Can You Tell Me More About the PayPal System?
Paypal has evolved into the Internet standard form of payment. This system connects to a credit card or bank account and allows you to send or receive payments to vendors or individuals without letting the receiving or sending party see any of the financial information.
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What You Need To Use PayPal
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PayPal requires only a valid email address and mailing address. However, by adding a bit more information, you can use all the functionality that PayPal offers. Adding a credit card to your Paypal account enables you to pay for items online that are then charged to your credit card. Should you choose to add a bank account, you can pay for items from that bank account or receive payments which can then be deposited into that bank account.
How PayPal Makes Its Money
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In order to purchase an item via PayPal, no fee is charged. You may set up a PayPal account and send money to as many people as you would like without paying any fees. However, should you choose to receive money via PayPal, there is a fee structure (unless the sender only uses his/her PayPal balance or checking account to send the funds).
The transaction fees for standard Paypal accounts are 2.9% + $.30. A merchant account (utilized when one receives more than $3,000 per month) can receive money at 1.9% + $.30. These fees apply to domestic payments only. International payments have a slightly higher fee.
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Other PayPal Features
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PayPal has several features to enhance its product, including: mobile account access, invoicing (request money) and the PayPal Debit Card. The PayPal Debit Card enables one to withdraw funds from the PayPal account at any ATM or by purchasing items using the PayPal Debit Card number (similar to a bank debit card). PayPal is owned by eBay, so integration with the eBay site is seamless.
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References
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