Paypal is an American financial institution that offers and supports cellular wallets, online money transfers, sales and purchases. Paypal was founded in December 1998 as confinity. In Q1 2022, companies have 429 million accounts in more than 200 countries and support funds in 25 currencies.
PayPal Services
PayPal enables users to engage in a number of activities online. They include:
- Online money transfer to family and friends.
- Online shopping in over 200 countries.
- Donate to non-profits.
- Accept payments on your online store.
- Cashing of checks using Cash a Check feature.
Recently, they even began to integrate crypto in their ecosystem. This is a big step towards Crypto adoption because PayPal is one of the leading companies in its field. Initially, you can only hold and transfer crypto between Paypal accounts that really damage the entire Crypto concept with freedom of finance. But a few weeks ago Paypal announced that they allowed customers to transfer their crypto freely to the wallet or exchange they wanted. It brings a lot of positive bitcoin news that positively affects the industry.
What is PayPal – How to Sign Up
The registration process is simple. You only need to visit the website or PayPal application (Andoid and iOS) to register only with your email and password. To register, you must be at least 18 years old. After registering successfully, you will need a bank account or credit/debit card that is linked to your Paypal account to receive or transfer money. If you don’t have a bank account or card, you can still receive money by checking.
To benefit from all PayPal services, your account needs to be verified after registering. You can verify your account in several ways. For example, you can apply for a mastercard, which will be used to confirm your physical address. Or, Paypal will deposit micro payments to your bank account. You must enter the number of deposits to verify that you are the real owner of the account. You can also use a virtual credit card to verify paypal. You can still use PayPal even though your account is not verified. Accounts that are not verified have a withdrawal limit of $ 500 and there are other services that you cannot use.
PayPal Accounts
At present, Paypal has two types of accounts because it stops offering the main account.
Personal. Recommended for people who shop and pay online, or want to send or receive private payments for joint expenses such as the separation of dinner bills or rental fees; For casual or non-business sellers who want to be paid online, and who also make online purchases.
Business. Recommended for traders who operate with the name of the company/group. It offers additional features such as allowing up to 200 limited access employees to your account and aka your customer service for customer problems to be diverted for faster follow -up.
You can open more types of accounts. But each account needs to have a unique email address, bank account, and debit or credit card.
How It Works
Adding and Withdrawing Money
Add or withdrawing money from your Paypal account is done in a different way. You can do this through your bank account, credit/debit card or request checks via letter. You can also use a PayPal debit card to make a purchase or get cash from an ATM.
Sending Money With PayPal
You can send funds to anyone with an email address even if they don’t have a paypal account. If the people you send money do not have a paypal account, they will receive notification from PayPal, which they can receive by creating a PayPal account.
Paying Online With PayPal
You can use PayPal to pay for goods and services online at millions of traders in different currencies. Every time you want to pay using PayPal, all you need is login and you don’t need to enter your details at any time. You can also link PayPal to your Facebook account to pay Facebook ads. You can make payments using a number of options such as Paypal Cash, Paypal Cash Plus, Bank Accounts, Paypalcredit, Debit or Credit Card.
To use PayPal as a payment option at Amazon, you can use your Paypal Cash Card or Mastercard Debit of Your Paypal Business.
Accepting Payments
Paypal has helped millions of online traders to receive payments online through PayPal checkouts. You can also receive repeated payments using the PayPal subscription feature. In addition, PayPal Invoice provides online merchandise with a system to send professional invoices to customers.
Cashing a Check
Cash check is a service that allows you to tighten and ask them to be credited to your Paypal account. You need to take a check picture that you want to cash and send it to PayPal to review. If your check is approved, you have an option to pay the fee and get your money credited to your Paypal account in a matter of minutes. Or, you can get money in 10 days for free.
Donating to Charities
You can make the world better through the contribution of charity using Paypal. All you need is to look for the Paypal Donation button available on the approved Paypal charity website.
Fees
Paypal generates profits by improving the percentage for some of its services. Open a free paypal account and there is no monthly fee or a minimum balance is required. Selling at Paypal is 2.9% + $ 0.30 per sales, the discount rate for the qualified charity agency is 2.2% + $ 0.30 per sales. For international sales, there is a transaction fee of 4.4% plus fixed costs based on the currency received. Fortunately, you don’t need to pay anything until you are paid to sell something. Buy online or in a free shop when you buy at the US.
Transfer Paypal Money in the US with Paypal Cash or Paypal Cash Plus Balance or Bank Account that is linked to PayPal for free. Sending using a credit card, debit or paypal credit card charges 2.9% of the amount sent, plus fixed costs based on the transaction currency (see this table for fixed costs). There is no cost to transfer money from your bank account to PayPal.
You can save money for conversion fees when withdrawing money by connecting your Paypal account to a virtual credit card or virtual bank account.
Is PayPal Secure?
Generally, Paypal is safe. Like many other international online payment platforms, Paypal responds to the security of customer data and money seriously. All transactions are encrypted and monitored 24/7 for online fraud, phishing email, identity theft, etc. Your financial information has never been shared with the seller. In addition, you can only pay using your email address and password.
Paypal is not a bank, therefore it is not borne by the Federal Deposit Insurance Corporation (FIDC) but saves your money in various banks insured by FDIC. In addition, the buyer’s protection scheme ensures you get a full refund if you don’t accept what you buy.
Supported Countries
Paypal operates in more than 200 countries. However, different countries have different terms and conditions. For some countries, you can send money through PayPal but cannot accept. You can see the list of countries and what you can do with PayPal in these countries here.
Conclusion
Paypal is a credible online payment platform and one of the safest and most popular in the world. With a paypal account, you can send and receive money, pay online and create a merchant account in more than 200 countries.
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