Paypal’s Adaptive Payments
By now I bet you have already heard about Paypal unless you have never shopped online. When buying stuffs on the Internet, people use Paypal to securely pay for their products. Online store owners use Paypal to securely receive payments from their customers. Did you know while we are speaking, around $2000 per second is going through Paypal?
Many other payment services that are similar to Paypal had to close down their services, but Paypal survives and thrives. Why? Paypal knows how to minimize online frauds — help boost confidence for online customers and online services alike. While making it hard for hackers to steal confidential information, Paypal is trying to balance things out by making it easy for online consumers and online services to transact payments. Knowing how to curb financial risk and being a source of trusted mediator help Paypal thrives. Ebay saw how profitable Paypal was, and everyone was using Paypal to purchase products through Ebay, this prompted Ebay to acquire Paypal. Even if part of Ebay is slowing down in this hurting economy, Paypal is still very profitable for Ebay as now. It was a good decision in Ebay’s part for purchasing Paypal.
To improve its Paypal and to help web developers get more freedom when working with Paypal, Paypal is announcing the launch of flexible payments API — known as Adaptive Payments. For now Paypal only accepts beta testers for Adaptive Payments, but the platform will be available for interested parties in November. Possibilities for this new platform are many, but one possibility stands out is that online store owners can aggregate payments in the back-end. For example, you run an online store that sell just about all products, and when a customer purchases more than one products, but each of the products are belong to different third parties, Adaptive Payments allows online store directs the payments to correct third parties seamlessly, while that specific customer won’t know that he or she is paying somebody else — he or she thinks that your store is completely responsible for the payment.
You can read more about new Paypal’s Adaptive Payments here.
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