What is PayPal and how does it work?

What is PayPal and how does it work? 

There are a few basics that you will need to know about PayPal in order to understand its uses and how it works.

• At the most basic level, PayPal is a way to make payments over the internet. You will be able to buy goods by making payments. You will also be able to receive payments owing to you and you will be able to use the system to make online donations.
• One of the main advantages of PayPal is the security that you can be assured of when using this system. There are few other online payment services that can guarantee the security that you will definitely experience when you use PayPal. This is a very important advantage to keep in mind when you are deciding on which internet service you would like to use in order to make payments. The recipient of the payment will be charged a very small amount that is almost negligible, while the person making the payment will be charged nothing at all.
• It says something for the reliability and efficiency of the system that practically any company or service will accepts payment via PayPal as well as being willing to make payments to you via PayPal as well.

Of course to get started with PayPal you will have to open a PayPal account. This is true for all web based services and should not surprise you at all. There are a few basic steps you can follow in order to start a PayPal account.

• You will need to have a valid email address to open a PayPal account. There are not many people in this world that do not have an email address, but if you don’t you can easily open one for free with Gmail or Yahoo. The steps that you can follow to open these accounts are easy and straight forward.
• You will then have to access the PayPal website which can be found at www.paypal.com. On the PayPal website you will then have to sign up. The “Sign Up” link is in a very obvious and prominent place on the page so it is easy enough to get the account going. Once you have clicked on this simply follow the instructions. The instructions are very clear and easy to follow. You will be required to provide certain items of information in order for your PayPal account to be activated. You will now be ready to send and receive money over the internet.

There are several other things that you will need t know about in order to effectively use your PayPal account to send and receive information over the internet.

• One very useful feature that comes with PayPal and that you are recommended to use involves linking your PayPal account with your bank account so that all of your money matters can be kept together in more or less one place. You will also be able to easily transfer money from one account to the other when the need arises. This is a very useful feature of PayPal, which is why it is such a popular and convenient system. If you are unsure about how to do this than you will simply have to follow the carefully laid out advice and steps provided at www.paypal.com.
• A huge advantage of PayPal is that there are no transfer fees. With any bank account and most online payment structures there will be fees charged for the transactions that you do, but this is not the case with PayPal. PayPal will not take advantage of your patronage to leech money from you. Another advantage is that your bank will most likely not charge you for any of the transactions that you complete using PayPal either.
• It is possible to link your credit card to your PayPal account as well, but bear in mind that this will not always be accepted by all websites. This is because for transactions to go through via a credit card on a website, the website will be required to pay higher fees for the transaction to go through. As a result they try to avoid this situation wherever possible.

Now that you have everything linked up, you will want to get started with making the payments that you need to make. In short there are two ways to make payments with PayPal.

1. Many websites have a PayPal link when it comes time to pay for a service or product. When you want to make a payment online, check the website that you are paying for carefully and see if they have a PayPal link anywhere. If they do this will be a quick and easy way for you to make your PayPal payment. In this way you will merely have to select the item or service you wish to purchase, click on the PayPal icon, and follow whatever instructions are provided.
2. If the other person or company has a PayPal account, all you will have to do is enter the email address of the person you would like to pay, provided of course you have the email address that is linked to their PayPal account. You will have to do this from your PayPal homepage. If the email address is valid the money will automatically be transferred from your PayPal account to their PayPal account.

This is not a credit service so you will have to have the funds in your PayPal account that are necessary to cover the cost of the items that you have purchased. This is where having your PayPal account linked to your bank account comes in handy. If it is linked then your PayPal account will automatically take the funds needed from your bank account without you having to transfer the money and make sure that you have enough cash in your PayPal account. The same applies if you chose to link your PayPal account to your credit card rather than your bank account.

To receive funds from others you can simply ask the person who owes you money to use your email address to transfer money directly from their account to yours. It is useful that you can have more than one address linked to the same PayPal account.

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