Anyone with an online business should be well aware of PayPal. Established in the year 1998, this is an extremely popular payment method and has been lauded by critics as well as consumers. PayPal is basically a medium through which the PayPal members can send or receive money, through the web, from all around the world. Credit cards or bank accounts, both can be used to fund PayPal account of a person. Only, in order to utilize PayPal, both the sender and receiver must have a PayPal account. The list of awards won by this company is prestigious. It has won the ’06 Webby Awards’ ‘Best Financial Services Site’ award and also the ‘06 Webby People’s Voice Award. The company is basically based in California. In the year 2002, this company was bought out by yet another popular name, eBay.
Depositing With PayPal
Buying anything via PayPal is simple and effective. The option of paying through PayPal is usually available on the checkout page. The money is easily transferred to the requisite account. On successful payments, the payer is usually notified via an email. You may be wondering about transferring funds from PayPal to the individual bank accounts.
If you are a resident of the United States, then the process will be extremely simple for you. The time taken for such withdrawal of cash is usually between three working days to five working days. Apart from the US, there are seven more countries that enjoy such easy facilities. These countries are – New Zealand, Netherlands, UK, Germany, Canada, and Australia. Apart from the United States, all the other countries around the world have to pay a small transaction fee. If any merchant belonged to any other company, apart from the above eight, then transferring money out of PayPal account is not easy. Sending a check to the merchants in these countries might seem to be a solution, but being an electronic transmission company, PayPal is not too keen on changing its policies.
Benefits and Drawbacks of PayPal
There is no denying the fact that PayPal is one of the most popular payment methods in the world. It is recommended for many reasons, but the biggest reason would be the amazingly low fees the account holders at PayPal have to pay. This is applicable mainly to personal account holders, who can get up to a hundred dollars per month free of any charge. On the other hand, if you have a business account, you will have to pay a fee to get money. But, unlike other paying methods, the percentage cut is very small.
PayPal has an extremely strict security standard. This has invariably resulted in some countries being allowed to pay via PayPal but not receive funds. This scenario can be highly undesirable for a freelancer working from particular countries not being able to receive funds. But, on the brighter side, owing to highly strict measures, PayPal has dealt with a much lower rate of fraud compared to other more liberal payment systems. So even though some countries face a drawback here, overall it is indeed a benefit.
Click to visit PayPal official website