Glossary
What do the technical terms mean
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Payment does not have to be complicated. However, there are technical terms that are often not common.
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PayPal
PayPal is a publicly traded online payment service that was a subsidiary of the U.S. company eBay from 2002 until its spin-off on July 17, 2015.
How PayPal works
There is no account number at PayPal, the verification of a member is done via the email address. With the account, payments can be credited to the payee immediately, bank transit times of a transfer are eliminated. It is still possible to send money to any email address of PayPal members in over 100 currencies. The account management itself is free of charge, however, there are costs for each incoming money, which consist of a basic amount per transaction and a percentage of the turnover. The transfers are protected with TLS, the financial data of the PayPal member, such as the credit card or account number are not transmitted and are therefore not visible.
Transactions
There are different deposit options at PayPal: By a normal bank transfer, with credit card, direct debit or with giropay. The payout is made via the reference account stored at PayPal. As a rule, a transaction takes 3 business days.