PayPal: Master of electronic Money

If you need to make purchases from online markets, would not you prefer paying through PayPal? Well everyone would. Almost all major shopping websites available today support PayPal payments. PayPal is the largest online payment and money transfer service provider which was established in December month of 1998. The company earlier used to be known with a different name, Confinity. It was a company that used to create security computer programs for hand-held devices. Confinity was set up by four persons but PayPal was founded in 1999 as a money-transfer service at Confinity by John Malloy. PayPal has a dedicated department for addressing customer grievances. If you have any questions, query regarding online transactions feel free to contact PayPal customer services. The following section helps you walk through the history of trade.

Barter-system

In early days, when humans started selling their excess products, they used to go to the then markets, a place where people from various tribes used to gather and show case products they wished to sell. Anyone interested would bring along with him his items. If they mutually agree the exchange of products happen. In those days there used to be disputes. This system of exchange is called as the Barter system. Even for services people used to be exchanged that had led to the slavery.

Coinage

The disadvantage with the barter system was that the same commodity will be having different value with different vendors. To avoid this, market system enhanced to coins that was used to standardise the value. Coins are said to have been introduced in 5th or 6th century before Christ. In the market things now used to sell for count of coins. Gold being hard to be found, was valuable and people would like to sell large quantities of items in return of Gold. By and by the system enhanced to the introduction of currencies and now with digitization, the currency too was converted to an electronic form. This allowed money to be sent to faraway places in just seconds.

E-commerce and working

With electronic commerce the distance gaps were bridged and people could send any amount anywhere at any time. Do you know, while you pay for your goods through online stores, a lot of things happen in the background to keep the transaction secure? While you proceed to the payment, you request is encrypted and sent to the merchant server (may be your bank) which confirms your identity and also verifies that your account holds enough money for the transaction. Once OK, the payment proceeds to the account of the shopping site, which mostly would be a different merchant server. There also the authentication process happens and once confirmed the amount is transferred to the seller and he gets the receipt for it. Once the transaction is confirmed you see the green signal that your order has been placed and will be delivered in so and so day.

PayPal quick help

In case financial transactions it is natural to have confusions and disputes. You can reach out to PayPal contact numbers 1-888-221-1161 and 1-866-528-3733. If calling from outside United States call at 1-402-935-2050.