what is paypal?

Question

can anyone tell me exactly how paypal works looked on the website and is very complicated to understand please help thanks

Answer 1

Paypal is part of the Ebay online selling company. Essentially it is a means of both sending and receiving money securely online.
Check out:
http://en.wikipedia.org/wiki/PayPal

for a better and clearer explanation than the paypal website.

Essentially you sign up for Paypal by providing your name, address, DOB, tel number and email address. You should register a credit card and/or bank card with them.

If you buy something [it does not have to be from Ebay - part of Paypal], the company or person may ask for payment by Paypal.
You simply log on to your paypal account with your email address and password and go to the link at the top of the page which says "send money" and put in the name of the recipients email address and the amount to send... and then payment is taken from your credit or bank card and sent to the seller. They do not directly receive the payment into their bank accounts. It will go to their paypal account and they must withdraw it and then request it to be sent to their bank account or wherever.

Now if you are selling something and request payment by Paypal, the payment will go to your paypal account. You again log on and then you can withdraw the amount and send it to your bank [only if the amount is over £7.00. You can't withdraw amounts under £7.00 for some reason].

Unfortunately though the Paypal service is not free and each time you withdraw sums you get charged a set percentage of the amount you are withdrawing. Paypal also can set limits on the amount of money you can withdraw from your Paypal account every month.. but the limits can be quite high.

Paypal can be good if you don't want to send money/credit card details directly to a person as they have no access to your card/bank details. Also they have a protection policy if you get ripped off and buy an item which doesn't arrive for example - you can go through a resolution process and get refunded if you have followed the rules - e.g posting to a confirmed paypal address.

One bt of advice... if you join Paypal make sure you "confirm" your postal address. The details of how to do this will be on the site, or you can phone paypal on the telepehone number below for more advice on this. More importantly if you are selling anything to anyonelse make sure that you are sending your item to a "confirmed address". When you receive payment for something and go to check the address where to send it.. it will say "address conirmed" and "seller eligible for protection". This means that if you send out item and there is some problem down the line it will be easier to resolve. I sent out an expensive MP3 to an unconfirmed address [ usually a sign there is fraud going on] and it transpired the "buyer" had used a fraudulent credit card. I had to pay back the real person the money used on his card, lost my MP3 player and Paypal would not help as I'd sent it to an unconfirmed address.

You can also phone Paypal and they can go through the registration process with you:
Tel:[phone]
12:00 p.m. GMT to 6:00 a.m. GMT every day


Oh and if you choose a password for your Paypal account use one which will prove difficult for people to hack into. This is really important...

Answer 2

Hello
A person obtains a paypal account if they want to make purchases on the internet without using their own credit card information or bank account number due to identity theft being out there.

To obtain a paypal account, the person has to first go to their website, create a log in, then depending on where they want the funds to be withdrawn from they fill that portion of the question, lastly whatever information they gave as a means for paypal to get funds from the individual gets linked to their pay pal account.

When this individual wants to make a purchase on an internet site that accepts paypal, all they would have to do is to enter their paypal password, and the funds will be withdrawn from the financial info they gave.

Once the purchase is concluded then a receipt will be sent to this persons email address.

Answer 3

I have never used Paypal, but on ebay they have Paypal. I heard that it is something like a money order/credit card that you can use to buy something off of the internet. By using Paypal, I think the money can get sent right from your credit card to the business/person you are buying from.

Like i said, i dont have much experience with this, but i hope it helps

Answer 4

Why does every on-line payment method involve a credit card surely this is discriminating against someone like me who does not have a credit card for the simple reason I do not want to get in debt, I also do not have a debit card for the same reason but without either you cannot buy anything on the Internet, I think it is all a con to extract money from gullible fools as you do pay a certain fee every time you use these services I would not use it if I were you as you are leaving yourself open to identity theft.

Answer 5

You create a paypal account and transfer funds into it from a bank account or credit card. You can use those funds to pay anyone else who has an email adr. You tell paypal who you want to pay, they inform that person and the person then claims it (providing they have a paypal account also.) They do pay a % to withdraw the funds tho!

Answer 6

I don't like paypal. I feel it is dangerous because i don't see them and i don't know what the heck they do afterwards to my account. Paypal is a company that some businesses set up an account where these businesses have their customers to set up account with them so that they will pay online. Ask your merchandiser how to pay on line - they will lead you to this website. Good luck.

Answer 7

Online payment service. You can pay a vendor with a checking account or credit card without actually having to give the vendor your information. If you are the vendor, you can accept credit cards and checks over the internet without having an outside processing service. Go to paypal.com for additional details. I have used paypal successfully for many ebay transactions. Google is also offering a similar product.

Answer 8

Paypal is an account u set up. You can transfer money from your own paypal account to someone else who has one.

Very handy for dealing through e-bay and also gives you payment protection which u can use if the item you have ordered does not arrive.

Answer 9

You agree to buy something from Fran for $50. Fran accepts PayPal. To pay Fran, you have to link your bank account or credit card account to PayPal. You then authorize PayPal to withdraw $50 from your account and send it to Fran. Fran then collects the money and sends you the item.

PayPal offers some protections outside of just cash transfer, but you can still be scammed using them. Trust the person you are buying from first and foremost and only then should you send them money.

Answer 10

ok well you start by registering, you'll need your credit card to do this. when your registered and shopping on a sit that uses paypal (ebay sellers use it a lot) you simply click on the link to pay with paypal and folow the instructions, it may seem daunting but is pretty simple. it basically gives you a way to reclaim your money if the goods you buy aren't delivered or turn out to be faulty