What is PayPal and How it Works

What is PayPal?

PayPal is an international medium for online transactions. You can send and receive money with PayPal, without disclosing your card or other banking details to anyone.

You can check out the millions of secure online stores with just an e-mail address and password. You don't have to enter your full details every time when you Pay.

PayPal can be used for both personal and business payments. PayPal have many tools like API, invoicing, etc.

PayPal is an international medium so it accepts 25 currencies from 202 countries and markets.

You can add your bank account, credit card or debit card to PayPal and can choose how you want to pay.

How PayPal Works?

How to Sign-up for PayPal

Signing up for PayPal is quick to process, you have no need to enter your bank account details. If you want to use maximum PayPal features, you have to add and verify a debit card, or credit card. To get started, click on the "sign-up", on the top of the site.

In the next option, you'll have to choose an account type, a personal, business, or premier account. If you want to use PayPal for eBay auction or other purchases, a personal account is the best choice for you. If you want to accept payments for a business, then a business or premier account is right for you.

Personal accounts can also be upgraded in the future.

After choosing the account type, PayPal will ask you simple questions like the first name, last name, legal address, telephone number, and e-mail address.

You also need to click on the box which asks your agreement on privacy policy, acceptable use policy, and electronics communication policy.

When you click to create your account, you'll receive a mail with instructions to verify your account and to confirm your address.

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What PayPal mean to verification?

Having your information vetted by PayPal means that it shows both buyers and sellers that you are less likely to be a scammer.

PayPal's account will be verified when you've associated that account with your bank or credit card. PayPal will ask you to follow steps to confirm your account. For checking the account, PayPal will make two small payments to your account likely five cents. Then, you have to enter the amount of those small payments for verification.

Your PayPal account will be confirmed, when you've completed one of three options which will signify that the address you have given is valid.

PayPal will verify your address by matching through Your bank details or credit card.

Alternatively, You also can request a confirmation code by mail after you've had the account for 90 or more days, then you can apply for a PayPal Mastercard which confirms your address by a credit check.

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