PayPal is an American online money transfer service operating worldwide. It was founded in 1998 in California by Elon Musk, Peter Thiel, Max Levchin, Ken Howery, Yu Pan and Luke Nosek. PayPal was a subsidiary company of eBay from 2002 to 2014. It later spanned off to a public traded company. You can use PayPal for both personal and business purposes.
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PayPal has amazing and user-intuitive features that make it easy to use.
The following are some of the features you can access.
- Online invoice. This is a great feature for freelancers and contractors. Freelancers can use the feature to send payment requests.
- Digital goods. This feature is useful when you have recurring bills and you want to make automatic payments to make your work easier.
- Virtual terminal. You can set up a virtual terminal for collecting mails and phone orders for $30 per month.
- PayPal payments Pro. This one is used for website checkouts. For instance, you can use it in eCommerce stores for currency processing.
- Bill me later. This feature provides interest financing to PayPal customers.
PayPal Transfers and Payments
You can accept and make PayPal bank transfers easily. You can also make international money transfers using PayPal. It is available in over 200 countries while you can hold money in over 25 currencies.
You can make purchases on e-commerce stores like eBay and also make or receive donations. So far, PayPal has over 305 million registered accounts.
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PayPal Mobile App
PayPal mobile app is available for both Android and iOS. You can use the app to send and receive money. It also has options to pay for shopping and contribute and receive donations. The app gives you access to your mobile phone contacts.
When making a payment, the app will ask you if you are paying family or friends or paying for goods and services. PayPal has purchase protection for its customers.
The app also has a QR code feature that allows you to scan your friend's phone screen to pay. This makes sure that you send payments to the right people.
The following are the essential PayPal fees.
- Credit card payments – 2.9%
- Web transactions – 2.9% and $0.30
- Swiped mobile – 3.05% and $0.15
- Charge backs - $20
Check out for more detailed PayPal Fees.
PayPal Credit Card and Debit Card
PayPal accepts debit and credit cards. You can use PayPal Cashback MasterCard and get 2% cashback for every purchase you make. You can also use PayPal Extras MasterCard and earn points for every purchase you make.
You can redeem cash rewards to your PayPal balance without a maximum threshold. It does not have annual fees, while you also earn rewards for purchases.
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PayPal Customer Service
If you wish to contact PayPal, it is best that you first login into your account. You can contact them through a phone call or by sending them an email. Navigate to the bottom of the page and locate Contact Us. Click on it and you will be redirected to the Help Center. Locate Call Us and click on it.
You will get a unique passcode that you will use to call to PayPal. The passcode helps you get answers faster. It expires after 60 minutes. You can proceed to contact PayPal using +1-402-935-2050. Make sure to dial the passcode to get fast response.
How to Sign up on PayPal
To sign up for a PayPal account, you need to have a bank account, credit or debit card. You can sign up for a business or personal account.
Visit paypal.com and provide your details. You will need to provide your first and last name, address and phone number. Create a password and then select two security questions that you will need to answer.
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PayPal Direct Deposit
You can set up a PayPal direct deposit in two ways. One of the ways is by giving pre-printed forms issued with your PayPal card to your employer. Alternatively, you can set up a direct deposit using PayPal settings. You will be provided with an account number and routing number. You need to provide your employer with the two for PayPal direct deposits.
PayPal Security Features
PayPal uses SSL encryption to secure your data when using web browsers. It also has email authentication to ensure that only genuine emails from PayPal get to your inbox. However, you should be vigilant for any suspicious spam emails. It also uses two-factor authentication that makes it difficult for people to hack your account. It is also important that you secure your account with strong passwords to provide more security.
- It is easy to sign up and use
- You don't need to have a merchant account
- You can create invoices using your PayPal account
- It is secure
- You can set up recurring payments
- Charge backs attract high fees
- Your account can get suspended and your funds frozen at any time
- It takes several days to withdraw funds using your bank
- It is challenging to contact PayPal customer support
- Digital goods are not covered by PayPal's seller protection policy