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  Category: Articles » Business » Management » Article

Everything About PayPal

By Justin Kander

PayPal is the largest online payment processor on the entire Internet, with over 100 million users. It is the prominent method of payment on eBay (which owns PayPal), and is the preferred means of payment in other online business. Not only is PayPal the biggest and most popular payment processor, but it is also the best. PayPal has more features and options than its competition, and it's so incredibly easy to get started with.

There are three types of PayPal accounts, Personal, Business, and Premier. Personal accounts are for regular people who do little to moderate online business. While Personal accounts can't accept credit card payments, and have certain limits ($500 a month withdrawal limit), they have no fees for accepting payments. With Premier and Business accounts, the fee for every payment accepted is 2.9% + $0.30, so that means that if one accepts a payment of $0.30 or lower, the fee deducts all of it. But usually if someone would have a Premier or Business account, the fee only takes a small dent out of all payments. The core features of all accounts include the ability to send money, receive money, use auction tools, set up website payments, have account insurance, a download a log, and have access to customer service. Like Personal accounts, Premier accounts have all the core features, and extra abilities, which are as follows: Accepting all kinds of payments, setting up a PayPal shopping cart, be identified as a Premier user, and be featured in PayPal shops. Business accounts have all the Premier features, but can operate under a business name instead of just a name or email address. Also, they can receive money from people without PayPal accounts, and provide employees of the business access to the PayPal account, but with limited abilities.

Another important part of PayPal is the verification process. There are some things you can't do if you're not verified, or partially verified. For one, if you simply set up a PayPal account and don't do anything else, you can't send money. A credit card must be added to be able to send money. However, that's not enough to be verified, and until one becomes verified, there is a sending limit on the PayPal account. To be a Verified PayPal member, a bank account has to be added. Once a PayPal account is verified, the sending limit is removed, and the ability to use the PayPal verified seal, which can be put on websites or eBay auctions, is activated.

PayPal is used all over the world, and is growing at an exponential rate. While it seems that many companies, as of now, do not accept PayPal, it is expected that is to change. With the millions of people using PayPal today, it is logical that many big businesses will start accepting it, as the worst thing that would happen would be increased sales. Lots of establishments only accept credit cards, but many people don't feel comfortable giving out their credit card number online, and PayPal is a way around that (even though you need to give your credit card number to PayPal, that's still only one place).

Another interesting thing that PayPal has that few other, if any, payment processors have is Money Market. Money Market makes your PayPal account into something like a savings account, in that you accumulate money each month based on how much money you have in your PayPal account. Right now, the rate is about 4.71% a year (it changes each month, just a year ago it was only a little more than 2%). Money is deposited into your account each month, so for example, if there is $600 in a PayPal account, in one month (assuming no other money is deposited or withdrawn) that will increase to $602.35 (4.71% divided by 12 times $600 + $600).

PayPal also has great customer service. They usually respond within a day, and try to answer your question to the best of their abilities. Also, if your question isn't answered the first time, you can follow-up simply by responding to the email. And once the issue is resolved, PayPal sends you an email asking you to evaluate the person who helped you, so if they did a bad job, you can tell PayPal directly in the short questionnaire sent to you. PayPal also has a help center with answers to all frequently asked questions. They don't have a ticket center; they are inefficient and more complicated to use than regular email, and many places that do use them are slow in responding to customers' questions.

Another thing PayPal offers are debit and credit cards, so money from a PayPal account can be used offline as well as online. The PayPal credit card has no APR for the first year, and after that, it is relatively low. The debit card is also great, and offers cash back on all purchases. PayPal also allows money to be sent via a mobile phone, so anybody can send money while on the go. It is easy to set up PayPal on a cell phone, and PayPal even had a contest and gave away thousands of dollars in a promotion relating to sending money with phones.

It is imperative that any online shopper or business of any sort should use PayPal. For online shoppers, especially ones who use eBay, it makes buying things A LOT easier. In fact, 90% of eBay sellers prefer PayPal, and many do not accept anything else but it. With businesses, it would increase sales and facilitate purchases for consumers, as well as improving upon the company's image.
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