What is PayPal?

Start accepting credit card payments today with PayPal

PayPal is an online business that allows you and your website to accept payments from credit or debit cards from anywhere in the world.

How does PayPal work?

PayPal works as an online financial transaction broker that allows people to send payments to others via email without disclosing credit card or banking information to either unknown party.
After years of helping businesses conduct secure transactions, PayPal has consistently grown in popularity by gaining the trust of both parties to serve as one of the top money transfer options for small businesses today.

What do you need to do to start using PayPal?

To start using PayPal, you will first open an account, which you will complete with your personal business details. PayPal will then make two small deposits into the receiver account that you nominate. Once you see the deposits in your account, you will confirm the deposit on PayPal, which makes your account active and ready to use.

PayPal will then provide you with a code to add to your website that, once added to your site, will link your site to the online payment section of PayPal. Customers make payments to PayPal and, once the payment is shown in your PayPal account, you then have access to transfer it to the bank you initially chose.

Please note: It is your responsibility to declare all of the sales that you make for tax purposes. PayPal is, in no means, a method or venue to avoid taxation.

Investor Tip: To generate more sales, add social networking links to your website to attract more visitors. This is further explained in the next section.

Advantages of Using PayPal

As an online payment processor, PayPal provides a wide range of advantages to both large and small businesses. These advantages include:

Security: When you initially set up your PayPal account, you will enter our credit cards or bank accounts that you wish to use for transactions. Unless you change banks or accounts, this will be the only time that you ever have to put this information into the system. That’s right! You can make purchases online without having to disclose this information to unknown sellers. In keeping your information secure, PayPal makes the buying and selling process a little less worry-free.

Send Money: As I mentioned before, money transfers are one of the hidden costs that you should be aware of when you request and receive manufacturing quotes for your invention. PayPal allows you to instantly transfer money across the globe at the click of a button. Eliminate those hidden transfer fees and use PayPal to save both money and time.
Flexible Payment: Have you ever had your credit card declined? Eliminate any worries of insufficient funds when you pay using PayPal. Because you have the chance to set up multiple bank accounts and credit cards, PayPal will process the transaction and will then look for the needed funds based on a preset order, which you define during the initial setup. If you want the funds to come from your checking, savings and then credit card, then PayPal will follow this order, or any order you specify. It’s that easy.

App Availability: If you have a smartphone, the PayPal app allows you to have immediate access to your account and funds. Again, this saves a great deal of time because you can confirm transactions or process payments immediately. The iPhone App has an added security feature that requires a PIN number to complete transactions.
Free: PayPal is free. There are no annual membership fees, service charges or processing fees.
Discounts: Who doesn’t love a discount? PayPal has partnered with leading retail stores to offer you incentives for shopping with PayPal. Consider this: any money that you save can go into your invention budget!

PayPal Requirements

Are you ready to use PayPal? Setting up an account is easy. Here are the requirements:

1. A valid email address.
2. A valid credit card or bank account.

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