Buying and Selling Electronically: How Online Payment Services Work
Put simply, an online payment service such as Google Checkout or PayPal functions as a “middle man” between buyers and sellers, handling the details of the payment process. The need for such a service exists because, for most sellers below a certain size, it’s both impractical and unprofitable to handle their own electronic payments.
If you’re a big merchant, like Best Buy or L.L. Bean, you can afford to design and invest in your own electronic payment systems. Even medium-sized retailers can contract with banks and other financial institutions for merchant checking accounts and online checkout services. But small retailers and individuals selling online don’t have ...
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