We all have heard of PayPal but we what we don’t know is how it works and its benefits. This piece of payment system and changed how transaction takes places and entered us into a new era of payment system which is just away at a tap and allows easy transactions along with security. Many online shopping stores and brick-and-mortar uses PayPal for convenience and hassle free payments.
There are several ways through which funds can be transferred to another party, let’s go through some of the methods:
Instant Money transfer
By using instant money transfer you can immediately send money to another party and the amount is credited to recipient’s account. You can also transfer money from PayPal to your personal bank account, in order to transfer money it’s necessary to have a debit or credit card registered with PayPal – It makes it more secure and it acts as a secure check without exposing your personal information.
Take electronic checks as physical checks, e-check are not fast as instant money transfer and it takes around three to seven days for electronic checks to get clearance. To use electronic checks you do not need a backup source.
Let’s assume your friend sent you money via PayPal or you are selling something on eBay, your PayPal account has balance, firstly this balance will be applied to any or all purchases that occurred and if your balance is insufficient you can always choose to pay for your purchases via credit card. It simply keeps your books leveled.
Charge your credit and making PayPal purchases via credit card can be a good and secure option. What’s the benefit?
Well, you are protected by PayPal and your credit card company so that you can be protected from any fraud. The good thing is you can register various credit cards on PayPal and use those for different purchases. You can always differentiate between personal and business transactions, this keeps your records clean and easier to manage.
Sending money through PayPal is easy and the beauty of PayPal is categorizes payments on the basis; on what you are paying for, can pay for anything in the world via PayPal system as long as PayPal is supported by both parties. There are some things which are not allowed through PayPal such as:
Adult services or content
Before going for any transaction you should go through the policies of PayPal which will help you better understand the violations and other policies.
Paying for eBay items
If you are buying an item on eBay then obliviously you will checking out through eBay check out system.
Products: By tapping the radio logo/button, you can transfer cash to anybody on the planet for merchandise acquired anyplace other than eBay.
Administrations: You will be able to send installment for an administration performed for you or your business, for example, website architecture, accounting, mystic readings — your creative ability can escape here and you unlock many things out there.
Individual: You can use this feature when you have to transfer cash to your son/daughter in school or pay back your friend who is your roommate for sparing you from incredible humiliation when you cleared out money at home on a twofold date, PayPal can save in many places from getting embarrassed.