What is PayPal?

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What is PayPal?
What Is PayPal
What is PayPal? PayPal is a third-party payment processor that allows its sellers and buyers to send and receive payments.
When a customer makes a purchase and that customer does not have an account with PayPal, that customer will make the purchase while opening an account at that time. This means the customer can make subsequent purchases without having to open an account again.

As a customer, PayPal is easy to use but if you want to become a merchant, it gets a little more complicated especially if you don't know what you are doing. There is a lot of information out there that will help guide you while you are setting your account up.

As a PayPal member, you can do the following:

  • You can transfer money from your bank account to your PayPal Account and this can be from your checking or savings account.

  • You can get a cash advance from your credit card and deposit it to your PayPal account.

  • You can request money to be transferred from your PayPal account to your savings or checking account or you can request a check be mailed to you.

  • You can transfer money from your account to another member's account. This can be family, friends, or for goods you purchased.

  • You can also get a PayPal debit card so you can make purchases from your PayPal account.

    If you want to sell goods using PayPal, you may want to open a business account but there will be some requirements you will have to meet including submitting some documents to verify your identity, a business license, and a bank account.

    How to open a PayPal account.

    Opening a PayPal account is not difficult. Here is what you need to do:
    1. Go to PayPal and click on sign up.

    2. Fill out the form with the requested information. This includes your real name, address, email address, business name, and business customer service contact information. Once you are done filling out the form, click, "Submit."

    3. Go to your email, open the one PayPal sent you, and verify it. You will receive this email within minutes so be on the alert and verify it as soon as you can. This will prevent delaying the process.

    4. Login to PayPal and follow the instructions. You need to link your bank account with your PayPal account so make sure you have the name of your bank, the routing number, and your account numbers ready. You can also add one or two credit cards so you can have them as backup or use them to make purchases. PayPal will need to verify your bank account and they will do this by sending two small deposits. It takes three to five days to get these deposits so be on the lookout for these deposits in your bank account. Once you get them, go to your PayPal account and verify your account using the two deposits you received. After you have verified your account and finish setting it up, you are good to go.

    Hope this short article answered your questions about PayPal. If I missed something, you can always open an account with them and play around until you become familiar with the system. You can contact them as well if you have any questions.

    If you don't have a product and would like to start seeing some money coming into your PayPal account, you can start by selling on eBay.

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