Sample Term Paper
PayPal is one of the services which offer secure way for making payments to customers as well as a for businesses for receiving those payments. Initially PayPal gathers the following information including the name, phone number, address and the e mail id of the customer, and in case there is a transaction of high volume certain other information is also required for security purposes (Mimoso, 2007). This paper will deal with security measures that PayPal has implemented and its business implications and outcome for the industry. PayPal is using a number of technologies to secure it services from plunder and phishing as well as loss of confidential information some of them are discussed below.
Advantages to Businesses of Using Security Services by PayPal:
The use of a variety of security services by PayPal offers a several advantages to the businesses and organization that need a secure mode of payment as well as ensuring the confidence of their customer. Many Organizations such as University of Nebraskaat Omaha and Sycamore Leaf Solutions have been successfully using PayPal services to provide a secure way of transferring funds into their account while ensuring highly confidentiality. PayPal uses a highly secure SSL 3.0 certificates from the well known security service provider VeriSign for protection of information of these organizations as well as their customers when they are registering and logging in to PayPal site. This 168 bit key encryption offered by VeriSign certificates is virtually unbeatable for any sort of eavesdropping and thus provides a perfectly secure connection to the customers making payments as well those accepting them. Furthermore, the servers on which customer information is stored are also heavily guarded both physically and electronically. By ensuring this measures, PayPal guarantees these businesses that all information that they and their customers will provide will be secure, hence, these businesses have given preference over other as they offered a much more secure and swift way of making payments to their customers. Furthermore, PayPal also implements the use of Domain Keys. By using this service, PayPal ensure businesses who use their services that they and their customers do not become victim of phishing emails and frauds as they will be able to sign their emails as well as verify email origins through digital IDs. Buyers prefers businesses who take extra care in making sure that their customer are fully protected when they are acquiring and using services offered by these businesses.
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