Legal Definitions - Internet payment service

An internet payment service is a company that allows you to transfer money electronically. This means you can send money to someone else without having to use cash or checks.

• PayPal: PayPal is a popular internet payment service that allows you to send and receive money online. You can link your PayPal account to your bank account or credit card, and use it to pay for goods and services online.
• Stripe: Stripe is another internet payment service that is popular with businesses. It allows businesses to accept payments online, and offers features like recurring billing and fraud detection.

These examples illustrate how internet payment services work. They allow you to transfer money electronically, which can be faster and more convenient than using cash or checks. They also offer additional features like fraud detection and recurring billing, which can be useful for businesses.