How does Paypal work?Is it safe in 2020?
Hey,Today, we’re going to talk about PayPal again today. PayPal is a huge platform, everyone uses it but not if it would not have out but not everyone knows how it works.google wallet
So today we’re gonna go through the A to Z steps on how PayPal actually works and functions for your business. Stay tuned. capital one login
So PayPal has been around for a longtime and if you’re not using it for small business, I highly recommend that you do. sprint
It’s an easy platform to send and receive money but a lot of people don’t exactly know how PayPal works. You know, PayPal was a forerunner to what we now know as cryptocurrency. paypal number
It’s not cryptocurrency, don’t get confused,don’t get me wrong but it functions in a similar way so let me just walk you through the basics of how exactly PayPal works. paypal contact
Most of PayPal operates in USD,meaning US dollars but it doesn’t have to. There’s a lot of currencies out therein the world. payment calculator
That can operate through PayPal and PayPal will take all of them,okay,
and what will happen is that you have a bank account whether that’s a checking account, whether it’s a savings account, even a credit or a debit card. paypal sign up
Someplace where you’re keeping your whatever form of currency that you keep,okay. What happens then is PayPal will act as a digital wallet. paypal prepaid
And when you need to send money to someone, what will happen is that money will come either from the debit account, that credit account, that savings account. paypal credit card
That credit union account, basically any bank account or entity that has money will take that money and give it to PayPal. paypal uk
Now you can do that or on your own, you can take your own money and put it in your PayPal wallet or you can pay a Bill from someone. how does paypal work to receive payment
And that money will go from your account to the PayPal wallet. Once it’s in the PayPal wallet, it can do one of two things. how much does paypal cost
It can be paid out to someone directly into their PayPal wallet or you can just keep it in your PayPal wallet and what happens is that PayPal money. how does paypal work with bank account
It’s stillUSD or whatever currency you brought into it will go from one PayPal Walletto another and once it goes into the other person’s PayPal wallet. how does paypal work for sellers
Then they can take that money and through a transaction time of between three and five business days, that money can be put into their bank or their credit card or whatever it is that they. how does paypal work when buying online
Their debit card or credit union and whatever it is that they do so what happens with PayPal is if you are talking to the bank to PayPal for it to PayPal to the bank and it’s a savings or a checking account. how does paypal work with ebay
There aren’t any fees associated with that. Now if you do have a merchant account or a credit card that uses it,
there are what is called merchant fees and anytime you have a credit card transaction. how does paypal work when sending money
Merchant fees are part of that. You typically don’t have to pay for merchant fees as a customer but as a service provider or a product provider.how does paypal make money
You’re definitely paying merchant fees and it can range upto three, four, five percent depending on the credit card that you’re using. paypal my cash
Visa is usually the cheapest Discover card, American Express can get up there as faras merchant fee goes so what happens when you use a credit card on PayPal.
Where do those fees get taken out? Let’s say that you are a vendor on PayPal, you’ve created an invoice and you’ve sent it off to your client.
That client gets that invoice and they’re going to pay it with a credit card so they open up their email, they say the invoice from you, if they say great, I’m looking forward to fulfilling this invoice.
They reply to that email or click on the link in the email and decide to pay with a credit card.
Now They don’t have to have a PayPal account to do that but they can, either way will work. If they have a PayPal account.
They can just pay with the money in their PayPal wallet or use the backup of the credit card as the funding source. Nowlet’s say the invoice was for $50.
You send that over and they’re gonna pay with a credit card. When they pay that invoice with the credit card, they are going to pay $50 so their credit card will have a $50 charge on it however.
You will only receive about $47 $48 because of the merchant fees so when that invoice goes to them and they pay it, before that money comes to you.
There’s this third party called a merchant account that’s going to take out a certain percentage so when you get that money into yourPayPal account.
Yes, they’ll have to pay the invoice in full but you will have a transaction fee removed from that from the merchant, okay. So let’s break it down into simple terms.
You’ve got a bank credit debit credit union, whatever you have you have, PayPal Wallet where all those transactions are taking place on the other side.
You’ve got another person’s bank account when you bring that money in, it goes into your PayPal wallet, you can sit there as long as it wants or you can transfer it out directly to your account.
When that money is sitting there in that PayPal account, it needs to go somewhere if you’re paying for some so it’s either going to go to someone else’s wallet directly from your wallet.
Or it’s going to go from your wallet to their bank account, they can choose where that money goes.
Alright, so it’s from bank account to PayPal wallet, from PayPal wallet to the other PayPal wallet and then from PayPal wallet to their bank account.
And the same works in reverse, it’s basically a digital coin system. Again, very much like cryptocurrency is operating right now but PayPal is the middleman,cryptocurrency.
For example it doesn’t have a middleman, it’s directly from person to person but PayPal will secure all of their transactions with encryption and make sure that the buyer and the seller are both taken care of.
How does paypal work
Hey, thanks for tuning in today, I hope that Post is helpful for you. What questions do you have about PayPal? Post them in the comments below, I’d love to hear them.
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