PayPal is considered to be one of the safest and quickest options to transact online payments. As an internationally renowned e-commerce business entity, PayPal enables individuals and companies to conduct payments through the medium of the internet.
The Global Reach of PayPal
PayPal is considered to be an alternative method to checks and money orders as the entire procedure is conducted online. PayPal acts as an acquirer, that is, a financial institution which allows credit and debit card payments to be processed to pay for goods and services.
There are a number of benefits of transferring money via PayPal, these are:
- It enables customers to directly pay for goods and services. The money is transacted from the customer’s bank account or their credit card
- PayPal offers enhanced levels of security to all their clients. The additional step of verifying bank account details ensures that all payments are legitimate
- All payments are transacted and transferred in a fast and efficient manner without any delays, regardless of the location
- The global outreach of PayPal makes it a money transfer service that is available to individuals and merchants across the globe
- It is a service which customers find to be reliable and secure due to its affiliation with a wide range of online retailers and service-providers.
In order to make payments using PayPal, individuals are required to make a PayPal account. This is free of charge and allows customers unlimited access to use their account. Individuals are also able to download a PayPal application on to their Smartphone to further enhance accessibility to the service.
PayPal is likely to charge minimal fees for receiving substantial amounts of money on behalf of other organizations, such as auction sites or online vendors. This fee is dependent on a number of aspects such as currency, amount and payment option used.