An estimated 430 million people worldwide use PayPal – a figure which highlights just how popular the digital payment method has become.
It was initially associated with eBay but has since become a serious rival to other payment options such as Visa and Mastercard. There are numerous places that accept PayPal, such as online casinos, airlines and other online retailers, making it the ideal choice for anyone who wants a safe and secure way to pay for goods or services online.
With that in mind, read on as we take a closer look at PayPal before assessing some of the best ways to use it to facilitate online payments.
What is PayPal?
In simple terms, PayPal is a digital payment system which allows you to make online payments via a wide range of devices including computers and smartphones.
Users can link their bank account, debit card or credit card to their PayPal account, which serves to act as an additional layer of security when making payments. Its enhanced security features include end-to-end data encryption, two-factor account logins and email confirmations for online transactions.
PayPal also has its own credit service that allows users to defer payments. The firm also offers a buy now, pay later scheme which has no fees or interest attached.
Most transactions and personal payments are free on PayPal, although there are occasions where fees may be applicable. These include foreign transactions, where a small percentage fee may be applied to cover the costs of converting the currency.
While it is generally free to receive money from friends or family via PayPal, the same currency conversion rules apply for money sent from overseas. Withdrawals from PayPal to a local bank account often arrive immediately, making this one of the most efficient ways to manage your money.
PayPal can also be used for business purposes – a handy option for self-employed individuals or small businesses who don’t want to use traditional banking services.
How do I Create a PayPal Account?
Creating a PayPal account is easy. Just visit the firm’s official website or download the app from your favourite store and follow these steps.
You can create a PayPal account from your computer or mobile browser or directly through the PayPal app. Here are the steps you will need to follow:
- Click the blue ‘Sign-Up’ button and select ‘Personal Account’.
- Enter your phone number to receive a text with a security code which you enter on the next screen.
- Enter your name, email address and a secure password.
- You will then be asked to enter your mailing address.
- Agree to PayPal’s privacy policy to create your account.
Once your account is open, you will have the opportunity to link your bank account, debit card and credit card. Each of these have a verification process attached to them.
How Can I Use PayPal?
When your account is up and running, you are ready to start using PayPal. Here some of the most popular ways you can utilise this payment method.
iGaming Payments
Digital payment methods have become all-the rage in the online gambling sector, with operators offering customers a wide range of different options.
PayPal is undoubtedly one of the most popular and is used by people to make deposits and withdrawals on sportsbooks and online casino sites. The additional layer of security provided by PayPal makes them an enticing proposition for bettors, many of whom are reluctant to use debit cards to fund their activities.
e-Commerce Sites
As mentioned earlier, PayPal was originally associated with eBay. However, it is now a common payment option on numerous e-Commerce sites worldwide.
Most of these now have a speedy link you can use which allows to use your pre-stored PayPal information to make safe and secure online payments. PayPal also has a Buyer & Fraud Protection scheme attached to it, which covers you if purchases fail to arrive or are not as advertised by the seller.
Friends or Family
PayPal is great for facilitating payments between friends or family and can be actioned simply by using someone’s email address or mobile phone number. If the person does not already have a PayPal account, they will be able to withdraw the money once they open a free account.
Always make sure to select the ‘Friends and Family’ option when making payments of this nature to make sure no fees are incurred.
Overseas Payments
You can easily transfer money between PayPal accounts in seconds, no matter where you located are in the world.
The funds arrive quickly into the recipient’s account and can be easily withdrawn or left in PayPal to be spent at a later date.
Fees generally apply to overseas payments and can vary between different regions, so always check the rate before committing to any transactions.
