PayPal Post Exceptional Q2 Growth

Tag Archive: PayPal

  1. PayPal Post Exceptional Q2 Growth

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    PayPal are one of the world’s biggest online payment gateways, but that doesn’t mean they’ve run out of room to grow. In fact, if their Q2 earnings report is to be believed.

    PayPal absolutely smashed expectations in Q2 2017, marking another in a series of better-than-expected quarters for the company. With a raft of new advertising and a more aggressive push into real-life payments, the company posted $106 billion in total payment volume (TPV), which is the amount of money which went through their service. That’s an increase of 26% year-on-year, and a seriously impressive number.

    Additionally, the company’s customer growth was also extremely healthy, with 6.5 million new customers signing up for accounts, taking the total number of customers up to 210 million worldwide. That’s alongside annual transactions increasing by 10% for the one-time Elon Musk owned company.

    That growth has come thanks to a number of things, but it’s impossible to play down the role that new partnerships have played in their growth. In the past two years alone, the firm has signed 18 partnerships with payment firms and companies across the sector, marking a significant change from the kind of seek-and-destroy tactics they operated earlier in their existence.

    Most notably, PayPal have partnered with major card providers to add further payment options to their wallet, making it easier for customers to fund their online payments through PayPal, rather than filling out their card details on every website. However, it doesn’t end there, because they’ve been working hard on in-store payments, as well as getting a foothold on services like Facebook Messenger and Baidu. More recently, the company have partnered with Google Pay and Samsung Pay to let customers pay for goods in the real world with their PayPal account.

    The calculated risk of spreading their business across so many services has paid off handsomely for the company. By enabling new use cases for their service, PayPal have begun to move away from being a mere online payments firm towards a ubiquitous consumer payments company with the full range of payment options that a bank might have.

    Indeed, by taking on online payments earlier and better than anyone else, PayPal were able to dominate the online payments space, developing a large enough name and enough funding to really push out into the wider world. Today, the company are extremely well-liked, though they retain issues with security – particularly phishing scams.

    The contact details for PayPal are typically utilised for that purpose, but recent months have seen a strong rise in the number of people taking up credit options with PayPal, which has also raised the number of calls to the number.

    Outside of the UK, PayPal’s free peer-to-peer money sending service Venmo has been picking up strong traction. However, because customers don’t pay any fees for sending any money through the service, but PayPal do, the company are presently writing off these costs as they work towards a scale where monetisation can be possible.

  2. PayPal Warns Customers to Avoid New Scam

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    Where there’s money, there will be people looking to take advantage and steal it. It’s a sad fact, but it remains a fact nonetheless, and when it comes to online payments, there’s none bigger than PayPal.

    Here in the UK there are millions of PayPal customers, each with bank accounts linked to their PayPal accounts and many with money sat in their account. Understandably, that can make them quite the target for scammers and hackers, who can use that information to buy goods online, send money or commit other types of financial fraud.

    Over the years we’ve seen countless hacking attempts come and go, but a new effort has caught a number of customers out across the UK. It involves a fake email and has been a major problem for Action Fraud UK, the government’s cyber-crime agency.

    The email arrives in your inbox like any other and informs PayPal customers that their account has been limited because they’ve failed to secure their account. It then asks customers to click a link to secure the account, where they’re prompted to give over sensitive data to resolve the issue.

    Speaking to the Mirror, a PayPal spokesman said it would never get in touch with a customer over email and would always use their secure messaging service, found on their website or in the app.

    “At PayPal we go to great lengths to protect our customers in the UK, but there are still a few, simple precautions we should all take to avoids scams”, the spokesman said.

    “All communications to account holders regarding an account limitation would be sent to the secure message centre within their PayPal account.

    “Should the account holder wish to verify the status of their PayPal account they should log into their account”, he added.

    The Deputy Head at Action Fraud, Steve Proffitt said: “Fraudsters are increasingly targeting people with very professional looking emails warning that online accounts have been compromised and asking you to click on links to verify your details.

