What is PayPal? First of all, It is an online payment processor which helps in transferring funds from one bank account holder to another bank account holder. Here there are two parties involve one is
What is PayPal?
First of all, It is an online payment processor which helps in transferring funds from one bank account holder to another bank account holder. Here there are two parties involve one is the sender of funds and the other is the receiver of funds. Here both the bank account holders need not have to share their bank details with each other. Instead the receiver of money needs to share his/her full name and PayPal email address in order to receive funds from the sender of money.
Steps involved in opening an online PayPal account:
- Firstly go to https://www.paypal.com.
- Click on Sign up for free
- Choose the account type that you want.
- Click on Sign up for free
- You have two options- For shoppers or For business.
- Click on register. Type your email address.
- After filling in all the details click on signup. PayPal will send you a confirmation email. Click on it to verify your email.
- The next step is to verify your bank account. PayPal will send you 2 small amounts to your bank account after a few days. You need to enter the same amounts in the PayPal website without any errors. Once you enter the same amounts its verified.
- You can also link your debit or credit card if you wish.
- You can also add your phone number and verify it if you wish.
- Finally your PayPal account is ready to send and receive funds.
What is PayPal’s Acceptable Use Policy (also called AUP)?
- Acceptable Use Policy is a policy which states that you cannot use PayPal for any illegal transactions. You can never use the website for any illegal transactions that is which the Government of your country where you are resided in doesn’t allow.
- Refer the official link below for more details. If the red link mentioned below doesn’t work kindly copy and paste the red link in your web browser to know more:
- If you indulge in any of the illegal activities mentioned above PayPal has the right to limit your account.
Countries where PayPal is accepted:Refer to the below link for more details:
Countries where PayPal is prohibited:Refer this link for details:
Things to keep in mind while using PayPal
- Always type the website on a browser https://www.paypal.com
- If you receive any email that you find suspicious always forward that mail to [email protected] because it will never ask for your sensitive information via email.
- Similarly, Secure your account by verifying your phone.
- Update your address and account details regularly.
- Therefore, use strong antivirus on your computer, desktop, laptop, smartphones and/or on all your devices in which you use it.
- Even more, never save your passwords on the website
- Most noteworthy, never use the website in cyber cafes.
- Above all, never share your personal details with anyone
- No need to provide sensitive information to websites where you have signed up to earn money
- Accepted in 200 countries
- Enable purchase and sale of goods and services online as it enables purchase and sales transactions.
- Fees are charged for most of the transactions.
- Account gets limited if transaction is in violation of the terms.
- You cannot accept any cash gifts through it, donations, etc.
I have been using PayPal for receiving money from online earning sites since 2013 without any issues. I use it in par with their terms and conditions. As a result I am safe! Moreover it is one of the most often used payment processors online.
Many websites use it for sending money when the users redeem their cash. Like in my case I have used PayPal as a redemption for many sites such as Swagbucks, paidviewpoint, etc. and received the money to my bank account in no time. And I am even using it currently.