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What is PayPal?

What is PayPal and how to create a PayPal account ?

How to create PayPal account? All these people know that our world is completely surrounded by computer and Internet. From our personal belongings to every important thing in the house, we order online today and we get all these things from the comfort of sitting at home with the help of computer and Internet.

All these facilities are possible only and only because of the internet. Due to the Internet, all our work is being completed in a pinch. Even the highest transaction of money is being done through the internet in today’s time.

By the way, there is a lot of online payment facilities in the Internet such as Internet Banking, UPI, PayTm Wallet etc., and one of them is PayPal.

Very few people have strict knowledge about what PayPal is. So today we will get some information in the context of what is PayPal.

what is paypal?
What is PayPal

PayPal is bigger and better than all those online payment services. Online payment service is that due to which an online buyer, after purchasing his goods, pays his price salary securely through his credit card or bank account.

The work of PayPal service is also something like this, but many more than that. how? Today, in this article, I will give you information about what PayPal is and how it works?

 What is PayPal ?

PayPal is a popular American company. It runs an online payment service worldwide. This allows an ordinary person or a trader to transfer and receive funds electronically.

This is a very good alternative to traditional paper methods such as checks and money orders, which people used earlier.

Through PayPal, any merchant can transfer his money anywhere in the world in an easy and secure manner.

When was PayPal founded and who did it?

PayPal was founded in December 1998 on the basis of a company called Confinity. At that time it used to develop security software for handheld devices.

The founders for PayPal are Max Levchin, Peter Thiel, Luke Nosek, and Ken Howery. PayPal was established in 1998 and was bought by the eBay company after a few years.

When any person starts doing business online, he needs a means so that he can send or receive his payment.

Normally when we have to pay, then we make online payment with the help of our credit card or debit card, but if we want payment, then we have to take help of payment services like PayPal or Google wallet.

PayPal is the oldest and most reliable online payment service. PayPal service allows us to conduct national and international money transactions through internet.

PayPal today has 100 million member accounts in 190 countries of the world. This shows that using PayPal today, people across the country are doing their money transactions with confidence easily.

There is no need for any special technology or license to transfer money from PayPal, most important is to create your account, a valid e-mail id and bank account.

Actually, PayPal works only through e-mail addresses. how? Let us know about this further. Before that, let us know about its type.

Types of Paypal Account

If seen, PayPal has mainly three types of accounts, about which we will learn further.

Personal Account

Since its name is personal, it is very easy to know from this that these accounts are used for personal use.

In this accounts you can make about five (5) credit or debit card funded payments every year and for this you have to pay a transaction fee in all transactions.

Premier Account

This type of account is suitable for members who conduct transactions with high transaction volume or who like to access Paypal’s Core and Premium features.

These Premier accounts are limited to only one individual name, that is, you cannot use it for business purpose.

Here you can make unlimited amounts of credit or debit card payments transactions compared to personal accounts. But all payments that you receive are charged on them.

Business Account

These accounts have been specially designed for businesses. For payment transactions, which you can operate in any businesses under the name of a company or group name.

Like Premier accounts, you can also make unlimited number of credit and debit card payments but only on receiving payments you will be charged.

At the same time, you can see only the option of personal and business account on the website.

Important Documents for Paypal Account

If you want to open a PayPal account, then you must use these three things.

  • Bank Account (to get money)
  • PAN Card (for verification)
  • Debit or Credit Card (for sending money)

How to Create a PayPal Account?

If you also want to create an account on one of your PayPal, then you can do this.

On PayPal, you can also easily create a PayPal Account in just minutes. For this, you have to follow the steps given below.

Step 1:

First of all, you have to go to the PayPal.com website. Click on the Sign up button there. Then choose personal account for yourself and then click on Continue.

Now you have to fill some options like: –

  1. Select country.
  2. Fill in your email address.
  3. Fill in a strong password. If you want, you can use the password of gmail.
  4. Now fill the password once again.
  5. Fill the Captcha code correctly.
  6. Now click on continue.

