In addition to its time off program, which provides full-time employees with roughly five hours of paid time off each pay period and an additional day for each year of employment, PayPal offers four weeks of paid sabbatical for every five years of service. Their efforts are compensated in a variety of ways, including generous healthcare and wellness plans, and financial perks like retirement savings and stock awards. Thanks to PayPal’s employees, the company remains leaps and bounds ahead of the digital wallet competition. It was monumental step that pushed PayPal’s accessibility to grow across the globe-and land at the center of the business world.
The company received its initial public offering in 2002 when eBay acquired PayPal for $1.5 billion. In 2000, Elon Musk initiated a merger between the two parent companies of PayPal: Confinity and X.com, his own online banking company. Within two years, the duo renamed their company PayPal after deciding to focus on payments made over the internet. Small businesses, online merchants, and consumers quickly signed on.
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The founders’ idea was simple and efficient: convince customers to share their email, banking, and credit card information in return for secure software providing the ability to make financial transactions via personally-owned devices. Originally called Confinity, the company was created by technology entrepreneurs Peter Thiel and Max Levchin on the premise of low-cost, effortless digital payments for consumers and businesses. That changed with the introduction of PayPal in 1998. In an era synonymous with beepers and carphones, most people couldn’t imagine the possibility of sending and receiving payments online, even if financial institutions had the means of conducting them. Back in the mid-’90s, splitting a dinner tab required roughly as much legwork as actually cooking a meal.
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