Technology usage has been very common in this new era of globalization. In order to survive in todayâ€™s challenging business world, company has to be challenged with highly competitive pressure to bring out more effectiveness and effectiveness when running a business, especially online business. This case study is about PayPal, a well known company that provides digital money transfer service online worldwide by using new technology system and how it turns globally accepted.
PayPal's founder was Peter Thiel and Max Levchain, which originally an administer of hedge fund and online security expert. In September 1998, they launch Field Link which enable consumer to ...view middle of the document...
In order to get a long sustain in the market, PayPal did many innovation and hard work together with consistent passion. Finally PayPal managed to filled the niche while establish when eBay started accepted by public.
Regardless individual or business partners, PayPal managed to provides benefits and help it sustainable in the market. The main intangible benefits will be having flexibility by quicken your online transaction payment. Individual does not even need to try get different credit cards. By signing up PayPal account, for once they enter personal details, they can delight in a quick payment process. This is because multiple bank accounts and debit/credit cards can be find to PayPal account and thus PayPal will look funds from your sources behalf on you. (7 Advantages to Using PayPal to Buy Online, 2010).
As the trend of using technology is getting more and more famous among teenagers especially age between 18 to 25. PayPal understand that fact that technology is strongly related with them thus they discover business opportunities through it. By expanding the services with partnering with Facebook, they allow teenagers to purchase virtual goods for social application. Teenagers will not even have to access to credit/debit account and this eventually attracts many teenagers consumers.
Largest barriers for online payment business will be the security problem. People always wonder is it safe to use online payment service. In order to gain customer's trust, PayPal keep improving the system so that they provide more security to protect their customer. By paying high attention in guarding customer's private financial details and allow safe online shopping, PayPal hired SSL technologies and a series of security procedure. Unauthorised transaction will be banned to prevent the happening of fraud. (Total Security Total Protection, n.d).
Besides, by using PayPal, users can earn bonus points and get all sorts of discount from different online merchants. Even if user used PayPal, they can still enjoy credit card bonus point advantages on the same time. By paying through PayPal using credit cards that they owned, they will still get points issues to exchange for rebates or gift and even cash. On the same time, PayPal are providing discounts for selected online merchants that collaborates with them. Example of company will be such as Wal-Mart and Nike. All shoppers need to do is to visit PayPal webpage and get the promo code so they can used when they purchase using PayPal. (Earn Credit Cards Bonus Point, n.d).
One reason that make PayPal so successful is the free cost of using. People are easily attracted with free stuffs and definitely will give a try when they found out there is no cost for trying or using. By eliminating all cost such as processing fees, membership fees and extra services charges, customer can enjoy using all features and it brings huge convenient as shoppers need not to pay one dime for all attractive benefits from...