The Complete Story of PayPal – These Authors Tell All
October 24, 2019 2402 views
A Collection of Articles Tell The Story of PayPal
This post contains an abundant collection of hand-picked articles that reveal the whole story of Paypal! But first, a brief introduction before you get to the article section
In 1999 PayPal was voted one of the worst business ideas. Looking at it today, processing over three hundred million dollars and around five million transactions each day, plus 72% of online shoppers in the United States having a PayPal account, no one today can say this was a bad idea!
It was December of 1998 in Palo Alto California, that PayPal originally called “X,” was founded by six talented individuals; Max Levchin, Peter Thiel, Luke Nosek, Ken Howery, Yu Pan, and Russel Simmons.
Today, in North America, the company employs around 13,000 people. The company had a net income of over two billion US dollars in 2019.
From 100,000 to 286 million users, here’s how that started.
A brilliant marketing campaign gave the company a huge boost. It cost the company between 60-70 million dollars, which allowed them to acquire 100,000 customers the month they launched the site. The campaign consisted of giving every new signup a small cash reward and if you referred a friend you would also get a referral fee.
Naturally, this campaign was successful because of the planning, execution, and marketing budget available.
Keep in mind even though you have customers you need to have a working model to be successful. What’s the use of having 100,000 customers if you have nothing to offer them. I’m sure the company had to go through the growing pains, to sell the idea and get people to use the system on both ends, customers, and merchants.
I love using PayPal, it’s convenient, I don’t have to give out my credit card when making a purchase, and I can get a report for all my transactions any time.
Another very impressive feature I like is that you can sign up for subscriptions for anything from information, to products and services, that you can cancel with a click of a button, no questions, no hassles.
See the article section below, find out the complete story of PayPal, and how it went from a startup to being purchased by eBay and then spun off again in 2015 to an independent company.
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