WHAT EXACTLY IS PAYPAL, AND HOW DOES IT FUNCTION?

WHAT EXACTLY IS PAYPAL, AND HOW DOES IT FUNCTION?

PayPal is a fast and straightforward way to send and receive money over the internet. Therefore, you can send money to families, friends, online stores, and auction sites like eBay from anywhere in the world.

Payments made through the internet

To give money to relatives or friends, all you need is the recipient’s email address. You can transfer payments using the Send and Request Money option after registering your credit card or bank account with your PayPal account. The funds will be added to the recipient’s account, which they will either pass to a savings account or use to make a payment.

You can pay with it if you buy online and see the PayPal logo on the merchant’s website. Pick it as the payment process during the checkout process. You’ll be urged to log into your account & validate the transaction. Moreover, Sellers and internet stores will never have access to the financial records. 

To collect money via the internet.

Your email address will be used to transfer money to you. Your PayPal account is attached to your email address. When you make an invoice, you will receive an email message, and the payment will appear on your record.

Additionally, the PayPal logo can be seen on the websites of online stores that accept it as a payment method. Offering PayPal as a payment method can be done in several forms, including Pay Now and Shopping Cart.

We’ll send you an email message if you receive a payment through it. Your money will be deposited into your PayPal account. Also, you can deposit the funds into your bank account or use them to make a payment.

Charges

It is entirely free to sign up for a PayPal account. However, fees will be assessed based on the type of payment you make:

Personal transfers: You can give payments to friends and relatives for free if you use your PayPal balance or bank account. If you pay for a credit card, the fees will be delivered to the recipient. You, as the sender, may, however, claim that you will pay these fees.

Commercial transfers: If you purchase anything, the recipient (seller) will be paid the corresponding fees. To see a list of these payments, go to Fees at the bottom of every PayPal account.

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