Investigating the Effect of privacy on PayPal and Bitcoin

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Online Methods of Payment

With the advancements taking place in the field of e-commerce many online stores offers extensive methods of payments that are extremely easy to use for the consumers, and can be customized according to the requirements of the consumers (Sorkin, 2001, pp. 1-30). The online payment method includes:

PayPal

PayPal allows sending and receiving of money online quickly and securely between buyer and seller. This provides the consumers with the opportunity to register for free from their website www.paypal.es and get subscription services such as periodic payments, make payment from a bank account, or deposit money in their own PayPal account. The services of PayPal are available in almost all the countries of the world. PayPal systems: have the ability to accept all major credit cards, debit cards and PayPal payments without any discomfort. Payments on the website are easy to set up, just a matter of minutes (Steiner, 2000). PayPal has fraud detection systems that provide it users with a high level of security in all transactions. Not to mention that their customers do not need a PayPal account to make transactions. In addition PayPal is integrated with hundreds of shopping carts that are compatible and customizable. If you do not have a shopping cart on your website, you can set it to the shopping PayPal shopping easy and free, or you can also choose from other popular compatible carts. PayPal also offers online reports to help you measure sales and will facilitate the efforts of the company (González, 2004, pp. 293-299).

Bitcoin

It is a digital currency payment method which enables the consumers to make instant peer to peer transactions, with very low or no processing fee at all, and this system is available to the users worldwide (Knospe, & Schwiderski-Grosche, 2002, pp. 748-752). Bitcoin uses peer to peer technology for performing its operations it does not require a central authority for the management of the transactions. The issuing of payment of Bitcoin is carried out in a collective manner on the network, with the help of its unique properties. Along, with that Bitcoin provides its users with an extensive amount of facilities which are not provided by most of the other payment methods.

Moneybookers.com

It is similar to PayPal; this online payment method offers a private side to shop online without putting card numbers on pages that accept Moneybookers as payment. However, it is mostly restricted to the European Union. Both the owner of the company and the consumer need to create an account on the web site to make transactions through moneybookers.com.

COD

In this online payment the customers makes the payment once their ordered product is delivered to them. However, in this online payment method the merchant must verify the physical address of the buyer and their willingness to purchase, to avoid costly misunderstandings.

2CHECKOUT

It is a provider of online payment services with a worldwide reputation, this allows you to enter the products and prices and build your shopping cart, 2CO charges a ...