    “Action Fraud is now warning people about fake emails that appear to have been sent from PayPal. These emails ask you to log in and review your PayPal account. It is difficult to know if they are fake as they look so professional.

    “If you have received one of these fake emails, we are advising people not to follow the links in the email as by logging into your account, you are providing fraudsters with your login details which gives them access to your account.

    “Always contact the fraud department of the organisation directly from the contact details you have on your statements or bank card and explain the contents of the email you have received.

    Ultimately, the best advice for customers of any bank or online service is to be cautious whenever you’re being contacted. Nothing ever needs resolving instantly, so take the time to really examine the email you’ve received. If in doubt find a verified contact PayPal number and contact the company. They’ll let you know instantly whether the email was genuine.

  3. How to Email PayPal and other Frequently Asked Questions

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    When it comes to making a payment online, there are few companies which have quite the same foothold as PayPal.

    Established in December 1998 as Confinity, a software company that primarily worked on security for mobile devices and founded by Max Levchin, Peter Thiel, Luke Nosek, and Ken Howery, it soon merged with online banking company X, founded by Elon Musk. PayPal became the official name of the service in 2001, and saw incredible growth, so much so that the company decided to take PayPal public in 2002, an IPO which ended up generating over $70 million.

    A few months later, PayPal purchased eBay for $1.5 billion – a move which would help cement them as a vital part of the burgeoning online shopping scene.

    Today, the company boast over 203 million customers around the world. That’s a lot of customers, and it means that often, it can be hard to get the information you really need about the company. In this guide, we’re going to share with you solutions to some of the biggest problems you might be experiencing with PayPal. So, let’s get started.

    How can you contact PayPal via email?

    If you don’t want to use the PayPal contact number, you can contact PayPal via email. Here’s how:

    1. Log in to your PayPal account via the official website
    2. Click the ‘Contact Us’ tab at the bottom of the page
    3. Type your question into the ‘Tell us why you’re contacting PayPal’ field and click ‘Find’.
    4. In section two of the page, click ‘Email Us’ and follow the on-screen instructions.

    By following these steps you can ensure PayPal receive your complaint, though they’re usually dealt with slower than if you’d called PayPal directly.

    Can you repay your PayPal Credit balance early?

    PayPal Credit is a line of credit much like you’d receive with a regular credit card. It means you can pay for things and spread out the cost over time, but can you pay the money back early? The answer is yes. Here’s how:

    1. Log in to your PayPal account
    2. Go to ‘Wallet’, and the click on ‘PayPal Credit’
    3. Click ‘Make a payment’ and then enter the amount you’d like to repay, before clicking ‘Continue’
    4. Select which card or bank you’d like to fund the payment with and click ‘Continue’

    You can also make a payment by calling PayPal.

    How do you receive money into your PayPal account?

    If you’re new to PayPal, receiving money can be a little confusing. Fortunately, PayPal try to make it simple.

    All anyone needs to send you money via PayPal is the email address you use to sign into PayPal with or the mobile number you have associated with your account. If you don’t have a PayPal account and you receive an email saying you’ve received money, you need to sign up for a PayPal account and verify it before you can access that money.

    It’s not possible to set up a PayPal account over the phone.

  4. PayPal Comes to Android Pay: The Complete Guide

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    Contactless payments have revolutionised the way we shop in 2017. It was a charge initially spearheaded by the banks as contactless payments came to debit and credit cards, but it’s been joined more recently by phone companies like Apple and Google, who have built in contactless payment support for phone running their software.

    Google’s version of contactless payments is called Android Pay, and it works just like a contactless card – you simply hold it up to a contactless-enabled payment point and the transaction goes ahead.

    Whilst the service currently supports nearly all the major banks and building societies in the UK (Barclays excluded), there’s one service which has been notable by its absence – PayPal.

