PayPal is an online payment gateway organization that allows its users to transfer currency online. PayPal payment system lets you make payments safely and securely for items with a bank account instead of a credit card and keeps your payment details hidden from vendors. Since 1998 PayPal has dominated the digital payment gateway industry having over 392 million active users in more than 200 nations.
These are the two types of activities you can perform with a PayPal account.
Online Payments.
Adding your bank cards (credit or debit) or bank account to PayPal allows you to use the option of sending and requesting money to transfer payments online, all you need to have is the email address of the recipient to send money such as friends and family or pay for online purchase of items through a PayPal account.
Receive payments online
Similarly to the process of making payments, anybody can send money to you using your email address linked to your personal PayPal account as well. Whenever your PayPal account receives a payment you will receive an email notification and the payment will be displayed on your account.
Registration for PayPal account
The Registration procedure for the PayPal platform is quite simple, but the platform offers two types of accounts to users, one is a Personal account and the other is a Business account. Thus, before enrolling in it, you need to decide what kind of account you require.
A personal account is commonly used for individuals’ payment purposes. Whereas a PayPal business account is usually used by businesses to receive or make payments with an extra feature where your customers can still send payment through cards even if they don’t have a PayPal account.
To sign up for PayPal you just need to fill up your details like phone number and email address at their website or app, after your data gets verified by PayPal’s team you will be allowed to fix a secure password and finally add your debit card, credit card, or bank account to your PayPal account that ends the registration process and make your PayPal account ready to transfer payments online.
Why use PayPal?
Several other online payment gateways exist in the market such as Apple pay and Google pay but they might not offer a few additional advantages as PayPal does.
The age and 392 million active users of PayPal itself demonstrate the credibility of its platform, PayPal payment is well established and widely accepted, even by smaller traders worldwide. You will discover that the pay by PayPal option is common on thousands of websites that do not offer Apple Pay or other digital monetary services.
PayPal also has a protection safeguards system for its user that confirms you get a refund when an item you purchase online doesn’t reach your address or doesn’t match the seller’s description. This feature is extremely beneficial while purchasing items on eBay, where usually you do not have shop guarantees.
This protection feature is also advantageous for selling items on a business level as it allows you to keep the full payment if you can provide proof that the item is delivered by post yet the buyer claims it is not received.