PayPal, What is PayPal, How to create an PayPal account, When was PayPal founded, Who is the founder of PayPal, Types of PayPal account, How does PayPal work
Do you know What is PayPal? Everyone knows that our world is completely surrounded by computers and the internet. From our personal belongings to all the important things of the house, nowadays we order them online and we get all these things comfortably sitting at home with the help of computer and internet. All these facilities are possible only and only because of internet. Because of the internet all our work is being completed in very short span of time.
Every money transaction are mostly being done through internet in today’s time. By the way there are many online payment facilities available in the internet such as Internet Banking, UPI, Paytm wallet etc. and one of them is PayPal. Very few people have accurate information about what is PayPal and how to create PayPal account. So today we will get some information regarding this facility. PayPal is bigger and better than all those online payment services. Online payment service is that because of which an online buyer after buying his goods pays the price securely through his credit card or bank account.
What is PayPal?
PayPal is a popular American company. It runs and online payment service worldwide. It allows an ordinary person or a businessman to transfer and receive funds electronically. This is a great alternative to traditional paper method such as checks and money orders, which people use to use earlier. Through PayPal any merchant can easily and security transfer is money anywhere in the world.
When was PayPal founded and by whom?
PayPal was founded in December 1998 on the lines of a company called Confinity. At that time it used to develop security software for handheld devices. The founders of PayPal are Max Levchin, Peter Thiel, Luke Model, and Ken Howery. It was established in the year 1998 and after a few years it was bought by the eBay company. When any person starts doing online business, then he needs a means so that he can send or receive his payment. Normally when we have to make payment then we make online payment with the help of our credit card or debit card but if we want payment then we have to take help of payment services like PayPal or Google Wallet. PayPal is the oldest and most trusted online payment service. Its service allows us to do National and international money transaction through the internet. Today PayPal has 100 million member accounts in 190 countries of the world. This shows that with the use of PayPal today people across the country are doing their money transaction easily with confidence. No special technology or licence is required to transfer money from PayPal, the most important thing is to create your account in it, have a valid email id and bank account. Actually PayPal works only through email addresses. How? Let’s know about it further before this let’s know about its types.
Types of PayPal
1. Personal Account
Since its name is personal, it is very easy to know that these accounts are used for personal use. In these accounts you can make about 5 credit or debit card funded payments every year and for this you have to pay at transaction fee in all transactions.
2. Premier Account
This type of account is suitable for those members who transact with high transaction volume or who like to access PayPal’s core and premium features. This premier accounts are limited to only one individual name, that is you cannot use it for business purpose. Compared to personal accounts, here you can do unlimited amount of credit or debit card payments transactions. But there is a fee on all the payments that you receive.
3. Business Account
This accounts have been especially prepared for businesses only, which you can operate in any business under the name of a company or group name for payment transaction. Like premier accounts, in this also you can make unlimited number of credit and debit card payments but you will be charged only for receiving payments. At the same time, only the option of personal and business account is visible to you on the website.
Important documents for PayPal account
If you want to open a PayPal account, then you must use these three things:
1. Bank Account
2. PAN Card
3. Debit or Credit Card
How to create PayPal account?
If you also want to create an account on PayPal, then you can do so. You can also easily create your own PayPal account on PayPal in just a few minutes. For this you have to follow the steps given below:
First of all you have to go to PayPal.com website. Click on the Sign Up button there. Then choose personal account for yourself and then click on continue. Now you have to fill some options like:-
1. Select Country.
2. Fill your Email Address.
3. Fill a strong Password. If you want, you can use the password of Gmail.
4. Now fill the Password once again.
5. Fill the Captcha Code correctly.
6. Now click on continue.
Once you have clicked on continue then a new window will open in front of you. Now let’s know what you have to do next.
1. First you have to fill name and middle name.
2. Then you will also have to fill the last name.
3. Fill your date of birth.
4. Select your country.
5. Then you have to fill your address.
6. Again you have to fill the address.
7. Now choose your state.
8. Then fill the zip code of your city.
9. Then enter your mobile number.
10. Now you have to tick on agree policy.
11. Now you have to click on agree and create account to proceed further.
12. After doing all the steps mentioned above, you will receive a mail on your email which you have to verify and enter here.
How does PayPal work?
We have to create our user ID using email address in PayPal. Because only through our email address we will be recognised in online transaction. After registration, we have to give our bank or credit card details in our user profile. To check whether the given details of the credit card are correct or not, PayPal transfers one or two small amounts of money such as $1.06 and $1.30. After getting this money in our bank account, we have to go back to our PayPal profile and put the same amount of data in the box given there.
When the entered data is correct, then our bank account is considered completely verified. After verification, our account is created in PayPal, through which we can send and receive our money anywhere online. When we open our account in PayPal, immediately after that we can easily make our payment. We can make payment only to those who have an account in PayPal. You can send the money from your PayPal account to the same email address by simply asking the email address of PayPal from the person to whom we have to pay. PayPal sends the given amount by withdrawing it from our bank account.
Function of PayPal
PayPal deducts its commission and sends it to transfer money from your account to another account. That’s why you have to transfer money by adding PayPal’s commission along with your payment amount. This is the matter of sending money through PayPal account. Let’s know further that how will we get payment from another person through PayPal. When we have to take payment from our person, it does not matter whether that person is in your area or out of your area, we just have to give him the email address registered in PayPal.
After that the person paying you will transfer the money to your PayPal account. After the money is transferred, you will get an email that so much money has been transferred to your account, and the name of your payer will also be included in the mail that sent the money to you. After that you have to decide whether you want to keep your money in PayPal account or transferred it to your bank account. But before your money is transferred to your bank, PayPal deducts its commission and deposits your money in the bank.
1. Who are the founders of PayPal?
Ans. The founders of PayPal are Max Levchin, Peter Thiel, Luke Model, and Ken Howery.
2. Who is owner of PayPal?
Ans. The current CEO of PayPal is John Danahoe.
3. Where is the headquarter of PayPal located in India?
Ans. The headquarter of PayPal in India is located in Chennai.