PayPal is an online payment service used to receive or send payments online. According to your need, a PayPal account can be a personal or business account. PayPal provides services in more than 200 countries, and nearly 360 million users worldwide benefit from this outstanding service. Its worldwide service makes it popular among the people.

Why use PayPal for payment? 

PayPal has been providing services since 1998. It’s the best alternative to send and receive money for free. A PayPal account is connected to your real bank account and debit/credit card, so you can easily purchase anything online using your PayPal account. 

Safe transaction: 

It’s the safest option if you don’t want to enter your card details on random websites. Usually, merchants can see your payment details when using a card for the purchase. PayPal protects your sensitive data keeping your information safe and secure. 

Easy and comfortable: 

PayPal is now one of the most used payment methods on multiple online stores. Now you don’t need to have your credit or debit card with you. You need to log in to your PayPal account to purchase anything.

Is PayPal free to use?

If PayPal provides quality service, should it be charging some amount? No, PayPal doesn’t charge for sending and receiving payments for most of the transactions, but it can ask you to pay some amount for some transactions.

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If you are sending an amount to your family and friends, this transaction is considered a personal transaction. For individual domestic transactions, PayPal doesn’t charge any fee, but it can charge foreign fees of about 1% for international transactions. According to your country, if the amount you are sending is from a debit or credit card, then PayPal charges about 2.9% and a fixed fee.

Also, if someone sends you money, no fee is required unless currency exchange is involved. 

Suppose you are purchasing from a website that accepts PayPal account transactions. No fee is involved for domestic purchases, but a 5% fee is required for international investment. 

Even if you transfer the amount from the PayPal account to your real bank account, no fee is charged and it requires some time to transfer the amount, but If you want it urgently, then PayPal fees is 1% of the amount. 

Kinds of PayPal account:

Before registering on PayPal, you need to know about the different kinds of accounts PayPal offers. 

Personal account: 

If an individual wants to send and receive money from friends, family or purchase online through websites, a personal PayPal account is the best option. You can link your bank account with credit/debit cards, and you can also access your transaction history. 

Business account: 

PayPal helps businesses to accept PayPal payments by PayPal business account. Now you can receive amounts online, on debit or credit card, even if your customer doesn’t have a PayPal account.

How to set up a business account on PayPal:

Setting up an account on PayPal can make your payments secure and fast. We discuss how to set up a business account on PayPal in a few easy steps. Before creating an account you need to learn any rules and regulations specific to your area, although it’s all the same around the globe. 

  1. First, you need to go to the website PayPal.com and sign up.
  2. Now select the option of business account for sign up.
  3. Next, select the best package for a business account according to your requirement.
  4. Now enter the email address you want to link with this account. 
  5. You can create a password and choose the login method you want to select. 
  6. You need to enter information about the business you are running and its average income. They will also ask for your federal tax identification number.
  7. Finally, enter your social security number and date of birth to confirm your identity. This will help to verify your identity and approve your account.

After these steps, PayPal approves your account instantly if you provide all the details correctly.

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How to change a business account name on PayPal? 

Have you misspelled the name or want to change the name of your business account? PayPal gives the option to change business account names. But you may be required to upload and send some verification documents for implementing a new name. 

  1. The first step is to log in to the website PayPal.com in your account. 
  2. Near the logout option, click on the business profile.
  3. Now click on the profile and then setting.
  4. Then click on change, next to the name.
  5. Finally, select the business name you want.

After these steps, PayPal asks you to fax or email the changing business name verification documents. The bank account you have linked should also be similar to the name you choose for your business. 

Conclusion: 

PayPal is one of the safest ways to send and receive money and more than 360 million users are using this platform for personal and business-related work. PayPal is primarily free, but some transactions may require some fee. This account also helps you with online shopping without any hassle.