Step 2:

Once you click on Continue then a new window will open in front of you. Now let’s know what to do next.

  1. You have to fill first name and middle name.
  2. Then you also have to fill the last name.
  3. Fill in your date of birth.
  4. Select your country.
  5. Then you have to fill your address.
  6. Again you have to fill the address again.
  7. Now choose your state.
  8. Then fill your city zip code.
  9. Then enter your mobile number.
  10. Now you have to tick Agree policy.
  11. Now you have to click on agree and create account to proceed.

After doing all the steps mentioned above, a mail will come on your email, which you have to verify and put here.

How does PayPal work?

We have to create our user ID using the e-mail address in PayPal. Because only through our e-mail address, we will be identified in the online transaction.

After registration, we have to give details of our bank or credit card in our user profile. PayPal transfers an amount of one or two, less money like $ 1.06 and $ 1.30 to check whether the given details of the credit card are correct.

After getting this money in our bank account, we have to go back to our PayPal profile and put the same amount of data in the box given there.

Our bank account is considered fully verified when the data entered is correct. After verify, our account is ready in PayPal through which we can send and receive our money online anywhere.

When we open our account in PayPal, immediately after that we can easily make our payment. We can make payment only to those who have an account in PayPal.

You can send money from your PayPal account to the same e-mail address by asking the e-mail address of PayPal from the person who needs to pay us. PayPal withdraws the given amount from our bank account and sends it.

PayPal sends its commission after deducting money to transfer money from your account to another PayPal account. Therefore, you will have to transfer money by adding commission of PayPal along with your payment amount.

This has happened, let’s talk about sending money through PayPal account, further know how we will get payment from another person through PayPal:

When we have to take payment from some person, then I do not maintain that the person is in your own care or outside your door, we just have to give the e-mail address registered in your PayPal to that person.

After that, the person making the payment will transfer the money to your PayPal account. After the money is transferred, an e-mail will come to you that so much money has been transferred to your account, and the name of your payer will also be included in the mail that has sent you the money.

After that you have to decide whether you want to keep your money in PayPal account or to transfer it to your bank account. But before your money is transferred to your bank, PayPal deducts its commission and deposits your money in the bank.

But in some countries such as India, PayPal user is not allowed to keep their money in PayPal account, so their money is automatically transferred to their registered bank account, soon when payment is sent to them.

What is Paypal Advantages?

Although PayPal has many advantages, but many do not even have information about them. So let’s know about the advantages of these PayPal.

  • Paypal provides 100% protection against unauthorized payments.
  • You can shop from your online paypal account from many online websites. And you don’t even need to go outside and don’t have to stand in long queues.
  • You can send money to another country too, with very low charges and in a very safe manner.
  • If you feel that a seller is cheating you, then you can also file a case against him. Paypal will help you in this work.
  • If there is any problem in a transaction, then you can take the help of Paypal support.
  • Paypal offers you very good offers between bitches and often gives coupons for shopping.

What are the Disadvantages of PayPal?

PayPal has very few disadvantages compared to the advantages. So let’s know about this.

  • Paypal can freeze your account at any time if they get any fraudulent activities or policy violations in your account.
  • Since paypal is a private company which does not have any fedral banking rules, there is no need for your permission or approval to freeze your account.
  • If your account has been freeze, then you cannot withdraw funds in your account. For this, you have to wait for paypal.

What did you Teach Today?

While PayTm may have been used more for sending money online in India, PayPal is the fastest, easiest and secure way to transfer money from online across the world, so it has become the target of thousands of online merchants making money.

Today, you have known about what is PayPal, while also knowing about how to create PayPal Account. I hope you have gained some information related to PayPal from this article.

If you know more information about PayPal or want to ask some questions, then feel free to comment below, I will be very happy. To show your happiness and excitement about my post, please share this post on social networks such as Facebook, Twitter and other social media sites.

Updated: June 8, 2020 — 3:32 pm

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