    Yes, one of the most popular online payment services in the world was not on any mobile payment platform, despite numerous calls to the PayPal contact number, PayPal held fast with their own mobile payment system. That is, until now.

    PayPal comes to Android Pay

    PayPal have announced that Android Pay support is here, meaning that just like your credit or debit card, you can link your PayPal account to your Android Pay account and spend you PayPal credit out in the real world.

    That’s a huge boon for people who accept payment via PayPal or simply have a large unspent PayPal balance, and is poised to help push both Android Pay and PayPal to the next level.

    At present, PayPal users who are using Android Pay can only use their PayPal balance through the Android Pay app, though PayPal have said that in the future they hope to allow you to use linked accounts on PayPal to pay through Android Pay.

    The rollout is currently limited to the United States, where customers can now make use of the functionality. There have been no announcements as to when the UK will see PayPal on Android Pay.

    What devices support Android Pay?

    If you’re excited to start using Android Pay but don’t know whether your device supports it, it’s simple enough to find out. Here’s what you need

    • An Android phone running Android 4.4 or above (You can find this information in ‘About Phone’)
    • A phone with NFC support (check your ‘Wireless & Networks’ settings to find out)

    If your phone has both Android 4.4 (or above) and NFC, you’re able to use Android Pay. If your phone has a fingerprint reader, you can use it to authorise payments greater than £30 when you’re out and about.

    Where can you use Android Pay?

    Android Pay is accepted anywhere contactless payments are. Since the rollout of contactless payments, more and more businesses have begun to accept them. Today, you’ll find that many businesses, from restaurants to play-centres accept contactless payments, and no extra effort is required on their part to accept Android Pay.

    Some shops will have stickers in their windows which advertise Android Pay support, but know that anywhere contactless payments are accepted, so will your Android Pay – even on the tube.

  5. PayPal FAQ

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    ‘Tis the season for buying massive amounts of things online, and for many of us that means using PayPal an awful lot. Whether you’re new to the payment platform or an experienced veteran, there are always questions to be asked.

    Perhaps you’re trying to send money, or maybe you’ve requested a refund but don’t know how long it takes? Whatever you question is, there’s a guide out there to help you. Unfortunately, to date no one page has pulled together all the frequently asked PayPal questions into one place.

    That is, until now. In this guide, we’re going to share with you those questions and their answers. So let’s get started.

    Q: How can I link my credit or debit card to my PayPal account?

    A: Linking a credit or debit card to your PayPal account means you can instantly pay for things online without having to enter your card details every time. It also means you get the protections offered by PayPal. However, if you don’t know how to link the two, follow these steps:

    • Log in to your PayPal account on a computer
    • Click ‘Wallet’ at the top of the page
    • Click ‘+ link a card of bank’
    • Click ‘Link a debit or credit card’
    • Fill in your card details
    • Click ‘Link card’

    In some cases, PayPal will ask you to verify whether you’re the card owner, if you see a ‘confirm credit card’ link in the card section of your PayPal wallet, follow the steps to confirm your card.

    Q: How can I cancel a payment that I’ve already sent?

    Unfortunately, only payments that are sent to unregistered or unconfirmed email addresses or mobile numbers can be cancelled after sending. They will have an ‘unclaimed’ status and will show up in the ‘pending’ section of your PayPal account. To cancel a payment like this, just click the ‘cancel’ link next to it.

    Alternatively, if your payment has been sent and confirmed, you can request a refund through PayPal. Simply contact the other party and request a refund.

    Q: Is there a fee for using PayPal?

    A: There are no fees for setting up a PayPal account or sending money. However, there are fees for receiving money through PayPal in certain regions. In the UK, these fees don’t apply. However, for US readers, you can find out the fees here.

    Q: How do I know if an email from PayPal is genuine?

