PayPal is one of the largely acclaimed and popular online payment system in today’s generation. It operates all around the world to ease the tedious online payments. Receiving the payment from the parties has always been a tricky task. People especially fear to get payments from abroad. But this was the case some years ago. Because now services like PayPal has made the lives of people much better and easier. Visit PayPal >
Money making online is the new trend of the latest generation, which shows the internet is everything in the world. Be it for petty or large issues, people are dependent on the internet. Invention and Innovation have greatly made an impact in the world. So when that is the case, all the internet services and blogging are global in nature. So when you work on the internet for money, your client may be internationally located in any part of the world. In such cases, PayPal is to your rescue to help you receive your payments easily. Because it makes the national and international transactions pretty easier that too over the internet. The entire payment system happens with an e-mail ID. So one can say that one e-mail ID pays another e-mail ID and so.
Excited To Know The Functioning Of PayPal..?
The below-mentioned points discuss the functioning of PayPal, which would prove to be too helpful for you in the near future when you get associated with it. These points would definitely stand to prove the excellence of PayPal.
So, Firstly, all you have to do is:
1. Register yourself with PayPal
To use PayPal’s excellent services, you need to possess an e-mail ID and a bank account or say a credit card. Now you will have to register yourself with PayPal using your e-mail address, as your presence will be identified upon it. Along with that, furnishing branch or IFSC code of the concerned bank is also important. Once, after the registration is done, you will have to enter the bank and credit card details to complete your profile to 100%.
2. Verifies the authenticity of your account
PayPal makes a wise move to verify the accounts of the user. To check if the user has furnished the account details appropriately, PayPal makes a move by transferring a small amount of money to the concerned parties account. So, once when the party receives the concerned amount in their respective bank accounts, they should enter the amount received in their respective PayPal profile. Eg: If you receive Rs. 0.21, then you should enter this value in the profile.
Thereby, if the entered value is correct, then your bank account is considered appropriate and proved to be verified. Now, you are all set to Pay and Receive money through PayPal.
3. Credit Card Verification
PayPal verifies your credit cards to ensure safety and security to all. For this, you need to upload a little amount to your PayPal account through your credit card. The amount will be transferred back to your account after the verification process. Verification confirms your identity as you tend to furnish a little more information about yourself. So once when you get officially verified by PayPal, your limits increases, which allows you to withdraw more sum of money.
4. Making of Payment via PayPal
An individual can very well make payments and transfer money through PayPal. Considering the fact, that the concerned receiver has a verified account. To carry out this function all you need is the PayPal e-mail address of the person to whom you desire to transfer money or make payment.
Now you can make payment to the requisite e-mail ID from your PayPal account. The sum of the amount specified to be paid would be withdrawn from your credit card.
5. Receive Money Through PayPal
You can easily receive payment through your PayPal account irrespective of payers location. All you need to do is give the payer your registered e-mail ID. When a concerned payer transfer a sum of money, you will be immediately intimated by a mail informing the sum of money received from the respective person.
Once after you receive the money you can either keep it in your PayPal account or transfer it to your bank account. But then, before transferring the money to bank accounts, PayPal tends to cut around 3.4% of the commission fee of the total transaction. However, In countries like India, the user is not allowed to keep money in the PayPal account. So, the concerned sum of money is automatically transferred to the bank account as soon as the payment is made by the payer.
It would be a better call if the payer and the payee discuss well in advance regarding the payment of PayPal fees in clear terms. So that payment amount and the PayPal fee could be appropriately dealt with.
When we talk about PayPal, there would be a plenty of questions arising in one’s mind..!!
We have listed down some of the questions with the respective answer for a better understanding:-
- Can personal transactions be carried in PayPal ? – YES
- Is it a bank ? – No, it is a service to carry out transactions from a variety of banks
- Can an individual open multiple account ? – YES
- Is making donations possible ? – YES
- Time taken to transfer ? – It happens instantaneously
- Transfer money to bank account ? – 5-7 working days
- Will money be sent via mail ? – NO
- Can the account be closed anytime ? – YES
Therefore, This is how PayPal functions and enables you to carry out your transactions easily. It is a very convenient medium for a content writer, bloggers, and the online engaged parties to receive money easily. It is quite simple to understand as well as to operate.
If PayPal is not operating in your country, here are a few PayPal alternatives: