answersLogoWhite

0


Best Answer

PayPal is an online account that allows you to receive and send money electronically with your bank account and credit cards. It is owned by eBay, and is used mainly for buying and selling through auctions. When using a personal PayPal account, simply link your PayPal account to your bank account (either savings or checking). When you make a purchase that allows you to pay with PayPal, enter your log-in information to sign into PayPal and then click "Buy." PayPal will automatically transfer the money out of your linked account and to the seller. You register your bank/checking account details (and can also register your credit/debit card details) with PayPal. This enables PayPal to take money from your bank or card and then transfer that money to anyone that you might buy something from.

In this way, the seller has no access to your financial details.

You can also use your PayPal account to transfer funds to a friend or family member.

It costs nothing to send/spend money using PayPal.

It costs nothing to receive money into a personal account, as long as the funds are sourced from a PayPal balance or a bank account. There is a charge if the payment is card-funded.

If you have a Premier or Business PayPal account, you are charged a fee on every payment that you receive.

Charges can be found on your local PayPal site by searching in the help section. Go to Paypal.com -- you will need a checking account -- and enter your information. PayPal will then deposit a small amount (under $1) into your checking account. Once you have verified with your bank the deposit from PayPal, then go to Paypal.com and there will be a message for you to confirm that you received the deposit. It's an online payment solution. The service allows anyone to pay in any way they prefer, including through credit cards, bank accounts, buyer credit or account balances, without sharing financial information. PayPal enables global e-commerce by making payments possible across different locations, currencies, and languages. Go to the main PayPal site, www.paypal.com, and click on the "sign up" button that you see on the homepage. On the following page, from the drop-down options select your country and then select the account type that you want to open. A "Personal" account is most suitable if you only want to use the account for buying, while a "Premier" account is best if you want to both buy and sell online. Next you need to enter your email address, choose a password and enter your name, address, and phone details, read the terms and then click on the "agree and create account" button. Once you've opened your account, you can add your bank account and/or credit card details.

User Avatar

Wiki User

15y ago
This answer is:
User Avatar
User Avatar

Lynn Snow

Lvl 1
6mo ago
How does the person receving the money get it?
More answers
User Avatar

Wiki User

13y ago

PayPal is an electronic gateway allowing payments and transfers to be made through the internet. PayPal serves as an electronic alternative to traditional paper methods such as and has been involved in many cases of litigation concerning fraud scams of which they quickly resolve. A PayPal account can be funded with an electronic debit. The recipient of a PayPal transfer can either request a check from PayPal, establish their own PayPal deposit account or request a transfer to their bank account. PayPal is an example of a payment intermediary service that facilitates worldwide e-commerce. PayPal performs payment processing for online vendors, sites, and other commercial users, for which it charges a fee. It sometimes also charges a transaction fee for receiving money (a percentage of the amount sent plus an additional fixed amount). The fees charged depend on the currency used, the payment option used, the country of the sender, the country of the recipient, the amount sent and the recipient's account type. In addition, eBay purchases made by credit card through PayPal may incur a "foreign transaction fee" if the seller is located in Another Country, as credit card issuers are automatically informed of the seller's country of origin. On October 3, 2002, PayPal became a wholly owned by eBay.

This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: What is PayPal and what is it used for?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

What is the PayPal sandbox used for?

PayPal sandbox is used for to test how the real Paypal features will appear when used on the real Paypal. It is like using a copy of a PayPal for the purpose of testing.


How can you pay iomoio with PayPal?

If iomoio does not have PayPal set up, then it cannot be used to pay for a subscription.


Where do you find your PayPal address?

It's You're Email Address That You Used To Make You're Paypal Account.


How do you buy MCPVP kits for other people?

You cant because the paypal transaction has to be with the same paypal used to buy the account.


Can I transfer money to PayPal from prepaid Visa card?

Yes, any card showing the Visa symbol can be used with PayPal.


How can a person use PayPal to purchase items from Amazon?

Amazon currently does not directly accept PayPal to be used for its purchases. However, there are many PayPal plugins that are available that may help with purchasing using PayPal from Amazon. The official PayPal website provides information on these plugins.


What is Paypal most commonly used for?

PayPal, the company used to transfer money, is mostly used for exchanging money from person to person online, such as a single person's small business or eBay store.


Can you have PayPal in more than one currency?

Yes. I've used my regular PayPal account for transactions in several different currencies.


Can you transfer money by PayPal to your Ameritrade account?

You can transfer PayPal money into your Ameritrade account as long as you provide all of the correct information to PayPal. You will need to supply PayPal with your account number, name, address, and it must also include the PayPal bank information.


What is a PayPal number?

Usually the paypal account is your E-mail which you are used to sign up the site and the number is produced by the site when you finish your checking out.


Is a PayPal the same thing as a debit card?

PayPal is not the same things as having a debit or credit card. In order to have one of the cards you must have a bank account from which the card can pull money. The card can be used practically anywhere. In order to have a PayPal account you must also have a bank account to withdraw money from. PayPal is mainly used to make online purchases through websites such as eBay. You can link you card and you PayPal together, however.


Is PayPal Australia owned by the same company as PayPal US?

Yes PayPal Australia is owned by the same company as PayPal US. PayPal was founded in California in 1998. In 2002 PayPal was bought by Ebay. PayPal is offered worldwide.