What is PayPal ?
You might have seen PayPal while browsing the web or you might have heard of it one way or another and you will be wondering what Paypal is. I will put you through all what Paypal is about.
Pay Pal is one of the world’s largest payment system that allows online money transfers. It is a mobile payment method which supports different forms of payment through your credit card and bank account.
PayPal is a secure method for transferring providers receiving payments for online auctions on eBay. Pay Pal was founded December 1998 as confining, 1999 as x.Com, Pay Pal is available in 202 markets and it has 210 million registered and active accounts.
How does PayPal work?
PayPal is a flexible system that allows users to send, receive funds in about 25 currencies all over the world. And about 45% of eBay purchases are done through paypal. Pay pal is a safer and easy way to transfer and receive money through your email addresses and also by each party simultaneously keeping other party’s credit cards and bank accounts information secret which is a good way for people to purchase from strangers without worrying about your personal information getting out. Paypal gives a guarantee to both the buyers and sellers for any future incidents for example: if during a transaction there is a long delay of the money reaching the receiver’s account, Pay Pal can refund the money. Using Paypal puts a stop to the paperwork of dealing directly with banks.
Uses of PayPal
There are three basic uses of Paypal which are:
- For purchases online.paypal is used to Make purchases online and it can also serve as an alternative to using your credit card and you get to keep your credit card information from getting to hackers or any person. for example, or you want to order a washing machine from an online vendor. Pay Pal is a good and easy way to pay online.
- For continuing subscriptions online. If you want to subscribe to any online services online monthly e.g Netflix, then you can use Paypal. You can also even set up your Paypal account to withdraw directly from your bank account instead of your credit card.
- To send money to people. You can use Paypal to send money to your family and friends all over the world.
Why should I use Paypal?
Why should you use PayPal?, they are a lot of awesome reasons to why you should use Paypal. Paypal is a great and easy platform for sending and receiving money. I will give you some reasons which are also the advantages of PayPal. Which are:
- In PayPal, when you are using your credit cards or bank accounts to sign up for a Pay Pal account, all your personal information is very secure because always keeps all your information confidential. You can link your credit card or bank account to your PayPal account so you won’t have to enter your credit card or bank account details all over again when you want to log in into your Pay Pal account. You can shop without worrying about hackers getting your account details.
- Pay Pal system is very easy and flexible to use, it can be used anywhere, anytime and you can also setup multiple credit cards, bank accounts and. debit cards to fund your PayPal account. Purchases with Pay Pal are very fast, it does not take time at all, purchases go through the first time. It is very fast incase of any emergencies.
- Pay Pal is free for buyers, but sellers pay fees depending on the amount sales that you want to do aside from this there are no monthly setup fees. If you don’t make any sales PayPal is totally free, don’t worry about any fees.
Still on Importance
- Pay Pal makes it easy to transfer money by providing for people PayPal application for mobile phones, iPhones. With this application, you can make transactions on your mobile phones, anytime, anywhere just a few clicks and you did with your transactions which is a very fast and easy way to send and receive money. All you need to do is to go to your play store on your mobile phone or go to iTunes on your iPhone and type PayPal on the search box and then install it. And you can start making transactions right away.
- Pay Pal is integrated with eBay online auction powerhouse where you can place bids and make purchases without any risk attached. eBay bidders have more protection than credit card holders.
- PayPal offers discounts to customers who use Pay Pal at selected retailers. Users can visit shopping.paypal.com where you can see the different offers from companies like HP, Wal-Mart, Barnes & Noble, Nike, and etc. PayPal helps save users money on things they need at where they shop. So for you to take advantage of the savings, copy the special promo code from Pay Pal shopping web and then paste it in your order at your merchant’s site when you want to pay with Pay Pal
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How to create Paypal account and verify | PayPal sign up
If you want to create a new account for beginners here are few steps on how to open a new Paypal account
- You will first go to Paypal website or you can go to the app if you have it on your mobile phone.
- Then tap on sign up for free or sign up, there are two types of accounts personal and business account. Personal is for a personal debit card and business is for a company debit card. Buh if you are a beginner you can choose personal account.
- Then enter your valid email address and a password of your choice.
- You will then fill out your personal information like names, date of birth etc
- Then enter your credit card or debit card information, you can also choose to skip this option but you will need it to verify your Paypal account. But if you not ready to enter your credit card information just tap on I’d rather link my bank first.
- Then you will enter your bank account information: if you will be receiving money through your Paypal account and you will want to be able to transfer the money to your bank account then you will have to link your bank account to your Paypal account. You can also choose to skip this option by tapping on I’ll link my bank later.
- PayPal will also prompt you to sign up for Paypal credit which is also optional. If you are interested make sure you read all the terms carefully before you apply for it. But if you are not interested tap, No thanks.
How to verify your PayPal account
During your PayPal sign up, PayPal must have sent a confirmation message to the email address you filled during your registration to verify your account then tap on verify
- After verifying your account you will need to link your bank account with your Paypal account in order to be able to transfer funds you received into your bank, you will tap on link a bank on your summary page,
- If your bank is listed on the list of banks you will then enter your online banking login information to link your account automatically but it is not listed you will then enter your account number and routing number which might take a day or two to confirm, Paypal will send small money into your account and you have to enter the two values to confirm you are the owner of the Bank account.
- You can also link your credit or debit card with your Paypal account by tapping on the link a card on your summary page which will add a card to your Paypal wallet. You will then enter the card information such as card number, expiration date, and the security code.
Note: ensure that the name on your card matches the name you entered when creating your account. The cards will automatically be linked.
HOW TO SEND MONEY
After you sign into your PayPal account, tap on Send Money there are many ways to send money through Paypal they are;
- eBay items: if you want to pay for the eBay items you bought on eBay, the payment will be through the eBay checkout system.
- Goods (other) : For any goods purchased anywhere apart from eBay By tapping this radio button, you can send money to anybody all over the world.
- Services: You can send money to someone who did something for you more like payment for service done for you.
- Personal: this one is a personal payment. For example, if you need to send money to your family or friends. This one does not involve business just personal.
Disadvantages of using PayPal
There is not that has advantages that won’t also have disadvantages.
- The currency conversion rate in Paypal is costly: purchasing goods from another country, the exchange rates that Paypal charges are more costly than most banks, but Paypal also charges you a 2% surcharge to convert your currency.
- Paypal is very sensitive that it can freeze your funds if it suspects any form of fraud during any transaction and will not give you access to your funds for weeks until you prove the allegations of fraud wrong.
Paypal is a secure platform for people to purchase, transfer and receive money online. If you are not a user yet you are missing a lot of easy ways to make transactions. Try to get a PayPal account and start transactions.