PayPal is a popular name you have likely heard a lot. It’s international, incredibly easy to use, and is trusted by millions of consumers and merchants alike. As the biggest processing system for online payments established in 1998, PayPal was the first-ever of its kind that made online transactions simple and fast.
PayPal works with merchants all around the world and there are some specific reasons why it’s more popular than other online payment systems. Read on to find out what they are, and how PayPal has become so popular internationally.
Security is Number One
PayPal’s security features are number one on this list because of the complete freedom from using personal information for any financial transaction. It’s completely safe to use when shopping online because no credit card or banking information needs to be given out. PayPal has 128-bit encryption with SSL certificates that protect your payment information.
Your information remains with PayPal alone, and all transactions have various security checks in place to ensure that no payments can be done without you knowing about it. For one, an SMS, email, and PayPal notification will be sent if you have the app. Unless someone has access to your PayPal login details, as well as your banking pin, they cannot get in. When you sign up and wish to receive money in your bank account, you will need to validate that information. Your credit card information is essentially only entered once when you make the first payment, and then never again do you have to worry.
It’s Free to Use
The system is completely free to sign up for. Whether you choose a personal account for online shopping and sending payments, or you opt for the business account option, the fees are the same. PayPal still has to make a profit on their end, so you pay when you withdraw money from PayPal into your bank account. There are no annual membership, processing, or service charges. This means you can send money and pay for online goods at no extra cost. It’s only once you convert that money to your bank account will you be charged a small percentage.
Depending on the country you live in, you may be charged additional transaction fees based on the forex trading rate. Still, the fees are low enough that they won’t make a major difference to your financial situation. Then the only other charge is between your UK bank and PayPal. Another great part is that when you shop at certain places such as Nike and Apple, you get additional discounts. To get these discounts, look for a promotional code from PayPal’s shopping page and copy it to the merchant’s website at checkout.
PayPal is available in over 200 countries and holds 100 different currencies that can be withdrawn from. There is a massive international affiliation, and many medium sized businesses are using PayPal as a means to receive money from various partners. It’s safer than the standard electronic payments through a bank account, and some countries don’t pay any additional fees for currency conversions. Many banks in the UK, for example, aren’t regulated by other countries, and PayPal is the best middleman for international transactions that work with different currencies.
There are more than two million customers that accept PayPal payments through online merchants without any additional fees. For anyone who is a fan of online casinos, but unsure about which are trustworthy or even where PayPal is supported, check out onlinecasinos.co.uk. Online Casinos provides high quality reviews of all available online casinos. They are regulated by the UK gambling commission and can provide you with information on any major online casino in the UK area.
Consumer and Buyer’s Protection
Because PayPal has such great security measures in place, you can use it when auctioning on websites like eBay. There is complete buyer’s protection because you don’t have to disclose your name, and eBay is specifically integrated with PayPal.
As a small business or freelancer, you can send invoices that display any name you wish; it will only use your email address to notify the person that payment is waiting to be received. It’s even beneficial for customers of yours who don’t have a PayPal account. You just send them a link to make a payment and you’re done.
Multiple Account Options
Whether you are looking for an account option that allows you to send money overseas to family, or you have to manage numerous bank accounts for your business, PayPal is the answer. Once you have validated your credit card, you never have to worry about being declined by accident or because you entered the wrong details.
You can have a debit card for your monthly salary, and a credit card where your online shopping is safe. PayPal gives you the flexibility to choose how you pay, and how you want to be paid. PayPal also has a very high limit of transactions. To be exact, £44,000 is the most that can be sent or received for a single payment, whereas most online transaction companies, such as Venmo, have a limit of £5,000 per every seven days.
From Android to iPhone, PayPal has an app for any system. With the app, you can send and receive payments, process online transactions, and transfer money between accounts. You can even send your invoices through if the power dies and your laptop has run out of battery.
If you have an iPhone and need to make a payment to someone else with an iPhone, you can just bump phones to make the transfer. Now that’s technology at its finest. Don’t worry, the system won’t just make the transfer automatically, as you will have to enter your unique pin. You can rest assured that even with the mobile application, your financial security is maintained.
With PayPal, the transaction time is also immediate and the checkout process to receive money is incredibly straightforward. You will instantly see the money in your account and can use it for whatever reason. There are many other online transaction companies like PayPal, but with these features, it’s easy to see why it has become so popular.