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What is Pay Pal and how does it work?

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What is Pay Pal and how does it work?
posted Jan 29 by Joao Qq Manuel

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Thanks Salil

1 Answer

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PayPal is a money transfer company which provides an easy and quick way to send and request money online. You can transfer money (abroad) to family, friends, online shops, and auction sites like eBay. Online payments. All you need to send money to family or friends is the email address of the recipient.

PAYMENT METHODS SUPPORTED BY PAYPAL
You have several ways to fund the money you send to another party through PayPal:

Instant transfer: Sending money this way means the money is immediately credited to the recipient’s account. That person can then immediately transfer the money to his or her personal bank account. If you want to send a transfer, you must have a credit or debit card registered with PayPal as a backup for your funds. It’s just like writing a secure check — without exposing any of your personal information.

eCheck: Sending an eCheck isn’t as “instant” as an instant transfer. It’s just like writing a check from your checking account; it can take from three to five days for an eCheck to clear. You don’t need a backup source of funds when you use eCheck.

PayPal balance: If someone sent you money through PayPal or you’ve sold something on eBay, you have a balance in your PayPal account. This balance is first applied to any purchases you’ve made. Then, when your account has no balance, you can choose to pay by credit card. It’s simplest to keep your books balanced if you withdraw any PayPal balance to your business account before making a purchase.

Credit card: Charge it! Putting your PayPal purchases on a credit card is a good idea. Not only are you protected by PayPal, but your credit card company also backs you up in case of fraud.

answer Jan 29 by Salil Agrawal
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