Paypal is an online payment processor which is safe and easy to use. It allows anyone with an email address to securely send and receive online payments using their credit card or bank accounts. Paypal pays for purchases and sends money without exposing credit card details. It is accepted by businesses worldwide and the most preferred payment method. Paypal has a system which link customers’ credit card and bank accounts to their system securely which explains its popularity with customers worldwide.
Before you can start using Paypal, you’ll have to register and verify an account with them. An email will then be sent to you to confirm and validate your account. Once you are done, you can do your transactions almost instantly. There are three different types of PayPal accounts and you should understand the pros and cons of each account in order to choose the right one that suits your principal needs.
The most basic Paypal account is the Personal Account. It has a 24 hours fraud protection which allows one to send money with ease and there is no worry about getting ripped off with a bogus sale transaction.
However, if you are planning on running an online business, you should upgrade to one of the other two accounts as there is limited merchant services and access with a Personal Account. To worsen matters, there are restrictions on the monthly volume and other things which make a Personal Account pretty useless if you would to sell your products online. Coupled with no credit and debit card services, this will result in a lesser number of people you can sell to.
With a Paypal Premier Account, you will also get 24 hours fraud protection and the ease and ability to send money. Merchant services are also greatly enhanced and this allows for flexibility to accept credit and debit card payments.
However, the downside to a Premier Account is that a fee is payable to open the account. But because of the potential to do more volume, it is certainly worth the money.
The most powerful Paypal account is the Business Account as it can accept all payment types. Multiple email addresses are also permitted which means that if one has several businesses and wants to accept payments from multiple email accounts through PayPal, it is possible to do so with a Business Account. On top of that, you can also operate under your company name, which you will not be able to do so under the other two accounts.
However, the fees payable are a little higher than the Premier account but for people who are serious about doing their businesses online, a Business account is highly recommended if they do not want any restrictions placed on their account.
If you are still unsure about which account to get, you can start off with the personal account first. If you do decide to upgrade later, you can always do it.
Paypal facilitates easy, safe and cheap money transfers. All that is required is for the sender and receiver to have a valid email address and a free Paypal account. There are simple step by step instructions in their website on how the above can be done which makes it easy for everyone to understand.
In order to send or receive money, you will need to load your Paypal account with your bank or credit card accounts. Then send the desired amount to the recipient’s email address and you are on your way to a successful money transfer. It’s that easy with just a click of the mouse. Once the recipient has received the funds, he/she can then do an online transfer into their desired local account. The time frame can vary from 3-9 days, depending on the stipulated country. To receive funds from another party, just apply the same steps above and follow the simple instructions when prompted.
At the moment, Paypal has not extend their operations into every country so please do check before you do any online transaction as some areas are not able to transfer the money into their accounts as yet.
The nicest thing about Paypal is that it is free. The only charge applicable is when the recipient has received their funds. The rate payable varies for different countries. An additional fee may also be imposed for withdrawing funds from your account and this is subjected to the country of origin.
One very important point to note before getting started on Paypal is to read and observe their legal agreement (terms and conditions). Only if you are clearly sure and agreeable to all the above, then should you continue with the setting up of your Paypal account.
All users should be at least 18 years and it is mandatory to register for a Paypal account before you can get started. No single person should open a Paypal account on behalf of another individual and should be solely responsible and accountable for his/her own account.
Do take note that in the events of disputes of any kind and nature, Paypal will not be liable for any claims, demands or damages incurred so it is important that before you do any online transactions, do check out the authenticity of the sources.
Paypal does not guarantee any warranty for the time needed to process any transaction so do check and confirm with the other party before processing anything.
Paypal will hold a user liable for any violations such as using their services to receive payments for any sexually or obscene materials, gambling debts or tobacco products etc. Paypal will impose a fine on the user for each such violation and legal action will also be taken to recover losses in excess of the amount fined.
Do confirm with Paypal if you are unsure about what you can or cannot sell as it is not allowed in their policy to sell certain goods and services or due compensation will have to be paid for any damages suffered by Paypal.
False personal information should not be given when opening a Paypal account as Paypal will be required by law or local regulation to verify your identity, source of funds or other information as and may be determined from time to time. Failure to provide the required information will result in delay access of your funds as Paypal is prohibited from processing any transaction if the requested information is not given.
To have a more better and detailed understanding of the legal agreement with Paypal, you can go to their website and read all about it. It is strongly advised that one should have a clear picture of Paypal before embarking on it to avoid any legal issues or problems.
Just like adhering to the terms and conditions of the legal contract, a user should also avoid certain things when using Paypal.
Do not click on email links that proclaims to be from PayPal. These are always scams, known as "phishing" emails that take you not to the PayPal site, but a "spoof" site. They prey on unsuspecting victims and get your information and then sell it to other parties so do be extra careful.
Do not register your main bank account and credit card with PayPal. Due to some unknown hazards and the possibility that PayPal could freeze your account, you should never link your main account to your PayPal account. The same applies for your credit card. Always use a separate account for PayPal.
Do not accept money from people you do not know. The PayPal "verification" system can be a farce as it does not verify any sources. Never base your decisions on things you are unsure about. Similarly, do not pay people you do not know. Although you can file a chargeback if you fund your purchase through your credit card but if you fund your purchase by check, bank transfer or PayPal, you will most likely lose your money if the other party is a scam artist.
And if you think the Seller Protection Policy can protect you against fraudulent buyers, drop the idea. Nothing is 100% secure or guranteed and Paypal will not be liable nor responsible for any losses or damages on your side.
Don’t be so silly to give PayPal all the information they request if there's a problem with your account. More than half the time, the system will most likely have your personal details. Always double check with Paypal if you are unsure about anything.
Do not be to confident that your PayPal account is 100% secure. All a scam artist will need is your email account and password. This may be fine for posting on a forum but not when it involves your financial issues so always be sure to log out of your account and clear your cache after each and every transaction.
There are of course still many “dos” and “don’ts” when using Paypal which you will gradually learn when you are more experienced with Paypal. Alternatively, you can also source online for information regarding Paypal if you will like to know more.
Paypal has many operations worldwide but it has finally extended its operations to the huge market of India. Formerly, the only option for withdrawing money in India was a check that will take 2-3 weeks for processing.
A lot of businessmen used to opt for Paypal payment then but as Paypal was not in India as yet, they resorted to using other services to cash payments which is illegal as per RBI rules.
Now Paypal users in India not only can transfer money from their Paypal account to any bank account in India. With the new e-transfer, the whole process is likely to be faster and estimated to take lesser than a week. On top of that, there is no charge for withdrawal amounts over INR7000* so more Indians are actually turning to Paypal.
To transfer or withdraw funds from your PayPal to a bank account in India, all you will need is your bank account number and the IFSCI code (which you can obtain from your bank customer service) of the bank branch where you have an account.
In India, PayPal also offers another option for those who hold a Visa credit card or debit card so you can withdraw funds directly to your Visa credit, debit or prepaid card which makes it more convenient for the huge Indian population.
In general, Paypal is safe and easy to use and offers a higher level of flexibility, which makes online transactions faster and more convenient for all internet users alike. Compared to other merchant accounts, it is more widely recognized and more hassle-free. It’s no wonder that there are more and more people turning to Paypal.
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