    A: Scammers may sometimes create fake emails from PayPal in an attempt to trick you into revealing personal or financial information. These emails will often lead to convincing, fake versions of the official PayPal website. Here’s how to spot a fake email:

    • The email is using a generic greeting like ‘Dear User’ or ‘Hello, PayPal member’. Official PayPal emails will always address you by your first and last name, or the business name on your PayPal account.
    • The email is asking for financial or other personal information. Real emails from PayPal will never ask for your bank account number debit or credit card number, full name, password or answers to your security questions.
    • The email is asking you to provide a tracking number for a dispatched item, before you’ve received the payment into your PayPal account.
    • The email includes a software update for your computer.

    You can forward emails you’re worried about to spoof@paypal.co.uk. Ensure you delete the email from your inbox afterwards. If you think you’ve fallen prey to a fraudulent email and your account has now been accessed, you should call the PayPal telephone number immediately.

    Q: Can I submit a formal complaint to PayPal?

    A: Of course, you can submit a formal complaint to PayPal. Here’s how:

    • Go to their Help & Contact page
    • Near the bottom of that page you’ll find a link saying ‘How to make a formal complaint to PayPal’
    • Read the information to find out whether you need to make a formal complaint or not
    • If you want to go ahead, click Continue
    • Complete the form on the next page and click Send

    PayPal aim to respond to all formal complaints within 4 weeks, however this time frame may be extended to 8 weeks if PayPal open an investigation into the issue.

    Q: Where is my refund?

    You can view the status of any refunds through the Activity section of PayPal. Here’s how:

    • Log in to PayPal
    • Click ‘Activity’ at the top of the page
    • Click ‘Advanced Search’ to see the dropdown menu
    • Select ‘Refunds’
    • Click the refunded transaction to see more details

    Depending on your card issuer, it could be up to 30 days before a refund appears in your account.

  6. Could you be Caught Out by this New PayPal Scam?

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    We all know that these days, online scammers are getting craftier and craftier. Online security is better than ever before and as a society, we’ve got a greater awareness of how to protect ourselves from online threats. However, there’s always one weakness in the system, and in this case, it seems to be our kind natures.

    Yes, a new PayPal scam is targeting you through your friends and turning what you thought was a kind gesture against you as scammers make off with your cash. So, what is this new scam and how can you protect yourself?

    How does the scam work?

    Action Fraud said that victims have reported hackers breaking into friends Facebook accounts and then sending messages from those accounts to victims. Victims are then asked by their ‘friend’ to receive a payment for them on PayPal and then to transfer the money into the bank account of the scammers’ choice.

    The scammers then ask for their phone number, so that they can communicate through WhatsApp.

    However, the innocent who holds the PayPal account is left out of pocket when the scammer claims the initial payment back through a ‘chargeback’. This means that the scammer gets back their initial lump of cash, along with whatever the victim has sent them.

    What does PayPal say?

    PayPal have been dealing with complaints from customers who have fallen victim to the scam on the PayPal contact number, but largely, they’ve been pointing people towards their website which says: “A chargeback happens when a buyer asks their credit card issuer to reverse a transaction that has already cleared.

    “This can mean that a payment you’ve received in your PayPal account could be reversed, even if you’ve already posted the goods.

    “PayPal will help you as much as possible if you wish to dispute a chargeback, but the final decision lies with the credit card company. However you can also get protection with PayPal’s Seller Protection policy.”

    What can you do to protect yourself?

    The scammers have been sending initial messages like “Hey I know it sounds random but do you have a PayPal account? I sold something on Ebay.” So, keeping an eye out for suspicious messages like these is the first step to protecting yourself.

    Another important step is to share the story amongst your friends and ensure that your Facebook password is unique and not shared by any other service. Updating your password often is a perfect way to stop scammers from gaining access to your accounts, and so is enabling two step verification within Facebook.

    Remember, these scammers are relying on you or your friends not securing your accounts properly, so ensuring that your account is safe is the perfect way to avoid this nasty PayPal scam.