In this article, we will discussed Benefits of creating a PayPal Account and Types of PayPal Accounts. We’ll also study how to use PayPal, and the pros and cons of PayPal.
What is PayPal?
PayPal is an online payment system that facilitates sending and receiving money safely and securely while buying products online. Also, Your payment information is kept secure by PayPal, which acts as a middleman for your bank and retailers.
Brief History of PayPal
Confinity brought in PayPal in its original version in the late 1990s. In 2000, the business became partners with X.com, a provider of online banking services, and adopted the name PayPal
However, When PayPal surfaced as an eBay payment facilitator, it became widely known. Because of how well-liked it was, eBay bought PayPal in 2002 making it the company’s official method of payment. Moreover, PayPal became a separate corporation in 2015. Under the ticker PYPL, the company’s shares are traded on the Nasdaq.
Throughout its existence, PayPal has owned other businesses that cater to various sectors of payments, digital money transfer, and financial transaction markets. Some of these purchases became vital in technological advancements and extra features that were added to the PayPal platform when the acquired businesses were assimilated.
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Benefits of creating a PayPal account
1 When you link your debit or credit card to your PayPal account you can use it to make purchases online.
2 PayPal helps you send money to friends and family safely.
3 You can Receive money from friends and family.
4 Online purchases and the majority of private transactions can be made without a fee when using PayPal. However, some transactions require an extra fee on PayPal.
Types of PayPal Accounts
Selecting the type of account you want is necessary before opening a PayPal account. There are three types of PayPal accounts; personal accounts, business accounts, and PayPal pro Accounts.
The most popular type of account for private use is a personal PayPal account. You can use this personal account to send and receive money or to make transactions online. Also, when you use this type of account you can check your purchase history, join new bank accounts, and add credit cards to your account using this account.
Moreover, Personal accounts only grant you access to essential services. Customer service for personal accounts is usually handled via email or by a virtual customer service representative on the PayPal website.
The business account offered by PayPal is designed for business customers that wish to conduct online sales of goods and services. Moreover, Both brick-and-mortar retailers and E-Commerce companies can use it. A business account offers all the advantages of a personal account but when you use a business account you can:
2 Payments can be sent and received using your business name, ensuring your privacy.
3 You can give your business account access to up to 200 employees.
4 A business account enables you to print labels, track payments, and contact live customer service.
PayPal Pro Accounts
Large companies with a high volume of daily transactions are best suited for PayPal Pro. It gives all the advantages of a business account and can accept additional payments on top of that. Your options are expanded by the ability to receive payments via phone, fax, and mail.
When using this type of account you can take advantage of reduced rates, no setup costs, and no cancellation fees.
Why should you use Paypal?
Merchants may occasionally have access to your payment information when you use your debit or credit card to make an online purchase. PayPal adds an extra degree of security by making sure that retailers never view your personal information. Along with other security measures, PayPal uses email confirmations for transactions, end-to-end data encryption, and optional two-factor account logins to keep user accounts safe.
Easy to use
Millions of online merchants use PayPal. PayPal is currently the fifth most popular payment method, behind Visa, Mastercard, American Express, and Discover. Sometimes you might not have a credit card in hand to purchase something But with PayPal, you can. Without entering your card numbers again, you can use PayPal to pay with cards that are linked to your account. Remembering your PayPal login details is all you need to do to purchase with PayPal.
In addition to most personal transactions and online purchases being free, opening a PayPal account is also cost-free. Although, it charges fees for some transactions.
For you to login into a PayPal account, you must first create an account or signup. Here is a step-by-step procedure on how to create a PayPal account.
2 After downloading the app on your mobile phone or computer Click the blue “Sign Up” button.
3 Choose the personal account
4 Next step is to put your phone number. When you input your phone number, a text message including a security code will be sent to you.
5 Enter your legal first and last name, email address, and a secure password.
6 Afterward, enter your shipping address and tick the box next to PayPal’s privacy statement. You will thereafter have an account.
7 Add a bank account, credit card, debit card, or all three to your PayPal account.
Downloading PayPal to your mobile phone is quite easy and simple. All you need is to go to your App store or google store go to the search engine and input PayPal. You’ll see the app click on the download button and you’re good to enjoy the app.
You can use PayPal’s online Help Center and Message Assistant or call them on the phone. To reach PayPal via phone, call 1-888-221-1161 using the phone number connected to your PayPal account.
Also, You can chat with a representative online and find articles on almost every PayPal issue in the online Help Center. The PayPal Community Forums and Resolution Center are two additional possibilities, however, they don’t operate nearly as rapidly.
Furthermore, if you want to contact them online;
Login into your PayPal account and click on “contact us” then follow the instructions.
You can get PayPal Credit through your PayPal account, which is advertised as a revolving credit line. Moreover, With PayPal Credit, you don’t have an actual physical credit card. Instead, you can make purchases using your PayPal Credit account everywhere PayPal is accepted. If you don’t pay off your balance in full each month, you will, like with the majority of credit cards, be assessed fees or interest.
Any funds you have with PayPal are kept in your PayPal Cash account. However, this feature has been working since 2019.
Step-by-step guide on how to use PayPal
1 signing up
First, Go to the PayPal website and click Sign Up.
2 The type of account
You will be given the choice to select a “Personal” or “Business” account on a new page that will open. You only need a personal account to make purchases online. Click Continue after selecting the account type.
3 Adding your details
Your name, email address, and password are the information you need to provide. Click Next once you have finished adding your details.
4 Fill in your billing address
You will next be prompted to enter your complete address information. This will also be your billing address and maybe the place you want your purchases delivered. After doing this, check the second box to indicate that you have read and understand the user agreement. After this click on agree and create an account.
5 Get started
You will see two choices in a new window that appears. Start your first purchase at a store that accepts PayPal. Sending someone money is the second option. To connect your bank account with your PayPal account, click “Get Started.”
6 Debit and credit cards
Enter your credit or debit card information in the next window. PayPal deposits and withdrawals will both be made into and made from the bank account provided.
7 Shopping online
You can use PayPal wherever you see their logo when shopping online. To make a payment, all you have to do is enter your email address and password.
8 for online sales and receiving payment
PayPal will give you a receipt after a payment has been made to your account. You’ll notice that the full amount has been deducted from PayPal’s transaction fee.
9 Transfer money from your PayPal account to your bank account
Click Transfer Money to send money from PayPal to your bank account. If you haven’t already, click “Others” to see which bank account is designated for transfers and to add more if necessary.
Pros and cons of PayPal
1 PayPal is simple to use and offers a very direct method of sending money to friends and relatives.
2 You get an additional layer of security and fraud protection when you pay using PayPal. However, PayPal may be able to assist in recovering your funds if you use the service to pay for a purchase that turns out to be fraudulent.
3 Your bank or credit card information is protected by PayPal’s encryption technology.
4 Sending money to family and friends is free of charge.
1 While sending money to friends and relatives via PayPal is cost-free, sending money via PayPal as part of a commercial transaction will incur fees.
2 A free bank transfer takes a few days but PayPal costs 1% if you want rapid access to your money.
3 When it comes to freezing accounts PayPal is known for being particularly harsh. Moreover, if they decide to freeze your account, they will not release your funds until you can show that you are innocent.
PayPal is a very good online payment system that facilitates sending and receiving money safely and securely while buying products online. Even though it has its cons it’s still considered one of the best payment platforms in the world. Reading this article will let you know everything about PayPal.
Official Website: Paypal.com