How Does PayPal Works?: Over the years as the technology grew online, fund transferring is completely trending. Electronic fund transfer is the easiest and quickest method to transfer money in no time. PayPal is the Online payment and money transferring service which enables electronic fund transfer. There is a lot more when it comes to PayPal. In this post, we have all the information that one should know about Paypal.
Paypal simply uses encryption software for securing the money transferring process. It makes it easy for users to make financial transfers between computers. This simple idea has turned into a worldwide online payment method.
Features Of PayPal
- Instant Fund Transfer: It is very safe to transfer money from one device to another without exposing bank account details. One can simply transfer the money to another person quickly and it will be received by the recipient’s account. The recipient can later transfer them directly into their bank account.
- eCheck: eCheck is not as instant as Instant Fund Transfer.It takes 3 to 5 days for an eCheck to be cleared. There is no need of backup fund required. It simply means writing a check from your current account.
- PayPal balance: You will receive money in your PayPal account when you sell something on eBay or someone transfers money into your account. Whenever you want to purchase something you can use the money which is available in your account. If it get’s exhausted then you can choose to pay by your credit card. Balancing your book before any purchase is very simple.
- Credit card: Linking your credit card to Paypal is a good option. You will be not only protected by PayPal but also by your credit card company.
Use Of PayPal In Different Ways
- Paying for eBay items: Payment for any goods that you buy from eBay are accepted through eBay check out system.
- Goods (other): All you have to do is click on the radio button to pay for any goods that are bought from other platforms rather than eBay.
- Services: You can pay for any business related services or personal service like web designing, logo making, home services etc.
- Personal: You can simply pay fees, give out your share of money on a double date, payback to your friend using PayPal.
Things To Be Taken Into Consideration
- Paypal sets payments in different categories according to what exactly you are paying for. It will let you pay for almost everything.
- There are certain things for which you can’t pay for like gambling, adult content or services and buying unprescribed and certified drugs.
- If you have a doubt that your transaction might be questionable then you should read the Acceptable use policy before going future.