Thursday, August 2, 2018

PayPal: Did You Know?

These days there are probably not too many people around who haven't at least heard of PayPal. Although, I guess I'm mainly talking about younger generation, a number of people over 60 might not have found a use for it yet. But PayPal is the leading online payment system founded back in 1998.



Who created it?

Well, you might either love PayPal because of its ease and speed of transactions, or you might hate PayPal because of its enormous fees, but chances are that you kind of love at least one of the guys behind PayPal - Elon Musk. Other founders are Yu Pan, MaxLevchin, Peter Thiel, Luke Nosek, Ken Howery. Musk was ousted from the company though when he wanted to move everything from Unix to Microsoft.

Numbers?

Right now in 2018 PayPal has 244 million active user accounts. In second quarter of 2018 there were 2.3 billion transactions totaling 140 billion in payments. PayPal's revenue? $3.86 billion. Net income around $1.795 billion. And the company has around 18,700 employees.

Not right?

PayPal has also managed to get something really wrong during its good run. In 2013 they accidentally credited $92 quadrillion to one account. If PayPal hadn't removed the "money" from the account, the man from Pensylvania said that he would have probably paid down the national debt.

The worst?

In 1999 PayPal was voted one of the 10 worst business ideas. Well, considering they initially gave $20 to everyone who opened an account with them as well as $20 for every referral, I can see why one could see them as the worst company. But then again, this also meant that this 60-70 million dollars they had to spend on it gave them 100 000 customers from day one.

Paying in stores?

While PayPal is mainly an online payment system, nowadays there are also a number of stores with in-store PayPal payments and more are coming soon. Additionally, one can now also participate in PayPal betting, in some countries users can have PayPal debit card, and so on. I remember a friend of mine mentioning me a while back that a homeless person once came to him asking for some change. He didn't have anything on him and the ATM was far away. And then the man asked - do you have a PayPal account? My friend said yes, he did, after which the man took out a PayPal payment system (or however it's called) from his pocket. Welcome to the new world.

Could These Passive Income Solutions Work for You?




The time was when people took a second job in the evenings or at the weekends when money got a bit tight or there was something big to save up for.
Nowadays, however, most people’s first job takes up evenings and weekends all too frequently, so savvy savers and earners have to get even smarter. Many full-time workers have some sort of passive income. A passive income means that they set something up, like an investment or a website, that generates money each month with very little input. For most people, this income stream is there for the extras – an end-of-month treat or a fancy holiday once a year – but for some it can be a real earner.



Here’s some ideas for your own passive income stream-

Investing in precious metals

This is actually the odd one out here, as it’s not really an income stream – you only get your payback when you sell your stash. However, once you’ve decided to invest in silver dollar coins and they’ve arrived and are securely in your safe, all you have to do is sit back and wait for a good time to sell (tip – this is when they’re worth a bit more than you paid for them!).

Join a peer-to-peer lending club

For the community-minded people out there, this is a brilliant solution. Not only are you helping a young (or, indeed, any age) entrepreneur get their invention off the ground by lending them money, but once they start paying the loan back each month, you get the interest on top too!

Start a drop-shipping store

OK, this might be a little time-consuming at the very beginning, but once you’ve got all your products described and listed, had a few good reviews and got into the groove, you just need a couple of hours a week to maintain your online empire. All the picking, packing and posting is handled by a third-party; all you have to do is handle a few customer queries and scout for lucrative new product lines when the spirit moves you.

Sell or license your photos

If you know your way round a camera, or even if you have a few shots in your collection that are worthy of publishing, don’t leave them languishing in oblivion in your cloud storage! They deserve to be seen and you deserve some kind of recognition or recompense, so send your best snaps to a stock photo site. It only takes a few minutes to upload them and then you don’t need to do anything else other than wait for someone to download them and pay for them.

Rent out your equipment

If you have a few expensive-but-handy appliances, like a jet-washer, a high-end lawnmower or a floor sander, then you could make a few hundred dollars a year (or maybe more) by hiring them out to people. You’d have to undercut your local hire shops, which might mean you can’t take a big deposit, or you could just hire out to people in your locale at very low rates.