 13 markets, including: the United Kingdom, Canada, Australia, Austria, Belgium, France, Germany, Italy, Spain, Ireland, the Netherlands, Switzerland and China. Constantine the African. Dollars, Canadian Dollars, Australian Dollars, Euros, Pounds Sterling and Japanese Yen. Constantine Maroulis finalist on the television show American Idol. PayPal supports payments in U.S. Constantine. Every second PayPal processes an average of $823 in total payment volume. Thomas A. As of the end of Q2 2005, PayPal operates in 57 countries (including China) and it manages over 86.6 million accounts. Tiberius II Constantine. In January of 2005 PayPal announced plans to pursue the Merchant Services opportunity, the online payments business 'off of eBay'. Susannah Constantine. In 2004, the total value of transactions through the PayPal system was $18.9 billion, up 55% year over year. Storm Constantine. BidPay itself ceased payment operations on the 31st December 2005 but the site remains to carry out any remaining customer service issues . Michael Constantine. PayPal's only substantially similar competitor is now BidPay, after Citibank's c2it service closed in late 2003 and Yahoo!'s PayDirect service closed in late 2004. Learie Constantine. eBay has phased out its BillPoint service in favor of retaining the PayPal brand. Kevin Constantine. (See GAMEY) PayPal had previously been the payment method of choice by over fifty percent of eBay users, and the service competed with eBay's subsidiary BillPoint. Joseph Constantine. In October 2002 PayPal was acquired by eBay. John Constantine. [2] [3]. Eddie Constantine. This paved the way for the company to eventually reconcile with its former rival, eBay. Con Constantine. Yet the company was able to turn the corner and become the first dot-com to IPO after the September 11 attacks — an accomplishment that ironically backfired when PayPal's new high profile status helped prompt a slew of class action lawsuits and regulatory probes, including one by NY Attorney General Eliot Spitzer. Constantine, 1st Earl of Fife. And worst of all, eBay launched a payments service named Billpoint to compete with PayPal. Order of Constantine, the Byzantine order of knights, the Angelici. Foreign Mafia rings found ways to steal millions from the young company. Constantine Tsatsos. Though growing rapidly, PayPal was losing $10 million a month and was fraught with internal turmoil that led to three CEO changes in its first year of operations. Constantine Stephanopoulos. [1]. Constantine Petrovich. This name was acquired by PayPal in early 2000, when x.com merged with PayPal. Constantine Prezan. As of Jan 2006, this URL still resolves to the PayPal home page. St Constantine of Cornwall. Unknown to many people is the fact that PayPal is one of the few Internet companies which has a single letter domain name, (http://www.x.com) in use. Antipope Constantine II. Coupled with aggressive marketing campaigns offering $10 (and later $5) for new users to sign up, the firm grew at a meteoric rate of 7–10 percent per day between January and March 2000. Pope Constantine. The PDA software was later discarded in favor of a web-based system that became popular with eBay's millions of buyers and sellers. Constantine VI of Constantinople. In its initial incarnation, PayPal was a service for users to send money via PDAs, with actor James Doohan, Star Trek's "Scotty," as its spokesman. Constantine V of Constantinople. Most of the early engineers hailed from the University of Illinois at Urbana-Champaign, recruited by Max Levchin. Constantine IV of Constantinople. On the business side, many of its initial recruits were alumni of The Stanford Review, which was also founded by Peter Thiel. Constantine III of Constantinople. One of its first premises was the 165 University Avenue office in Palo Alto, California, home of a number of other noted Silicon Valley startups. Constantine II of Constantinople. PayPal was founded in December 1998 by Peter Thiel and Max Levchin. Constantine I of Constantinople. . Constantine Ypsilanti. Corporate headquarters are in San Jose, California; it is now an eBay company. Constantine Nicolaievich. PayPal also performs payment processing for e-commerce vendors, auction sites, and other corporate users, for which they charge a fee. Constantine Mavrocordato. PayPal is an Internet business which allows the transfer of money between email users and merchants, avoiding traditional paper methods such as checks/cheques and money orders. Constantine III of Rome. PayPal Acquires Verisign's Payment Gateway. Constantine I of Imereti. PayPal Releases Direct Payment API. Constantine Dragas. Constantine John Phipps, 2nd Baron Mulgrave. Constantine Phipps, 1st Marquess of Normanby. Constantine Pavlovich of Russia. Constantine Tikh of Bulgaria. Constantine III of Scotland. Constantine II of Scotland. Constantine I of Scotland. Constantine of the Picts. Constantine II of Greece. Constantine I of Greece. Constantine II (or Kuestantinos II) of Ethiopia, also known as Eskander. Constantine I (or Kuestantinos I) of Ethiopia, also known as Zara Yaqob. Constantine VI of Armenia. Constantine V of Armenia. Constantine IV of Armenia. Constantine III of Armenia. Constantine II of Armenia. Constantine I of Armenia. Constantine XI. Constantine X. Constantine IX. Constantine VIII. Constantine VII. Constantine VI. Constantine V. Constantine IV. Constantine III (emperor). Constantine III (usurper). Constantine II (emperor). Constantine I (emperor), commonly known as Constantine the Great. |