Founded by Max Levchin in 2000, secure online payment service, PayPal, has revolutionised the world of internet marketing. It quickly established itself as the most secure method of payment in a time when many users were still wary of entering any personal banking details into the net. A spate of thefts from internet hackers had caused wide-spread mis-trust of purchasing over the ineternet and this had to be overcome if selling online was every going to be a feasible method of doing business.
Max Levchin had various ideas in the pipeline for online businesses but in the process of his research stumbled upon the fact that online buying\selling desperately needed better protection. This fired an enthusiasm to create a product that would build confidence in online customers and thus PayPal was born. Was it a good idea?
Well, it certainly was for Levchin when he and his partners sold PayPal to Ebay in 2005 for $1.5 billion – not a bad mark up in five years! It was also a good idea for us customers as we now have a tried and tested method of transferring money via the internet that has so far proved to be hack-proof.
For those with online businesses PayPal was a god-send, shoring up confidence in buying online and encouraging customers from around the globe thus widening the target market a hundred times over. Not one to sit on his laurels having earnt a small fortune, Levchin went on to apply his knowledge to another revolutionary venture – Slide. this is a software application used on social media sites that enbles the user to create and individual design on their pages. It’s a simple set of basic tools that the user applies for self expression. Of course, the basic tools are free but if you want to move onto the more sophisticated designs, these come at a price. Well, he didn’t get where he is today by being a charity!
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