PayPal is the most popular online platform for sending and receiving payments. It is easy to use. All you need is an email address to sign up for the service. Registering a credit card is optional. It might be a good idea to register one because some retailers want to be guaranteed the payment is covered.
The company constantly makes improvements on PayPal’s interface to make it highly navigable and convenient for its users.
PayPal is also a globally accepted method of making payments. You can pay and receive money in different currencies – U.S. Dollar, Australian Dollar, Euros, or Pound Sterling – PayPal can get this done for a small fee.
Best of all, PayPal prioritizes the protection and safety of its users. You can avail of its security features such as Buyer’s Protection.
There’s a high probability that you have used PayPal before. In this article, we will tell you everything you need to know about PayPal so you can maximize the benefits this wonderful online payment platform has to offer.
What Is PayPal And How Does It Work?
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PayPal was introduced in 1999. Initially, it was designed as an electronic option for issuing payments via money orders or checks.
With the growing popularity of the Internet, the continued innovations in digital technology, and the increasing dependence on the mobile lifestyle, PayPal has exploded to become the premier online payment platform with a user base of more than 240 million customers worldwide.
PayPal has become an invaluable tool for retailers and service providers. It has made the process of receiving and sending payments much easier, faster, and more convenient. Many of PayPal’s features such as password memory and one-click transactions help businesses become more productive and efficient.
With PayPal, the only information you need to transact is the email address. You don’t need to place bank account, credit card, or personal information. If you want to send payment, simply ask for the email address of the recipient.
If want to buy merchandise via PayPal, all you have to do is choose the PayPal option in the retailer’s checkout counter. You will be taken to your PayPal account. From there, log-in and choose the method of payment to finalize the transaction.
Essentially, PayPal functions as a middleman between the buyer and seller. As a middleman, PayPal earns commissions and charges fees from the use of its services.
PayPal’s ease of use and business-friendly features has made it a globally-accepted payment method all over the world. As mentioned earlier, you can transact in most international currencies. Send or receive payment in different foreign currencies.
Which currencies are presently accepted by PayPal?
• U.S. Dollar
• Australian Dollar
• Canadian Dollar
• Singapore Dollar
• Hong Kong Dollar
• New Zealand Dollar
• Taiwan New Dollar
• Czech Koruna
• Danish Krone
• Norwegian Krone
• Swedish Krona
• Mexican Peso
• Philippine Peso
• Brazilian Real
• Hungarian Forint
• Israel New Shegel
• Japanese Yen
• Malaysian Ringgit
• Polish Zloty
• Pound Sterling
• Swiss Franc
• Thai Baht
Please take note that the Brazilian Real and the Malaysian Ringgit are currencies that can only be accepted for payment and will require an account with the currency balance within the country.
Meanwhile, the Hungarian Forint, Japanese Yen, and the New Taiwanese Dollar are currencies which will not accommodate amounts in decimals.
3 Steps To Opening A PayPal Account
One of the best things about using PayPal is that you can open an account in only 3 steps:
- Go to the PayPal website.
- Select between opening a “Business Account” or a “Personal Account”. If you want to use PayPal to facilitate payment for your products or services, open a Business Account.
- Follow the instructions and fill in the required information.
In a few minutes, you will be done! Use PayPal to shop or to request payment from your clients.
You can also use PayPal with your mobile device. Simply download the app, open it and follow the instructions. Now, you can use PayPal anywhere as long as there is Internet connectivity.
If you are having difficulty signing up with PayPal, check the information that you provided. Make sure you are using your legal name. PayPal will not accept pseudonyms. If sign-up problems persist, contact customer service and ask for assistance.
PayPal Payment Options.
You have the option to register a credit or debit card with PayPal. This way, you have another option for sending or receiving payments.
Bank Account Number
By including your bank account number, you have the option of having your fees transferred directly to your bank account.
Again, it is not compulsory to add a credit or debit card to your PayPal account. However, registering a credit or debit card will assure you of a quick transaction.
Some retailers or service providers prefer to deal with buyers that have a credit card or debit card in addition to PayPal. This is to ensure them that payment for their product or service will be covered.
You can also earn savings by using PayPal coupons. Using PayPal will be an enriching experience for first-time users. The company frequently offers signup promos for new customers.
For example, you can get a $10 discount on your first purchase that is coursed through PayPal. All you have to do is enter the code for the PayPal promo.
What Are The Pros And Cons Of Using PayPal?
On top of its list of pros is that PayPal is a safe and secure platform to use for transacting online.
PayPal has invested a good portion of its money in providing the highest standard in Internet security for its users. Check out its Buyer Protection option before you shop online.
As you can see from its URL, PayPal is covered by SSL or Secure Sockets Layer certificates. SSL protects your data from being stolen by having it encrypted. PayPal is also one of the safest payment platforms to use because there is no access to your confidential information.
What happens if the item arrives and it is not what you ordered? Don’t worry because PayPal can have your payment refunded. Thus, PayPal offers its users worry-free shopping experience.
Another pro for using PayPal is that you don’t pay the company fees when using the platform for online shopping. Finally, PayPal is accepted worldwide.
The only con against PayPal is that the cost of using the service can be quite expensive. Total fees can run up to 3% or higher.
What Are The Fees Charged For Using PayPal?
There are no costs for opening a PayPal account or when using the platform to shop online. However, the company will charge you for the following services:
Seller’s Fees or Fees When Accepting Payments
2.9% of the total transaction cost plus a per-transaction charge of $0.30.
Currency Conversion Charges
PayPal will charge a currency conversion fee if you are buying a product or service with a different currency. The fee will be a flat-rate of the currency at the time of the transaction.
PayPal will charge a fee if you don’t meet the minimum amount for a transfer of funds. In addition, you will be charged $0.25 whenever you transfer money to your debit card.
Credit/Debit Card Transactions
You will be charged a fee of 2.9% of the amount of transfer.
Canada, Europe, and Other Foreign Countries
Transactions to Canada and Europe will cost you $2.99. If you don’t pay using your checking account or PayPal balance, you will be charged an additional debit/credit card fee equivalent to 2.9%.
For other foreign locations, you will be charged $4.99 and another 2.9% as debit/credit card charges.
PayPal is one of the best platforms you can use for transacting online. It is easy to open an account, the system is very user-friendly, and PayPal has put in some of the best security measures to ensure a safe shopping experience.