PayPal is the world’s most used online payments systems that allow people to send money to others.
It allows its users to receive payments as well as send money.
If you’re a small business owner, this may be important to your livelihood.
PayPal remains the top choice for online shopping, peer-to-peer payments, mobile payments and money transfers.
They store card information and bank account so that consumers can make secure online payments without revealing financial information to merchants.
How to use PayPal
Before you create a PayPal account, you need to decide what kind of account you want.
They offer two types of accounts: business and personal.
Creating an account is simple—especially with this step by step guide!
Personal accounts
You need to use a personal PayPal account to make online purchases and send and receive money.
To set up a personal account, enter your first and last name, email address, mobile number & address.
Then, you can receive money from anyone via email address.
If you also link your bank account or card, you can send money online to anyone using your email address.
Also, you can shop online by selecting the PayPal logo at checkout.
Business accounts
To set up a business account, you’ll need to provide some extra information like the name and address of your business, customer service contact information and banking information.
Personal vs Business accounts
There are different types of PayPal account you can choose from, depending on your needs.
- Personal accounts are ideal for buying online and sending or receiving personal payments to family and friends.
- Business accounts are for registered businesses. It offers more features like giving your employees limited access to your account.
How to create a PayPal account
Suppose you are looking to set up a PayPal account. You can create an account from your mobile browser, computer and the PayPal app.
PayPal Personal and Business accounts can be set up using similar steps.
Here are the steps you’ll need to follow:
- To create a PayPal account, Visit paypal.com or download the app from Google Play or App Store.
- Click the blue ‘Sign Up’ button located in the top-right corner of the page.
- Select the account type you want to open—Personal Account or Personal Account—and click Continue.
- Next, add your phone number (receive a text with a security code).
- Click Next; provide your first and last name, email address and a secure password.
- Then, enter your mailing address to open an account or agree to PayPal’s privacy policy and click Continue.
- Finally, add a card or bank account information.
Remember Last, your need to verify your email address by clicking the link in the email sent to you by PayPal.
The business account requires more information.
- Owner’s name and address (business owner).
- Business name and address
- Customer service contact information for the business
- Name of the bank, account number & routing number.
Pricing
If you’re using PayPal to make a buy from an online store, it’s free to use.
But, you may have to pay a small service fee to use PayPal to transfer funds to another person.
PayPal takes 49¢ per transaction plus between 2% and 4% for most domestic transactions and has no setup or monthly fees.
Also, drawing a check from your Pay Pal account comes with a $1.50 fee per withdrawal.
Business Debit Card
If you have a Pay Pal Business Mastercard, you can withdraw cash from ATMs, make payments and earn points.
Though there are no annual fees for using a debit card, it is good to remember that there are a few fees.
- 1.50$ fee for ATM domestic and international withdrawals
- 3.00$ for over the counter withdrawals
- 1% fee for foreign transactions
How to delete a PayPal account
Before you close your account, you need to transfer all your balances. Then take the following steps:
- Log in to your account
- Click Profile and settings and My settings
- Click close account
PayPal Alternatives
Besides wise and Payoneer, a couple of other payment services operate in a similar niche to Pay Pal.