You've seen PayPal at eBay (who now own PayPal) and scores of other leading online merchants – PayPal is the first and most popular online email-pay and payment method.
PayPal is definitely one of the most practical, safest, widely accepted ways to pay for your purchases on the Internet or for donations. It lets you use funds from either your bank account and/ or credit card (Visa, MasterCard; Discover, AmEx cards, e-check); and you can use it with confidence: Your transactions are protected by PayPal's sophisticated fraud prevention system.
Wherever and whenever possible, opt/ request to pay with PayPal rather than with your MasterCard debit/ATM card or credit card directly. Why? Because you minimize risk of card-fraud by not divulging your sensitive card information to every single site and merchant, and merchant's employees you buy from.
PayPal keeps sensitive information safe.
No exposure of personal details and credit card information when you shop online.
Forget about cyber theft of your identity, or loosing control over unauthorized billing such as recurring billing....
Because all you need is a PayPal account to get started. Don't have one yet? It's fast and easy to set up; in fact, you can do it while you complete your MasterCard debit/ATM card and USA checking account purchase. Just click here to open your PayPal account in a few short minutes!
PayPal rules are that you may have one US Personal and one US Business or
US Premier PayPal account, and one non-US Personal and one non-US Business or Premier PayPal account/s.
How does PayPal work?
Basically it’s really like an aggregated/ virtual online bank account, where you fund your account from your normal high-street or online bank account as well as from a credit card. Or from another PayPal member sending you a payment (free to receive).
Once your PayPal account is funded you can send money to anyone with an email address in 45 countries, shop online on sites accepting PayPal as a payment method, buy at auctions etc.
As you can learn from this illustration, you can upload funds to your PayPal account from: your local bank and/ or from your USA bank account itself or your USA MasterCard debit/ATM card. For e-commercial business use: You can collect payments for your services/ products from your customers through PayPal from your online shop as well as your auctions.
Your local bank can be used to fund your US checking account and your PayPal account.
You can download funds from PayPal account to your USA online bank account (very fast-, only 2-3 days and funds are in your USA account) and/ or spend funds on online shopping where payPal is accepted. You can also send some money to a friend/ relative (free), or pay commissions to your affiliates.
Withdrawals - All non-U.S. members may withdraw funds to a U.S. bank account. Members in the following countries may withdraw funds to a local bank account: Australia, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Japan, Mexico, New Zealand, the Netherlands, Norway, Singapore, Spain, Sweden and the United Kingdom.
Funds can be transferred from your US bank-account to either PayPal, your local bank account and other.
In your PayPal’s members area (on PayPal site) you have a clear overview of your transaction limits, all transactions and history, your available funds etc. You can ask for a payment from someone, send a payment and even mass-pay your affiliates.
You are not required to keep any minimum funds in PayPal account and there are no set-up or monthly fees.
You can keep your money in up to 6 major currencies. This is a great feature! Just perfect for your global online transactions....
I'll let you in on a little secret: This can save you money on exchange rates of fees at some sites which accept paypal and have multiple sites for different countries. The US$ being so weak at present is better to pay with if your earnings are in EUROs, for example. Some online merchants will only accept a US$ payment, so going into their USA site and paying with $ from your PayPal Dollar account is the sollution. Sometimes the prices in US$ are also lower.
PayPal offers three types of accounts: Personal, Premier, and Business.
Features of all these 3 accounts, relating to non-US users include:
Send money online from a credit card or U.S. checking account
Receive payments online
Auction tools that make auction payments fast and secure
Send and receive payments with members in 45 countries including the
United States
FDIC pass-through insurance up to $100,000
Personal Accounts:
Send money for FREE
Receive money for FREE (non-credit card payments only)
Receive limited payments from PayPal Account balances and U.S. bank
accounts for FREE
Monthly receiving limit equivalent to $500 USD
Upgrade to a Premier Account at any time
Premier Accounts:
Send money for FREE
Low fees for receiving money
Accept unlimited credit card payments
Exclusive customer service hotline 7 days a week
Special tools for sellers
Place a FREE PayPal Shopping Cart on your web site
There are no receiving limits for Premier accounts
Business Accounts:
Same features as Premier Accounts
Give employees limited access to your PayPal Account
Conduct transactions under a company or group name
PayPal's rules are that you may have one US Personal and one US Business or
US Premier PayPal account, and one non-US Personal and one non-US Business or Premier PayPal account/s.
Is PayPal the best alternative?
What about a real merchant account?
There are some excellent alternatives like Moneybookers, however neither are they such an industry standard as PayPal is nor as wide spread.
Unlike PP, with MB it is not free to send money but free to receive. the limits are generous. MB operate in more countries than PP does and have better customer service, are fully authorised (PP is now also Authorized- at least in the EU countries)... and as a user you have more rights plus they don't freeze your account as happens to some PayPal users (However, with over 78 million accounts (PP), it is more likely to have more things going wrong / more trouble cases than with 1,000,000 members only. MB also protect you as a merchant against all chargebacks, unlike PP. But this comes at the cost of higher % they charge if you accept real-time credit-card payments from unverified users (5-8%).
It is always good to have your own merchant account, but some people will prefer to pay you with PayPal, for security reasons or because they haven't got a credit card.
What are the risks / downside of PayPal?
The problems with PayPal only start when you have a problem, so to speak. Solving a problem can be very time-consuming and frustrating, and in some cases no solution is reached: Their customer service is not exactly something to be proud of. It is very difficult to get behind their wall of auto responders and answering machines. You must be persistent and creative!
The majority of the people having problems with PayPal are people selling items via auctions etc. However, as e-Bay now owns PP this should hopefully improve.
Some examples of cases which occurred:
Payment is cashed from the buyers account and not transferred to the sellers account.
A buyer uses a stolen credit card number to purchase items from you and your account risk being frozen for being involved in criminal activity.
Our Advice:Do not leave large sums of money sitting around in a PayPal account, but transfer your money to your USA / local checking account regularly. Leave in your personal PayPal account enough for shopping you wish to do. You can always add funds directly from your credit or debit / ATM card or bank-account to your PayPal account whenever you need to.
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