In 1999, a small company named Confinity established a system to allow people to send and receive payments online. Two years later, the company’s name changed to PayPal. In 2002, the auction giant eBay purchased PayPal, and the electronic payment company’s reputation was born. As of late 2012, more than 117 million accounts make up PayPal, but there are both advantages and disadvantages in using the service either as a buyer or seller. Writer Bio
