About PayPal
PayPal is a quick, convenient and secure way of sending and receiving money online. Whether sending cash to loved ones anywhere in the world, paying bills, making mass payments or shopping online, PayPal has it covered with availability in 190 countries and 18 currencies to choose from.
Why Use PayPal?
PayPal gives you the ability to fund your payments from multiple sources that you already know and love, including any balances in your PayPal account, bank account, credit and debit cards. Your financial details are securely stored with PayPal, thereby giving you the convenience of completing your transaction without typing in the information each time.
But the best part about using PayPal to make payments is that PayPal does not share your financial information such as credit card number or bank account details with the recipient. How’s that for peace of mind?
PayPal Registration
Setting up your own PayPal account is easy and takes only a few minutes.
First, check if your country or region is served by PayPal. Then you can proceed by choosing the category that fits your needs.
Opening an account, sending money and adding of funds are free. If you choose to receive credit card payments on your Personal account, there is a corresponding fee. For Premier and Business accounts, there are charges in order to receive payments.
Once you’ve filled in the registration form, PayPal will guide you through the next steps.
Sending and Receiving Money
Sending and receiving money via PayPal is easy. Once your account has been verified and approved, you simply log in and easily track transactions made. PayPal is a secure way of buying merchandise, booking flight tickets and paying for various services online.
To send money: Log-in to your account, click the “Send Money” tab and type the email addresses of your recipients then click send, within seconds, that transaction is completed.
To receive money: Log-in to your account, click “Withdraw” and choose among the Options where do you want to transfer your money. Check the corresponding transaction fees, if applicable.
Verification
All newly created PayPal accounts come with limits on how much you can spend. In order to lift these limits, you will need to add a bank account & verify this account. Undergoing Verification ensures that you are not caught out and that your payment is processed without a hitch.
The Verification process is done by attaching a bank account to your PayPal account. Once you have done this, PayPal will give you 2 small deposits which you can keep. This could take between 3 -5 days, and you should log into your internet banking during this time or check your next paper statements. Look for 2 small deposits from PayPal – they are usually under $1. Make a note of these two amounts and confirm what they are back on the PayPal website. This proves you have access to the bank account.
Just as banks verify the identity of their customers, the Verification process helps to keep the PayPal community safe, especially when you have to pay people you don’t know.
Before deciding to sign-up for or use the PayPal service you should consider the Product Disclosure Statement, available at www.paypal.com.au.