What Is PayPal?
When using the Internet to shop online or bid on items with eBay, one of the most common payment methods available is PayPal. PayPal is the easiest way to send and receive money on the Internet, and its advanced features help make it like an extra digital bank account for funds.
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Function
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Like the title of the website, PayPal is used to pay for goods on the internet. When users sign up for an account, they link their PayPal account to a checking or savings account and can deposit, withdraw, or send money to other PayPal owners. This is very beneficial for businesses that operate with telecommuting employees because they can send the payments directly to the employees without having to issue checks.
Types
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The website has three general options that can be broken down into more specific categories. When you withdraw money, you can send it directly to your bank account within 3-5 business days, request a check from PayPal, or sign up for a PayPal Debit Card and use an ATM to instantly get your funds.
Sending money requires the other person to have an account with PayPal, and there are four listed reasons for sending money. They are Goods, eBay items, Services, or a cash advance. -
Benefits
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PayPal can also be used to shop online, and the website offers valuable tools to help you from getting scammed out of your credit card information. PayPal will store your debit or credit card information, but when you want to purchase something from an outside source, the staff will issue you a card number that is only good for that transaction. This prevents anyone from stealing valuable information.
Misconceptions
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Many people think that it costs money to use PayPal, but only certain features on the website cost money. For example, if you are selling products on eBay and a customer wants to pay using a debit or credit card, then you will have to pay a small fee to accept this payment. Website owners can also set up PayPal payments on their websites, but the transactions do cost a small fee.
History
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PayPal was started in 1999 as an easy way for people to send and receive money. The U.S. government challenged some of the aspects of the website, and it was even banned in some states. PayPal quickly cleared its image, though, and was eventually purchased by eBay for over one billion dollars. The website is now run by eBay and is one of the easiest ways to exchange money online.
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