As the online shopping industry continues to grow, the endless amount of payment methods also keeps on increasing. However, there is one name that always pops up and that is PayPal. It is a widely-used payment method for online transactions next to credit and debit cards and in this article, we will provide you with a complete guide to using PayPal. It is great for new business owners looking for an easy way to make transactions with clients.
PayPal is an online payment system that provides you with the ability to securely transfer your money. If linked without your bank account, whether it is a personal or a business account, PayPal serves as a broker when making purchases as it secures your bank account and personal information online.
How Does PayPal Function?
PayPal serves as a middleman to keep your personal information secure. It offers a variety of services, depending on the situation. If you are a small business owner looking for a simple way to receive online payments for your products or services, PayPal is your one-stop solution. It offers services such as easy money transfer, check cashing and debit/credit card use.
However, if you are in business PayPal offers you multiple services such as loans, invoicing and even shipping at market rates. Using PayPal is quite simple. It can be used through many different mediums such as PC, web browsers, and mobile apps.
How to Register With PayPal
Signing up on PayPal is a fairly easy process and does not demand a lot of time and effort. It is a completely free service, and anyone can make an account on it as long as they verify their information. The process is simple:
You may start by going to the PayPal website and clicking on the “sign up” option available on the top right if you are on a computer. Otherwise, you can also use the Mobile app to make an account. When signing up you will be asked for several things that you may have to provide such as:
- Name
- Address
- Date of birth
- Bank information
- E-mail ID
- Phone number
It’s recommended to keep these things ready so that the process is much more simplified, and no time is wasted. The final step to successfully registering your account on PayPal is linking your bank account with your PayPal account. In order to link your bank account, you will have to give your bank data such as bank name, bank account number, code and location.
You must make sure you are using a safe browser while performing this, as you can never be too safe on the internet. Always use a VPN for these tasks. Lastly you will be sent a verification on your phone number and email, and after verifying all your information you can start using PayPal.
Does PayPal Charge a Fee?
PayPal may be a service that is free to use but it does have a few transactional fees depending on what you are using it for. If you are an individual buying products or services from an online retailer or website that accepts PayPal then there will be no additional fees. However, if you are a business owner using PayPal as a payment method, then there are a few fees that may apply depending on your transactions.
Endnote
PayPal is one of the world’s largest and most used online payment methods due to the convenience, services, and security it offers. Creating an account on PayPal is completely free and there is no transaction required while registering for an account. For small business owners, PayPal can serve as a great tool to make transactions with customers and clients conveniently.
