Paypal these word you should listened sometime😊 Everyone knows that our world is completely surrounded by technology and the internet.
our personal belongings to every important item in the house, nowadays we get it online and with the help of technology and internet all these things can be found in the comfort of our homes.
All these facilities are possible only due to internet.
Thanks to the internet, all our work is being done in a pinch.
Even today, most of the money transactions are done through the internet.
By the way, there are many online payment facilities available in the internet such as internet banking, UPI, Paytm wallet etc.
Very few people know information about PayPal is.
Today we will get some information about PayPal payment system.
PayPal is bigger and better than all those online payment services. An online payment service is one that allows online shoppers to securely pay for a credit card or bank account after purchasing your goods.
The work of the PayPal service is similar but it is much more than that.
Today in this article I will give you information about what PayPal is and how it works?
PayPal is a popular American company. It operates online payment services worldwide.It allows an ordinary person or trader to transfer and receive funds electronically system.
This is a great alternative to traditional paper methods like checks and money orders, which people used to use in the past.
With PayPal, any merchant can transfer his money anywhere in the world in an easy and secure way.
Founder of PayPal
PayPal was founded in December 1998 by a company called Confinity. At that time it develops security software for handheld devices.
PayPal is founded by Max Levchin, Peter Thail, Luke Nasek and Ken Howry.PayPal was founded in 1998 and was acquired by eBay a few years later.
When a person starts doing business online, he needs a tool so that he can send or receive his money.
Normally when we want to pay we make online payment with the help of our credit card or debit card but if you want payment then we have to take the help of payment services like PayPal or Google Wallet.
PayPal is the oldest and most reliable online payment service. The PayPal service allows us to transaction national and international money via the Internet.
PayPal today has 100 million member accounts in 190 countries around the world. It shows that with the use of PayPal, people across the country today are easily transacting their money with confidence.
No special technology or license is required to transfer money from PayPal, the most important thing is to create your account, have a valid e-mail ID and a bank account.
Actual PayPal only works with e-mail addresses.
Let us know more about that later. Before that let us know its type.
PayPal account type
If you look, there are three main types of PayPal accounts, we will learn more about that later.
Since the name is personal, it is very easy to understand that these accounts are used for personal use.
In this account you can make a subsidized payment by about five credit or debit cards per year and for this you will have to pay transaction fee in all transactions.
This type of account is perfect for those who deal with high transaction volumes or who like to access PayPal’s core and premium features.
These Premier Accounts are limited to a single individual name, meaning you cannot use them for business purposes.
Compared to personal accounts, you can make unlimited credit or debit card payment transactions here.
But 1 Conditions applying there is a fee on all payments you receive.
These accounts are created specifically for business only.
Which you can operate in any business in the name of the company or in the name of the group for the payment transaction.
As with Premium accounts, you can make unlimited credit and debit card payments, but you will only be charged after making the payment.
At the same time, you will see many personal and business account options on the website.
Important documents for PayPal account.
There are three things you need to do if you want to open your PayPal account.
- Bank account (for deposit money)
- PAN card (for verification)
- Debit Card or credit card (transaction money)
How to create a PayPal account?
If you also want to create an account on your PayPal account, you can do so.
You can easily create a PayPal account on PayPal in just a few minutes.
For this you have to follow the steps given below.
- First you have to go to the PayPal.com website.
- Click on the sign up button there.
- Then select your personal account and then click Next.
- Now you have to fill in some of the following options : Select a country
- Enter your email address.
- Enter a strong password.
- Now enter the password again.
- Enter the captcha code correctly.
- Now click on Continue.
- Once you click Continue a new window will open in front of you.
- You must enter a first name and a middle name also have to fill in the last name.
- Enter your date of birth.
- Again Select your country.
- Then you have to fill in your address.
- Again you have to fill in the address.
- Now select your state.
- Then enter your city zip code.
- Then enter your mobile number.
- Now click on Agree and create an account to proceed.
- After all the steps mentioned above, an email will come to your email which you will need to verify and enter here.
How does PayPal work
We need to create your user ID using the e-mail address in PayPal. Because only through our e-mail address will we be recognized in online transactions.
After registration we need to provide our bank or credit card information in our user profile.
To check if the credit card information provided is correct, PayPal transfers one or two, less money, such as 1.06$ and 1.30$.
After receiving this money in our bank account, we have to go back to our PayPal profile and enter the same amount in the box provided there.
When the data entered is correct, our bank account is considered fully verified. After verification, our account has been created in PayPal, through which we can send and receive your money anywhere.
When we open your account in PayPal, we can easily make our payments right away. We can only pay those who have an account with PayPal.
You can send money from your PayPal account to the same e-mail address by asking for PayPal’s e-mail address from the person we are willing to pay.PayPal sends the amount paid through our bank account.
PayPal deducts its commission for transferring money from your account to another PayPal account.
That’s why you have to transfer the money by adding PayPal Commission with your payment amount.
How to send money from a PayPal
When we have to take money from any person, it doesn’t matter if that person is in your city or out of your country, we just have to give that person his email address registered in PayPal.
The payer will then transfer the money to your PayPal account. After the money is transferred, you will receive an e-mail stating that so much money has been transferred to your account and the name of your payment will be included in the mail sent to you.
Then you have to decide whether you want to transfer your money to PayPal account or transfer it to your bank account. But before you transfer your money to your bank, PayPal deducts your commission and deposits your money into the bank.
But in some countries like India, PayPal users are not allowed to keep their money in PayPal account, so their money is automatically transferred to their registered bank account as soon as it is sent to them.
benefits of PayPal
Although PayPal has many benefits, most people are not aware of it.
Let’s know about the benefits of PayPal.
- PayPal provides 100% protection against unauthorized payments.
- You can make purchases from your PayPal account online at home online. And you don’t have to go out anywhere and stand in long queues.
- You can send money to any other country with very low charges and even safely.
- If you think a seller is cheating you, you can also file a lawsuit against him. PayPal will help you with this task.
- If there are any issues with any transaction, you can take the help of PayPal support.
- PayPal offers you great offers in between and sometimes even offers coupons for purchases.
Disadvantages of PayPal
PayPal has some disadvantages compared to its advantages.
- PayPal may freeze your account at any time if any fraudulent activity or policy violation is found in your account.
- PayPal is a private company that does not completely with any federal banking regulations, so you do not need permission or permission to freeze your account.
- If your account has been frozen, you cannot withdraw funds from your account.
While PayPal and Paytm can be used more people to send money in India, Paytm & PayPal is the fastest, easiest and safest way to transfer money online worldwide, so it has become a favorite topic for thousands of online money Makers.😊