If you use an online payment system of any kind, you must know about PayPal and probably be familiar with it, too. PayPal is the largest online payment solution and transaction system, with over 300 million active users. However, that number is just a tiny fraction of the number of people who make online transactions worldwide! Before deciding to start making transactions using a service, you must know about it to stay safe online.
PayPal is by far the most secure online payment system and has some unique contract system and fees. It may get overwhelming to start using PayPal because a small violation of the terms may get you a PayPal limited account. PayPal offers a lot of conveniences in transactions; you must know the answers you have about the system to use it properly.
7 Most Asked Questions About PayPal
PayPal is hands down the best online transaction system that can ease your online transaction hassles if you can use it properly. Here are 7 most-asked questions about PayPal that you must know if you don’t want to get a PayPal limited account:
1. What type of PayPal account should I get?
When you set up a new account on PayPal, you’ll get confused about the account types it offers. Especially if it’s your first time making an account for online transactions, you will get confused between the account types. The basic account types PayPal offers are Personal, Business, and premier; you must select the right one depending on your purpose. The student account on PayPal is also popular, but you have to open it under the basic three types.
2. How do I open a student account on PayPal?
If you’re a student and have experience opening a bank account, you know there are facilities of student accounts, PayPal isn’t any different. You can open a student account on PayPal under the basic account types; most of the time, it would be a personal student account. If you’re 13 years old or above, you can open the account yourself by providing the documents as proof of your studentship. Another way is, your parents can open the account for you, following the rules, and submitting the documents PayPal requires.
3. What’s the difference between online purchases and personal payments?
You can pay online using your PayPal account while purchasing anything online, and that’s easy to understand. PayPal also offers an option for paying a personal account from another account, which confuses many people. There are differences between them; personal payments have a 2.9% fee if you’re paying from a credit card and an extra $0.30. The chare will be on the recipient’s end by 1.9 to 2.9% and an extra $0.30 transaction fee for the online transactions. With the personal payment, the sender decides who pays the fees; for online payments, it’s not the same; the recipient pays it.
4. How do I use a credit card with my PayPal account?
You can use almost all the major credit cards with your PayPal accounts such as Visa, MasterCard, American Express, or Discover. You can easily link your credit card with your PayPal account, go to the PayPal website, log in to your profile, and go to “My Account” to find the option. You will find an option to Add/Edit credit cards, put in the card and all the billing information, and add the card to your account. After linking the card to your profile, PayPal will charge your card a $1 refundable bill and send a 4-digit code. Go to the “Overview” option in your account and Confirm the credit card using the code within 24 hours.
5. How do I withdraw money from PayPal to my card or bank account?
You can get payments online to your PayPal account and withdraw the money to your local bank account or the associated card. The transaction system varies from country to country; some require to add a bank account as mandatory. To make the withdraw, log in to your profile, go to “My Account,” and select the withdrawal option to start the process. Click on the “Withdraw funds to your bank account” option, put your bank account information, and click on the “Submit” button. It usually takes about 5-7 days to transfer the amount to your bank account or bank card from your PayPal account. However, if you’re a personal account holder, you cannot withdraw more than $500 a month.
6. How do I create a PayPal payment button?
If you own an online business where you receive payments from your customers, you can add a “Pay with PayPal” button. Your customers can click on the button to pay for the goods or services they purchase from you. To make the button, log in to your PayPal merchant account, and Go to “Merchant services,” navigate to the left side, and select “Website Payment standards.” You will see 3 button styles here; select the one you like and enter the payment details and copy the code. You can now paste the code on your website to display the button on your website to get payments.
7. How to add new currencies to the Paypal account?
If you receive payments in other currencies, you can add that currency to your profile to receive that currency balance. To add a secondary currency to your PayPal account, log in to your profile, click on the “My money” button next to the PayPal balance. You can add the new currency in the “Manage currencies” section to make the new currency profile. Any new payment you receive with that currency will go to that currency balance. However, for sending money or requesting balance, your main currency account goes into the process.
Many people are getting to know about PayPal every day, and not all of them are super keen about it in advance. If you’re also new to the name, and interested to know how PayPal works, you must have some questions in your mind. You can get a great online transaction experience if you know how to use PayPal properly.
If you start using a new PayPal account without knowing how to make use of it, you may end up getting a PayPal limited account. To get the best experience from PayPal, be sure to get through the user policies and the accepted actions. Never make any unauthorized transactions, pay or receive payments for banned items in your country.