The use of online payment channels makes purchasing products and services and transferring funds more convenient. There are many of these platforms. But one prominent name is PayPal. Launched in 1998, PayPal has proven itself to be reliable and widely accepted by individuals and businesses in different countries.
This is how PayPal works
To send money via PayPal, users must register their bank account or credit card, select the “Send and receive money” option and enter the recipient’s email address. Funds will be sent directly to the recipient’s email address for them to withdraw to their bank account, pay or store on the platform.
To pay when shopping online, make sure the store has a PayPal option when you’re ready to checkout. If yes, select it and log into your account to confirm payment. Please note that PayPal does not share your account information with any online shopping sites you use.
Learning how to use PayPal to receive money from people is easy. First, provide your benefactor with the email address associated with your account. As soon as the money is sent, it will appear in your account and you will receive an email notifying you of the transaction.
Related costs
While creating an account is free, using PayPal may incur some fees, depending on the type of payment.
If the payment is personal, I. H. To friends and family, send money directly from your PayPal balance or bank account with no fees. However, if a credit card is used, the recipient will be charged, but can choose to have the sender pay for it.
If the payment is a commercial transaction, the recipient will be charged when you pay them. There are PayPal guidelines for these fees at the bottom of every page on the site.
How to create an account with PayPal
To sign up for PayPal, visit the website, click Sign Up, and choose whether you want a business or personal account. Then fill in all your personal and bank card information in the spaces provided.
How to pay with Paypal through their credit service
The platform started offering credit in 2019, so its users can use PayPal to buy items and pay later. This is the same as a credit card, but doesn’t require a physical card. Credit purchases earn interest at 17.9% APR, but there is a bonus offer where users earn 0% interest on purchases over €99 within four months. As long as they repay the credit purchases within four months, they won’t be charged any extra. To use your PayPal balance to make an online purchase, select it at checkout and follow the on-screen instructions.
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