This secures your money transactions and it also provides 24/7 fraud prevention. It is the world’s largest third-party payment provider. Also, PayPal has millions of users from all around the globe. You can access your payment for all stores online too. This helps you in sending and receiving money safely and securely. Related reads:
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What are PayPal fees?
PayPal is free for users who are looking to send money to friends and their family members. However, PayPal costs some small processing fee for the users who are looking forward to making their payments for their purchase or payment for their service. PayPal will deduct a small processing fee before passing the balance of money to the recipient. This processing fee ranges from 1.9% to 3.5% of the amount transferred for each transaction, added with a fixed fee ranging from 5 cents to 49 cents. Rest assured, this fee will not be hefty. If you transact for $100 your processing fee would be around $2 to $3.99.
Where is Paypal used for?
PayPal can be used to pay for items, send money for personal and professional purposes, and receive money from friends, family, or clients and customers. There are two types of PayPal accounts: personal and business PayPal personal is for sending money to friends and family and also paying for items bought online. On the other hand, Paypal for Business is for receiving money from customers and paying for services and business tools. This plan also allows users to create invoices and keep track of their account purchases and income.
How to Sign-up to PayPal? (6 Steps)
STEP 1: Visit the PayPal site and select Sign Up
To create a PayPal account, open PayPal.com and click on ‘Sign up’ in the top right corner.
STEP 2: Select the account
You can sign up for two different kinds of accounts, personal or business accounts. Select the account you want to create.
STEP 3: Fill in with your personal details
Regardless of the account you choose, you need to fill in with your personal details such as your name, email address, and password. Then, click next.
STEP 4: Enter your address
Next, you will find a space where you need to fill in your address, and phone number, mark the check box below and click ‘Agree and create account’.
STEP 5: Linking PayPal account to a card/bank account
On creating the account you will be asked to link your debit or credit card or you can also link your bank account. There is no need to link anything if you are here to receive money because the money is added to your PayPal balance. But if you want to transfer your PayPal funds to a bank account, then you should not skip this step!
Step 6: Choosing tab
After all, in this process you will be sent to another page with a number of different selections. Here, you can access the tab that best suits your needs.
Pros and cons of PayPal
Although PayPal offers amazing services, the platform does come with some pros and cons. These are the following:
Pros
Cons
What are the payment methods supported by PayPal?
These are the four ways to fund the money through PayPal:
1. Instant transfer
This is the fastest way to transfer funds which you can send the money directly to the recipient and will automatically be credited to his/her account. The recipient can then add the amount to their bank account without hassle. If they want to send a transfer, it is necessary to register their debit or credit card and this is like writing a secure check without mentioning any personal details.
2. PayPal balance
If you have some balance on your PayPal account, you can use it to pay for items you bought online. But if you want to use this method, yet, you don’t have enough balance on your PayPal wallet, you can choose to pay by credit card.
Requirements of PayPal:
If your PayPal account does not have any of the requirements mentioned below, you will surely have a hard time using yourPayPal account. The five basic requirements are:
How to enable PayPal on your debit or credit card?
Credit Card
Login to NetBanking and select cards, then choose a credit card. After, select ‘Request to do international enable’ after enabling call phone banking.
Debit Card
Login to NetBanking, select cards and choose debit card and select ‘Request to do international enable’. You should also update your PAN card details and allow your mobile alerts. After updating, enable call phone banking. To enable a credit or debit card on a PayPal account, login and click ‘link or edit credit card’ under ‘Payment methods’ and add your preferred card to proceed. Don’t worry though, this only needs to be done once.
Final thoughts
Nowadays, everything is digitalized and everything is made possible from wherever we are. Sending or receiving funds from one part of the world to another has also been made easy by PayPal. With just a click, you can connect with people around the world and transfer funds easily. PayPal is safe to use and it is a secured platform that does not display any credit card or bank information to other users. All information shared in PayPal servers is secured and it is safe as long as your network is secured. It is safe for both buyers and sellers too –– you wouldn’t shed a sweat worry at all! Is it safe to link bank accounts to PayPal? Yes, it is safe to link bank accounts as long as users keep proper checks and balances in place. Can I use a credit card with PayPal? Yes, you can use major credit cards including Visa, Mastercard, etc. Is it safe to use PayPal in Business? PayPal is best for both buyers and sellers and it is safe for Business. Can we use PayPal in India? Unfortunately, you will not be able to send money to friends, family, or clients with PayPal. The wallet feature is not available in India for personal use just yet.
