Learn about the service.
PayPal’s home page is located at PayPal
.com. From here, you can immediately request an account, or explore and learn a bit more about it. Here’s a quick run-down in case you don’t want to take the time to poke around yourself.
- PayPal is an online banking service. As one of the oldest and most recognized names in the internet banking business, PayPal enjoys widespread acceptance as a payment medium for all kinds of online transactions.
- PayPal is associated most closely with eBay, the famous online marketplace. However, it is also used in many other places.
- There are different account levels. The most basic account is the Personal account. It’s free, and comes with a $500 monthly withdrawal limit.
- Most people opt for the Personal account, which is essentially free to use as a purchasing tool. Those who sell goods or services regularly online might consider getting a higher-caliber account.
- A Premier account, which costs money, lifts the monthly withdrawal limit, allows the account holder to accept personal credit and debit cards as payment for a modest fee, and adds live customer support service.
- A Business account is the most expensive and full-featured type of PayPal account. It comes with everything added by the Premier account, as well as a number of other features useful to small businesses:
- Access to advanced tools and reports from PayPal and eBay
- The option to hold the account in the name of a business, rather than a person
- Limited access options for employees to interact with the account
- The ability to receive payments from buyers without PayPal accounts.
- A PayPal credit card is available. This is a fairly straightforward Mastercard brand credit card with a middling range of interest rates and some perks for regular online shoppers who use the service.
- PayPal comes with guarantees. PayPal is popular in part because it has features and services in place to help protect buyers and sellers alike from scams and problems with payment.
- Partly because of this, the service is also notorious for placing unnecessary holds on user accounts, often for unclear reasons. PayPal’s basic financial protection philosophy can be described as “better safe than sorry.”