PayPal is an online payment solution allowing payments and money transfers to be made through the Internet. Compare to other payment methods, PayPal is considered to be easier and safer.
Advantages of Using PayPal for Money Transferring
- PayPal is a popular payment option with more than 224 million accounts worldwide
- Available in 190 countries and 23 currencies
- You can link your credit card or bank account to your PayPal account
- The fund can be chosen from your bank account or credit card, buyer credit or account balance
- Recipients don't see your credit card or account number
- Immediate, easy and secure
Quick Facts About PayPal
- PayPal was launched by Confinity Inc. in 1999. Confinity merged with X.com in March 2000, the merged company known as X.com. But because surveys showed consumers preferred that the company be called PayPal, so they adopted the name PayPal Inc. On October 3, 2002, PayPal was acquired by eBay.
- If your PayPal account has a problem, your eBay account may also be suspended.
- Founders of PayPal are Elon Musk, Max Levchin, Peter Thiel, Luke Nosek, Ken Howery.
- There are 3 types of PayPal account: Personal, Premier and Business.
- Personal account is not recommended for sellers, as the fees of receiving online payments are higher.
- You can have multiple PayPal accounts. One Personal and one Premier or Business account. You can upgrade your Personal account to a Premier or Business account.
- You will be or will not be charged a fee for certain types of sending/receiving/withdrawing money, depends on the value of the transaction, your account type and the rates differ between countries. Sender can choose to pay the fee or pass it on to the recipient.
- You need to verify you PayPal account or you will have many limitations including unable to make payment nor send money.
- You can verify your PayPal account by adding and confirming your bank account, debit card or credit card.
Last updated on August 22, 2010.
