Finance

PayPal App for family and friends

Move over banks, there is a new financial giant in town. We live in a world where people are connected like never before. Online shopping has created a borderless society where it is not uncommon for citizens of America shop in countries like China and Europe. Banks are not keeping up with this ever changing landscape and customers have limited payment options when it comes to international trade. That is until Paypal.

PayPal is an American online financial service company that allows you to transfer money or pay for items using a secure internet account.

Founded by Max LevChin and Peter in December 1998, PayPal has over 40 million active users and generates several billions of dollars annually.

PayPal is a well-established company and highly trusted amongst its peers and its customers.

This article will help you to navigate PayPal, its pros and cons, and other hidden gems.

Having PayPal Account

PayPal gives users the privilege to open either an Individual or Business account and each account has its unique advantages.

With both accounts, users are required to verify their accounts before they are able to commence transactions.

PayPal Individual Account

  • Send and receive money
  • Enjoy shopping securely online
  • Able to apply for PayPal credit
  • Able to receive salary or other payments sent through the PayPal platform

PayPal Business Account

dowload paypal appCredit: PayPal.com

Businesses are required to open PayPal Business accounts. Business accounts offer a significantly different suite of services from the individual account as can be seen below:

  • Accept payments online via the website using API (Application Programming Interface integrations)
  • Pay money to suppliers and employees
  • Control and detect risk and fraud
  • Simplifies corporate payment processes

One unique feature of PayPal is it acts as an intermediary between the payer and the payee ensuring no critical private information is shared between them during transactions.

How Does PayPal Work?

To send or pay money:

  • Link your newly opened PayPal account to a credit, debit, or a bank account.
  • Simply enter the receiver’s email or phone number and confirm the payment details.
  • Select the payment method you want to use (i.e., your debit card).
  • PayPal will move the money from your account and place it in the recipient’s PayPal account, almost immediately.

Steps to receive money:

  • Payment is immediately deposited into your account following the request.
  • If you are yet to open a PayPal account, you will be notified via email or SMS including a link to visit to create your own account.
  • When you click the link to create your account, the funds will move immediately into your new account after the account is verified.

When shopping online select PayPal as your payment method then navigate to the PayPal payment page and follow the prompts. It’s that easy!

Features of PayPal

Credit: PayPal

Here are a few of PayPal’s many helpful features:

Payment features

  • Quick or Instant Payment
  • Accepts Credit Cards and Debit Cards
  • Automated Clearing House network Payments and e-Check Processing Split Payments

Security features

  • Data Tokenization
  • Two-Factor or Multi-Factor Authentication

Administration

  • Capable of Manual Payment Entry
  • Has a Payout Time feature

Development

  • Customization capabilities
  • Integration with Accounting Software solution
  • Integration with e-Commerce applications

Pros of the PayPal App

Here are some Pros to consider:

  • PayPal’s platform is extremely easy to use. Users will find navigation simple. The interface is straightforward.
  • Paying with PayPal makes financial transactions super secure ensuring none of your critical information is shared with your receiver.
  • In the event there is fraud involved when sending or receiving payments, PayPal has a system in place to ensure you get your funds back.
  • The platform encrypts your bank, credit, and debit card details keeping them safe.
  • Multiple e-commerce features
  • No charges for sending money to family and friends

Cons of PayPal App

  • There are fees associated with business transactions.
  • Free bank transfer via PayPal takes several days.
  • Charges a 1% fee if you want instant access to your money.
  • PayPal is noted for unfriendly relations with clients when it comes to freezing accounts.
  • Less than optimal customer service
Conclusion

No matter where in the world, people know the name Paypal. It is trusted by over 400 million users in more than 200 countries. Families and friends like the ease at which they can send and receive money no matter what country or currency. Businesses enjoy the financial boost of being able to sell their merchandise to customers all over the globe. Simply put, Paypal gets it: money does make the world go round.

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