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What is Paypal. Its Works Benefits and Disadvantages

what is paypal
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What is Paypal ? It is a world-renowned company in the US that provides the facility to send and accept money online. Using this PP money transaction is very easy, it is completely safe and hence it is being used all over the world.You can do money transactions in almost all major countries of the world through PayPal. In simple language, if you want to receive money from any person. Send money to any person. Then you can exchange money with Paypal very easily. Pp also takes some commission for each of its transactions. For example, if you send $ 100 to someone, then Paypal takes about 6% commission as Transaction Fees.

If you want to buy any items online, then you can easily buy them through Pp. The best thing is that it is very easy and completely safe.

Paypal works on:

As Paypal Driven by a fundamental belief that opportunities can only be created through an access to financial services. Pp is committed to empowering people and businesses to join and thrive in the global economy and also democratizing financial services. The digital payment platform of Paypal provides approx 325 million account holder which are active. It provides them a power to do their money transaction in a new and effective way. They can perform their digital payment on mobile or on their pc or in Paypal app also.

Effectiveness

Its creating a better way to transfer and manage money with its combination of strategic partnership and technological innovation. It also provides better offers for sending and receiving money globally. Paypal with Venmo, Brentry and zoom it allows their millions of customers and clients to transfer and receive payment in more than 200 available markets. They are working with more than 100 currencies types. Able to withdraw their money in approx 56 currencies.

Some unique features of Pp:

  1. Shop with convenience
    Buy in just a few clicks. Just enter your email and password when you pay with Pp. Its the safest way to pay.

2.Shop With Confidence
With PayPal Buyer Protection, buy your happiness without any worry.

  1. Shop more safely
    Your merchant receives your payment only. No credit card details or any financial details will be share.

Safety with Pp Transactions:

As its the safest way of transaction so you need not to worry about anything. Whether you are an individual or a business. Their policies are designed to ensure that sending and receiving payments is simpler, safe and more secure. So, shop or sell beyond the limits with confidence. We take account safety very seriously.

How Paypal works :

Paypal works in a very easy way, for that you first have to create a Paypal Account, which can be easily created with the information of Email ID and Bank Account.

After creating a account with it Pp sends some money to your bank account for the verification of your bank account. Which you have to verify in the Pp account. So that PayPal understands that this bank account is yours and you receive the money securely.
The email you use while creating a Paypal account is your Username, from which you can ask for money from anyone. Also anyone can send money from its Paypal to your PayPal account easily by email id or Username. Therefore, you can receive money from Username and send money to another’s Username.

The history

PayPal was founded in December 1949 as the name of a company was called Confinity, At that time the company used to develop the security software for hand devices. The founders of PayPal were Max Levchin Peter Tel Luke Nosek and Ken Howrey. The company was established in 1979 and later it was bought by the company. ebay

About various Transactions

When a person starts his online work, first of all he needs a medium so that he can send his payment, he can ask for it Normally we use credit card or debit card for such online transactions but when we need to receive payment then We need an online medium like Paytm Wallet, Gogle Pay etc.

PayPal is also a very old online payment transfer service with which we can make both national and international payments online as well as also can receive payments. PayPal offers us both international and national transaction services.

Today, there are more than 1000 million Pp accounts in the world, this proves how much the online transaction is done by peoples in world. How much they have trust on Paypal. Its a very safe secure and trusted online transaction method among peoples in world.
With This pp account, people are doing their transactions with confidence.

There is no need for any different type of license or special technology to transfer or take money from PayPal. All you need to do is create a PayPal account, in which a valid email id is required.

Types of Paypal accounts

Personal Account:

As is clear from the name itself, such an account is for a person’s personal person, through which he performs his personal transaction. With this account, you can make about 5 credit card or debit card funded payments. . For all these transactions, you also have to pay a certain amount to Pp.

Premier account

This is an account that is meant for people who do high transaction volume transactions. Who like using PayPal’s premium features.These accounts are for Individuals only. You cannot use such accounts for business. You can exchange unlimited amount of money in such an account. There can unlimited transactions with your credit or debit card with such type of account. But for all these transactions, you have to pay a fee to Pp.

Business Account:

Such accounts are especially hot for business. You operate such accounts in the name of any company or group for payment transactions.

You can also make unlimited credit debit card transactions from this account. But you only have to pay the fee for the payment request.

Documents required to create a Pp account:

  1. Pan Card
  2. Bank details
  3. credit or debit card

How does it work

Send money :

In order to create id in PayPal, we need a valid email, id, with the help of which we create our user id. This user id is our identity.
After registration, Pp asks you to add a credit or debit card to your account. Then to verify they use to send a small amount to your bank account.
To verify in the next step, you have to enter the amount that Pp has sent to your bank account. This amount you have to enter in the box provided in your paypal profile. Only if you have entered your correct amount, then your account gets verified.

what is paypal
what is paypal

Now your account with Pp is completely ready to use. With the help of which you can send to or receive money from anywhere. Now you can easily transfer money. But we can do this transaction only with those whose account is in PayPal.

To send money, we need the sender’s email. From Pp, we can then send the amount from our bank account to his email id. Then Pp himself sends those money out of our account and sends it to that person’s account.
In this way, Paypal deducts its commission for every transaction. So you have to transfer by adding commission amount along with every transaction amount.

Receive Money:

Likewise when you have to receive your amount from someone. In that case, you have to give your Pp email id to the person from whom you have to take your amount.
The person then transfers the amount from his account to you on that email id. The details of this transaction will come to you on your registered email. In that email there will be the detail of the transfer amount and the name of the person who had sent that amount. After this, Paypal withdraws money from his bank Account and sends it to your bank account.

Benefits of PayPal:

  1. PayPal gives you 100 percent protection for unauthorized payments.
  2. With the help of Pp, you can shop online from anywhere.
  3. With this help, we can send money to another country. Which is very safe.
  4. When you feel that a seller is cheating you, you can also file a case in PayPal. They will help you.
  5. You can also take the help of customer support in case of any problem in your transaction.
  6. In between, Pp also gives you several offers and coupons, which you can use in shopping.

Disadvantage :

  1. PayPal can freeze your account at any time. When they track any type of invalid activity or policy violation.
  2. Since it is a private company, no rules apply on them. Therefore, it does not require any permission before freezing your account.
  3. You cannot withdraw your fund when your account is freeze. You just have to wait.

In this post Pp stands for PayPal


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