PayPal 101


The world is moving at a very fast pace these days and with it, money is being changed as we know it. To makes things easier – especially online shopping – we’ve written a little 101 on PayPal, the online money transfer solution.

paypal

What is PayPal?

PayPal is an online money transfer service which operates worldwide. It is the most popular of its kind with over 170 million users. This service acts as the middleman between purchaser and seller to ensure safe transfer of monies. Financial information is securely encrypted within PayPal’s servers and all shopping can be done with confidence. PayPal also ensures that all eligible PayPal purchases go as planned and with their Buyer’s Protection Service, will assist in any troubles – like ordering a pair of shoes and receiving them in mismatched colours.

How it Works

Sign up to PayPal with your email address and create a password. It’s free to sign up. Add your bank accounts, credit cards and debit cards. PayPal will securely encrypt the details, ready for when you shop. Look out for the PayPal button on websites upon checkout and check out with your email and password on sites and apps worldwide.

How Much Does it Cost?

There’s no fee to use PayPal to purchase goods or services. However, if you receive money for goods or services (such as from selling an item online), the fee for each transaction is 2.9% plus $0.30 USD (R4.55 at time of writing) of the amount you receive.

What is it Used For?

Sending money by email is the phrase they are going for here. Everything from sending money to your aunt in Canada to buying LP records from a hippy in Holland. You can also receive money from others which can be transferred directly into your bank account from PayPal.

By Shawn Greyling

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