Online Payment Opportunities

Nowadays, the Internet creates numerous opportunities for people who purchase or sell goods and services or develop a new business online. It does not take much time to surf the web, choose a product or service, and purchase.

People enjoy the existing variety of options and their freedoms. At the same time, they want to make sure that their business development meets the standards and leads to profits and incomes.

Business velocity is the factor that contributes to the growth of business considerably (Cohn, 2015, par. 1). However, it is necessary to understand that online operations have some peculiarities and obligations, and one of them is the necessity to choose a proper payment method (Reed & Walden, 2013, p. 201).

Online, mobile, and electronic payment systems vary considerably and have to meet the requirements of business developers in a no-matter-what industry (Cohn, 2015, par. 1). Besides, it is expected that humanity and cognitive systems online could augment human decisions and promote opportunities for a successful business (Wang, 2015, p. 151).

The development of a new business is the opportunity to create an idea and promote it most appropriately. People have to consider several issues such as the choice of a platform, the conditions under which cooperation with customers is possible, organizational culture, and the goals to be achieved.

Online businesses are based on the relations developed by online communities located in different geographical places (Morabito, 2014, p. 126).

Online payments are the activities that have to be established in such communities to ensure that employees get their salaries and that customers make payments.

Managers organize the required portion of financial operations. A company needs to choose a payment method online and ensure the choice has enough grounds and explanations.

Importance of Choice

Today, online users have access to various online payment systems (Reed & Walden, 2013, p. 201).

It is hard to make the right choice in a short period. Therefore, analytical reports and comparisons should be promoted. In this report, the peculiar features of two online payment systems, PayPal and Bitcoin, will be compared and explained in terms of security, customer satisfaction, popularity, pricing policies, and technological issues to clarify which system is best for developing a new business online.

This report will be divided into several sections. The discussion of the platforms and features of PayPal and Bitcoin could help create a solid basis for these companies’ comparison and recommendations for online business developers.

PayPal is a famous American company that aims at operating an online payment system and money transfers around the whole world. It was founded in 1998 and became a significant part of the digital payments revolution (PayPal about Who we are, n.d., para. 1).

Nowadays, it is available for the citizens of more than 202 countries who could make their payments in more than 100 currencies (PayPal about Who we are, n.d., para. 2).

One of the central beliefs of the company is the pride that their customers could be provided with more control of their money and the opportunities to participate in the global economy fully (PayPal about: Responsible practices, n.d., para. 1).

Platforms

PayPal operates an open and secure payment platform. Businesses could transact with customers online via mobile devices and other technological tools available at stores (PayPal about Who we are, n.d., para. 1).

In 2015, PayPal informed about the intentions to open a new mobile P2P (peer-to-peer) platform with the help of which peers could use the link and send fast transfers with ease (Toplin & Heggestuen, 2015, par. 1).

Another well-known platform the company uses is PayPal’s Braintree payments platform that promotes security capabilities and avoidance of frictions.

Besides, PayPal aims at modernizing its IT infrastructure to change the existing platform and introduce a new service-oriented architecture and development based on API (application programming interface) and SDK (software development kit) (Claburn, 2015, par. 6).