All you need to know about Paypal
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All you need to know about PayPal.
What Is PayPal and How Does it Work?
By JULIA KAGAN Updated November 27, 2022
Reviewed by JANET BERRY-JOHNSON
Fact checked by KIRSTEN ROHRS SCHMITT
What Is PayPal?
PayPal is a payment platform with a website and a phone app that enables payments between parties through online money transfers. PayPal customers create an account and connect it to a checking account, a credit card, or both.
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Once identification and proof of funds are confirmed, users can send or receive payments online or in a store using PayPal as the go-between. Millions of small and large retailers, online and in the real world, accept PayPal payments.
1 PayPal also offers credit and debit cards branded with the PayPal name.
KEY TAKEAWAYS
PayPal is an online payment platform that facilitates payments between individuals and businesses.
PayPal was a subsidiary of eBay but was spun off into a separate company in 2015.
2 In addition to online payments, PayPal offers a debit card for payments, credit card readers for use in businesses, and lines of credit.
PayPal is considered a very secure method of sending payments online.
How Does PayPal Work?
PayPal offers payment services for consumers and for merchants who accept Paypal. Merchants use a PayPal card reader in brick-and-mortar stores or enable Paypal as a payment option on their websites.
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Consumers can pay invoices and transfer money with relative ease. Cash can be transferred to any email address or phone number, whether or not the recipient has a PayPal account.
Users need an email address to sign up for an account and must provide a credit card, debit card, or bank account to complete the setup.
3 PayPal verifies the information to make sure the person setting up the account is the rightful owner before the service can be used.
4 Shoppers can choose the PayPal option to complete purchases online if the retailer has the service. Transactions are completed within minutes and the company promises that transfers are available for payment or withdrawal to a bank account immediately.
5 PayPal for Business
PayPal offers businesses a range of solutions for their day-to-day operations. This includes payment portals for online and in-person transactions, business management services, and credit and financing options. Business owners must also provide an email address in order to create an account.
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6 PayPal attempts to make online purchases safer by providing a form of payment that does not require the payor or payee to disclose credit card or bank account numbers. Therefore, the money is secure, privacy is protected, and, since the customer base is so large, transactions are faster than traditional methods.
7 PayPal Fees
PayPal makes much of its revenue from fees it charges merchants, rather than from the consumers who pay with it.
There is no fee for using PayPal to pay for a transaction if you use a PayPal balance or your linked bank account and the payment is in your home currency. There is no fee if you send cash to a friend or relative rather than a business, again in your home currency. There's no fee for transferring money to and from PayPal and your bank account.
Other transactions incur fees:
There's a 4% currency conversion fee for most transactions that involve conversion.
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8 A PayPal transaction that uses your linked credit card incurs a fee of 2,9% plus a fixed fee that varies by country. It is 0.30 cents in the U.S.
The trick here is to make sure your PayPal account defaults to your checking account, not to your credit card.
The PayPal-branded credit and debit cards have their own fee structures, which seem fairly typical for the industry.
9 Other fees apply to less routine transactions such as buying and selling cryptocurrencies and sending charitable donations.
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