Making purchases online with your PayPal account is the most secure way of doing money transaction. PayPal has been establish since October 3, 2002 then became a wholly owned subsidiary of eBay. PayPal basic structure and they are known for is an international e-commerce business allowing payments and money transfers to be made through the internet.
When you look at PayPal closer, its terms of processes it works just like a merchant bank which contacted to authorize a credit card or debit purchase for online vendors, auction sites, and other commercial users, for which it charges a fee. Below is the general overview of the different kinds of accounts PayPal offers, take a peek and find the account that is right for you. These list account types are underlined by PayPal.
- PayPal account types
We know people use PayPal for different reasons. Some people use it mainly to shop online. Other people use it to buy and sell things. Still others run full-time online businesses. We offer several types of accounts to meet all of your needs. Choose from a Personal, Premier, Business, or a Student Account.
All PayPal accounts let you:
- Send and receive money.
- Pay with your PayPal balance, bank account, credit card, or debit card.
- Shop online.
See an explanation of related fees.
If you just need to make purchases and send money to family and friends, a Personal account is probably for you.
You can use a Personal account to:
- Repay a friend for your share of lunch.
- Send money as a gift.
- Buy a book online.
If you don’t have a full-time business, but you want to accept PayPal when you sell online, consider a Premier account.
Premier accounts have all the features of a Personal account, plus you can:
- Accept debit or credit cards.
- Apply for the PayPal Debit Card.
- Accept PayPal for the items you sell on eBay.
We recommend Business accounts for online merchants who operate under a company or group name.
A Business account has all the features of a Premier account and more. With a Business account, you can:
- Operate under your company or business name.
- Accept debit card, credit card, and bank account payments for a low fee.
- Allow up to 200 employees limited access to your account.
- Sign up for PayPal products that meet your business needs, such as Express Checkout.
- Set up a separate email address for your customer service issues.
Student Accounts are for teens aged 13 and up and are designed to help you teach your kids how to manage money. A Student Account is linked to your PayPal account so you can track all transactions. You can create up to 4 Student Accounts under your Personal, Premier, or Business account.
With a Student Account:
- Teens receive a debit card with their name on it that they can use anywhere MasterCard® is accepted.
- Parents can monitor all account activity.
- There are no hidden fees or charges.
Your child can only spend the balance you make available in the Student Account
- Add money to the Student Account.
- Monitor spending.
- Set spending limits.
- Receive low balance and high-spending alerts.
To add a Student Account, you need:
- A PayPal account with a confirmed bank account.
- Your child’s email address.
Another useful information regarding fees according to PayPal: PayPal fees will be deducted from the Seller’s payment for total amount of the listing, including the Ask Price and the Sale Fee. PayPal’s fees are typically 2.9% + $0.30 USD per transaction, but may vary. Please consult PayPal’s site for more information. Just to be clear, when it comes to “Buying”, is always free with PayPal. When you sell with PayPal, you get some of the most competitive rates in the business. Again, it’s mostly 2.9% as mentioned above per transaction and even less if you sell more.
As advertised by PayPal,
Sending & Requesting is Usually 0.
Sending money to friends and family is free for you and the recipient in the US when you fund the transfer with your bank account or PayPal balance. You can also use a debit or credit card or make an international transfer for a small fee.
Let’s break it down as listed below –
|PayPal balance or bank account||Free when sending money inside the US|
|Debit/Credit card fee||2.9% plus $0.30 per transaction (the sender decides who pays this fee)|
|Outside the US||0.5% to 2% fee when fully funded with your bank account or PayPal balance or 3.4% to 3.9% if paying with a credit or debit card|
There is also a verification process due to security reasons – evidence of their identity. You can find out more in details by clicking on their URL link below https://www.paypal.com/webapps/mpp/security/verification-faq. Due to my experiences with PayPal, it has been very reliable and non-threatening to make purchases online. When comes time to receive money, please click on the URL link below and it will provide you step by step process;
PayPal, basically filters out your credit card or checking account when it’s time to submit your transaction and the vendor cannot see your account information, PayPal is doing their part behind the scenes. Receiving money also a simple step to follow, please click on the above URL link and follow the easy steps. Hopefully this information will take you in the right direction and decide for yourself on which account you would like to join. Pay attention to the guidelines and do your own research before diving into it. Good Luck!