PayPal's completely redesigned website went live on 20 June and is being pushed out in a slow rollout to US customers, who should see the changes within a couple of weeks.
The rest of PayPal's 110 million users will get the upgrade "later," the company blog said.
In reviewing the previous site, senior director of online marketing Vikas Bhatia and his crew found that there were thousands of pages no longer useful to customers. The team gutted the site, PayPal said.
Changes include an easier login process, smoother navigation, simplified menus and labels, and a new "explore" link that highlights new PayPal projects.
This isn't the end of the company's upgrades, though. Bhatia wrote on the blog that customers should "expect to see more changes to our service in the coming months."
Meanwhile, PayPal is upgrading its security bug reporting system, but at a price. The company said Thursday that it is initiating a "bug bounty" system like those used by Facebook, Google, Mozilla and Samsung, all of whom pay for website de-bugging.
The online payment firm was an early adopter of an unpaid bug reporting process for third-party researchers, who flag potential issues, allowing the site to make fixes before users become aware of a problem, PayPal chief information security officer Michael Barrett wrote on the company blog. But Barrett said he "originally had reservations about the idea of paying researchers for bug reports" like some other companies have been doing.
"But I am happy to admit that the data has shown me to be wrong. It's clearly an effective way to increase researchers' attention on Internet-based services and therefore find more potential issues," he wrote.
The new four-step program builds on what the site already had in place. Researchers submit bug reports to PayPal via a secure reporting process, security officers categorise the report and determine the severity and priority of the issue, and developers make and release a fix.
The only difference now?
"We then pay the researcher - via PayPal, of course - once the bug is fixed," Barrett wrote.
"It's yet another example of the innovation that PayPal is bringing to shake up the industry as the world moves more and more payments offline," he said.
PayPal has not set a bounty payout amount, so it is unclear how much various researchers may earn for their services. Google recently hugely increased its payouts from $3,133 to $20,000 (£2,000 to £13,000) , while Mozilla pays $3,000 (£2,000) for each security bug a third-party researcher discovers. Facebook reported a whopping $40,000 (£25,000) payout in the early weeks of its program.