PayPal – How Does PayPal Work? – Send And Receive Money Via PayPal

There has been this question “how does PayPal work and how to send and receive money via PayPal, and this is for those who have heard about the PayPal services, meanwhile a lot of people have not heard or know what PayPal is all about. Those who know, do not understand how PayPal operates, and this is the essence of this post; To enlighten you on how to use PayPal. But before then, let’s share with you what PayPal is on its own as a financial service.

We will also share below in this article how to create, register and set up a PayPal account for your business or personal funds so as enjoy all the advantages and benefits that come with using PayPal services. And most importantly is, you understanding what PayPal is all about and how it works.

What is PayPal? – How Does PayPal Work? – Send And Receive Money Via PayPal

In the sections below, we are going to see and learn everything you need to know and understand about PayPal payment system. You will understand what PayPal is all about, how it works and how to send money via PayPal. Also you will learn how to download PayPal app and how create a PayPal account.

PayPal – What is PayPal?

PayPal is an online payment system that supports online money transfer and serves as an electronic alternative to traditional paper method (such as checks and money orders) of payment. PayPal holdings, Inc. is an American company which operates in the majority of countries that support online money transfers. With PayPal, individuals will be able to send money across to each other, buy and settle for goods and services using PayPal payment method.

Also Read – How to Create a TransferWise Account

Businesses also use PayPal for their business online payment processing. And of course all of this will be possible only when you have registered a PayPal account, and confirms your PayPal account for eligibility to process payment  of any kind.

Once this confirmation and PayPal account verification is made, you can go ahead and start sending and receiving money or funds with your PayPal account. You can use to gift money gift to family and friends and for donation. And this you can do irrespective of your location as long as you are within countries where PayPal operates.

How Does PayPal Work?

The PayPal payment method is awesome and has made it a lot easier for users to process payment. One important thing to note is that, PayPal can work with your local bank to have you receive money into your PayPal account and move your money from your PayPal account to your bank account. Also you can attach your bank account card to your PayPal account for possible future transaction.

The essence of this, so PayPal can charge your card on your behalf to settle payment for you and only on your instant authorization. This is one of the essence of having to attach your bank card to your PayPal account. Do not worry, PayPal does not charge your money without your notice. What we are saying here is that, when you want to pay for a good or service online, you can decide to pay using PayPal, and once you select this option (on website or store or services websites that accepts PayPal) to pay with PayPal, you will be prompted to login your PayPal account to complete the payment.

At this point, PayPal will have to charge your card to settle the payment. Now read the next line to understand why this is beneficial to you.

Once you make payment with PayPal, they (PayPal) will charge and deposit the money in the receiver’s PayPal account and because PayPal is still control, you will always have the opportunity to ask refund, and PayPal will have the money refunded to your PayPal account. But this refunding has to follow a due refund policy based on the associated transaction in question.

PayPal Account

PayPal account is the only way for you to be able to make use of PayPal payment system. PayPal supports both individual and business owners to make use of their platform for electronic fund and money transfer either for money gifting for family and friends, or settle of goods and services for businesses. With this said, it means there are two kinds of PayPal account that can be operated, and they are;

1. PayPal Personal Account
2. PayPal Business Account

PayPal Personal Accounts

To create and maintain personal PayPal account is easy with no hassle! All you need is your email address. Once you create a personal PayPal account you can send money to anybody via PayPal, and when you send money to family and friends you are not charged any fee. And this is one benefit or advantage of PayPal. Although there are other benefits of PayPal personal account, but then you are entitle to only one personal PayPal account and so also with the business account.

When you read to down this article, you are going to find how to create a new PayPal account and how to send money via PayPal, so keep reading this article to the end.

PayPal Business Accounts

PayPal business account makes a lot convenient, easier and secure for business entities to process payment online. It has super benefits for both parties involved in the business transaction. And with PayPal as a medium of payment for business or services, it helps to settle or resolve any kind of dispute that may arise in the course of the business transaction.

And so because a lot of individual and businesses now employ PayPal services in their business, it is always advised to go for PayPal payment method when you want to make payment for any goods or services online as long as the business entity has PayPal as one of the payment options.

To make use of PayPal business account, you will have to verify ownership of the business by submitting necessary documents PayPal will require of you during account registration.

PayPal Mobile Apps Download

PayPal app download makes the use of PayPal come handy. It helps you process any transaction on the go with the use of their mobile app in your phone. You can send and receive money, make payments for goods online via the PayPal mobile app, and so this is why it is necessary to download PayPal app. The mobile app helps you manage your PayPal payments more conveniently because you only need to open the app from your phone and have access to your account and perform any activities you want to do via the PayPal app.

To download PayPal mobile app is easy, and the section below explains how to download PayPal application for your mobile smartphone device. Note, PayPal app is available for Android and iOS mobile phone devices.

How to Download PayPal App

• From your phone device, open your Google play store app or go to the play store website on https://play.google.com/store/apps
• You will see the search bar feature on the Play store page.
• Enter the word “PayPal” to search the PayPal app
• You will see PayPal show up in the list of the search result.
• Tap “Install” beside the PayPal app.
• Now the app will begin automatic download and installation.
• Allow the app to complete installation.
• Grant the PayPal app access to your phone for maximum functionality with your phone.

With these steps, you will successfully download, install and start using PayPal app in your phone. PayPal has thousands to millions of download already. A lot of business that operates online are using PayPal services and individuals are also using PayPal for payment and this is seen in the amount of PayPal app download and installation.

So, go ahead and use the guide above to download and install the app. Once the app is installed, open the app to login your PayPal account using your PayPal login details which includes your email address and password. But if you do not have a PayPal account already, see the next section for how to create a PayPal account.

PayPal Sign Up – How to Create a PayPal Account

To be able to use PayPal to send and receive money or settle payment, you will definitely need to have a PayPal account. It is easy to create a PayPal account, and so follow the guide below to sign up a PayPal account today – PayPal business account or Personal account;

• Using your device browser, go to PayPal website on https://www.paypal.com/
• Click on the “Sign Up” button.
• Fill in the registration form with the required details including your valid email address and password.
• When required, provide your bank card details on the PayPal page along side other details necessary for your card to function with your PayPal.

For Business Account;

• You will be required to produce your business documents.
• ID Card and other necessary documents.

Once you complete the account sign up process, you can proceed to login your PayPal account. And with your email address and password you can always login and access your PayPal account.

How to Transfer Money from PayPal Account to your Bank Account

This section explains how you can move your PayPal fund to your Bank account from your PayPal. This is easy to do, so follow the guide below to complete the process;

• Login your PayPal account
• Below your PayPal fund balance, click on “Transfer”
• Select the bank account where you want the money to be moved to.
• Enter the amount of fund you want to transfer.
• Click on “Continue”
• Re-check all details before you proceed.
• Click on transfer to complete the PayPal money transfer.

And this is it on what PayPal entails, and also how you can sign up a PayPal account, as well as how to transfer your PayPal fund to your bank account. It is all easy and simple to complete. Share your thought with us!