Friday 27 April 2012
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Paypal Adds Costa Rica's Banco Nacional For Payment Gateway

Costa Rica online commerce got a boost on Thursday with the announcement of an alliance between Costa Rica's Banco Nacional (BN) and the online payment gateway, Paypal.

Now, online merchants in Costa Rica can place a Paypal button on their online store and be paid in Costa Rica by way of the Banco Nacional.

The benefit of using Paypal is that consumers do not have to reveal their credit card information to the online merchant, by using their Paypal account or Paypal gateway to make their online payment, their information is secure from third parties.

For merchants to use this service all they need is to open a Paypal account and linking their Banco Nacional account to the service.

Cost Rica Paypal account holders can ask for payment to their Banco Nacional account, which Paypal says will take about five days.

Prior to this, Paypal account holders had to have a US bank account for the bank payment option.

PayPal is a global e-commerce business allowing payments and money transfers to be made through the Internet. Online money transfers serve as electronic alternatives to paying with traditional paper methods, such as checks and money orders.

Originally, a PayPal account could be funded with an electronic debit from a bank account or by a credit card at the payer's choice. But some time in 2010 or early 2011, PayPal began to require a verified bank account after the account holder exceeded a predetermined spending limit. After that point, PayPal will attempt to take funds for a purchase from funding sources according to a specified funding hierarchy, regardless of what funding source is listed as "primary" in the account-holder's profile.



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