The growth in digital markets on the internet has lent ease of convenience for the rise in personal and small businesses. At a time when jobs are hard to come by, the services offered by eBay and Paypal make it easy for anybody with internet service able to start their own business. In this economy where small businesses are dying, is eBay and Paypal in its own way revolutionizing small businesses?
In the day time I am a full-time student, going through the notions of finishing up my bachelors degree. As soon as class finishes, I pick up my iPhone and I am able to access my eBay account, where I am known as “its_allgravy,” and immerse myself as a seller in a global market. I have sold many things and have made thousands of dollars selling my old and even broken electronics, achieving a reputable reputation in cyberspace. The services offered by eBay and Paypal enable such conveniences that I am able to hold a side business, earning extra cash. Although it is not enough to support myself completely, it definitely enables me to live a more luxurious lifestyle affording new things I would otherwise not be able to afford.
Peter Karpas, PayPal’s Vice President and General Manager told Mashable,
“The heart of PayPal is small business. The lines between online and offline and mobile are totally blurring for them. This comprehensive revamp of our products allows small businesses to get paid however they do business.”
As a small-business operator online, I must say that there is a lot of truth to what Mr. Karpas says. Whether I am using services on eBay to sell something to someone in Russia, or using Craigslist to sell something to someone in Florida, Paypal, is usually the middleman of how these transactions monetarily are conducted.
Paypal has been a game changer in the way money flows. Using Paypal is like instant cash in a debit account which then can either be dumped in to your real bank account, you can request a check, or you can get a Paypal debit card, which can be used like any Mastercard debit card. I have not received a personal check or postal money order in years.
Recently Paypal acquired a new service called Bill Me Later. This service allows Paypal users to use credit amongst personal and small business transactions.
According to Peter Karpas,
“As far as I know, never before has anything like this capability been available en masse to small and medium sized businesses.”
This further revolutionizes the small business model when incorporating the digital world. Paypal is within itself a revolutionizing concept. In the grand scheme of e-commerce, Paypal is still young and is still transforming the model for business in the midst of the Digital Revolution. How it will ultimately change the model of business is still to be determined, but without a doubt Paypal and eBay have increased the opportunities and bettered the playing field for small and personal businesses.