PayPal is a digital payment service that customers can use while shopping online some PayPal stores payment information such as Bank account or credit card numbers and that customers don’t have to type out the numbers every time they buy something.
So PayPal is also hides this financial information from businesses and adding a layer of security to online shopping some small businesses and large corporations alike can incorporate PayPal payment into their online checkout process.
PayPal had established in 1998 as infinity and PayPal also had its initial public offering in 2002. It became a wholly owned subsidiary of eBay later that year valued at dollar 1.5 billion. eBay spun off PayPal in 2015 to eBay’s shareholders.
PayPal is a service that online shoppers and businesses of all sizes can use to make transactions easier and safer and eat expedites online purchases so it heights sensitive financial information’s from merchants.
PayPal has been one of the oldest and most trusted services to send and receive payments.
When you start working online you need your more to send and receive payment usually you can use your credit card or debit card to make payment online but to receive payment you need to take help of services like PayPal.
When you open up a PayPal account you can start sending payment right away after linking your account with your debit or credit card but to receive payment you need to link your PayPal account to your bank account.
And this will also remove the withdrawal limit from your PayPal account and you will be able to withdraw money from your PayPal account directly into your bank account.
How to create your PayPal account:
First of all head over to ‘paypal.com’ and click on to sign up to create your PayPal account and next page you have an option to select between a ‘personal and business account’
To the very next page you need to sign up by filling up a form you can enter your credit or debit card details then or can skip it for later to send payment and do you remember when you open a PayPal account in India
it’s a limited PayPal account so you can use it to send payment to everyone using your credit or debit card but to receive payment you need to complete the following r tasks.
* Add your PAN card
* Confirm your email, when you sign up and you will get an email from PayPal to confirm your account.
* Add bank account and this will also be the bank account where your PayPal money will be withdrawn to.
* Purpose code from the long list select the purpose on which you are receiving payment on your PayPal account.
Then select your pan card name and it should be same as your PayPal account name so if you are a minor without a pan card you should open a PayPal account in the name of your parents.
How to receive money in PayPal:
There are three ways to receive payment on PayPal through email address, PayPal.me link, invoice.
Once the sender has been notified they can initiate the payment to your account and you will receive an email notification once the money has reached your account.
One of the unique feature of paper is that you can receive money in your PayPal Account without a bank account however in order to withdraw the money you will need to link in a bank account.
In other words paper functions as your wallet that can hold money which you may use to make and receive payments and purchases in online for Indian customers PayPal is not allowed to hold money for more than a day and their mandatory withdrawal to the bank account would take place due to regulatory norms.
Cheap fast and transparent alternative:
PayPal is an efficient method to invoice client and review money but may not be the most cost effective option.
when doing business or receiving payments you need to make sure that you pay the least charges for transaction fees and get best deal on exchange rates.
Although PayPal was one of the Pioneer in the market new age technology companies like transfer wise have made fun transfers easier and more cost-effective to ensure that you get the best bank for your buck.
There is no such things as free transfer but what you want see our unfriendly exchange rates and transfer wise offers low, transparent fees, real exchange rate and quick transfers
so you can check how much money you can save on international transfers by comparing transfer wise versus other providers.
PayPal charges and fees in India.
For receiving international online payment and invoices PayPal charges and paper also charges high currency exchange rate by adding makeup to the actual meat market rate and till the time of receipt of payment into the beneficiary bank account
you cannot know the actual exchange rate that will be used by paper for the transfer a lot of times the charges can add significantly to the overall cost of the transfer
and making paper one of the most effective ways to transfer international funds to India.
I hope this guide helped you to know everything about creating and verifying your PayPal account