Wednesday, February 13, 2019

What Is PayPal and how does it work? ||What is the purpose of a PayPal account?

PayPal: Smart Online Transaction Handler 
PayPal one of the most successful and diligent payment application today. Having 203 Million active users in 202 countries. Mostly every website currently accept PayPal due to its International Payment Services, there are 770,793 websites growing day by day with payments with PayPal.

What is PayPal?

Elon Musk and Peter Thiel the initial creators of PayPal, lately acquired by eBay is an online financial service allowing you to pay for its items or proceeding online tractions using a secure internet account. Simply by adding your bank account either credit card or debit card, you can start payments.
Those who have not used PayPal may be curious about, why so many people use it. So, let’s see why to start using PayPal now;

·         Secured:
Each one of us hesitates to use online transactions is due to card security. But, PayPal one of the leading online transaction services provides a secured surface of money transfer. A single input of credit or debit card, details get relaxed and start transactions. The integrity of your information is kept private, meaning gets slaphappy about a hacker downloading your account data from your online merchant.
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·         Online Auctions:
As PayPal is integrated with eBay, it has been a powerhouse for online auction. Buyer can easily with protection and a structured complaint resolution process can bid and purchase whatever he wishes.

Internal Payments made easy
While making a payment internationally you have to pay charges which falls in truncation fees.

  • ·        PayPal Fees - For Purchases and Getting Paid
  • ·         Merchant Fees - PayPal India
There are 2 fees which are charged by PayPal. When you receive money in USD, you pay 4.4% + $0.30 USD as the fixed charges and when you withdraw that money to your bank, it charges $2.5 for currency convergence.
PayPal India Charges 4.4% + $0.30 USD or lower
The benefit we receive here is, the currency conversion rate is much minor than the global currency conversion rate.
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