What Exactly Is PayPal? A Handbook for Small Businesses

TABLE OF MATERIALS

•Who makes use of PayPal?

•Is PayPal safe?

•Is PayPal available outside of the United States?

•Is it necessary to change my entire online checkout process in order to accept PayPal?

•Do customers need a PayPal account to pay if merchants accept PayPal payments?

•Is it possible for me to accept PayPal payments in person?

•Can I make business payments through PayPal?

•How much does PayPal cost?

PayPal was founded in 1998 as a digital payments company. PayPal, is best known for developing the world's first digital payments platform, simplifying the way individuals and businesses send and receive funds with its user-friendly solution.

While it is still best known for its well-known payment platform, PayPal has expanded rapidly since its inception and now has a family of companies that includes Braintree, Venmo, Honey, Zettle, Hyper wallet, and Simility. It also works with over 40 major banks, financial institutions, and credit card companies, including Visa, Bank of America, Banorte, Barclays, Citi, HSBC, JPMorgan Chase, Shinhan Card, Wells Fargo, American Express, Discover, Mastercard, FIS, Paymentus, and Synchrony.

Who Makes Use Of Paypal?

Anyone with a free personal or business account can use PayPal. In over 200 markets around the world, the company has over 300 million active account holders. You'll be able to send and receive digital payments on the PayPal platform once your account is activated.

Is Paypal Safe?

PayPal is safe to use for both personal and commercial purposes. PayPal protects sensitive information from hackers with two-step verification, end-to-end encryption, and email confirmations for every transaction. Furthermore, because transactions only require a login and password, PayPal merchants do not store bank account or credit card information.

PayPal also provides seller protection to its business customers in order to reduce chargebacks and claims. This security includes merchant fraud prevention, 24-hour monitoring, and dispute resolution, which holds funds until the issue is resolved.

Is Paypal Available Outside Of The United States?

Yes. PayPal, which currently converts multiple currencies and processes transactions in over 200 countries worldwide, allows you to buy and sell internationally.

Is It Necessary To Change My Entire Online Checkout Process In Order To Accept Paypal?

No. You can include PayPal as a payment option for your customers once you open a PayPal business account. Simply add a PayPal button to your business website's existing online checkout page. Simply copy a prebuilt code and paste it next to the item or service you're selling. There's no need to hire a developer, and you can even change the color, alignment, and shape of the button on your own.

Do Customers Need A Paypal Account To Pay If Merchants Accept Paypal Payments?

No. Customers can pay with PayPal Checkout using PayPal Pay, PayPal Credit, credit and debit cards, and Venmo.

Is It Possible For Me To Accept Paypal Payments In Person?

Yes. PayPal Zettle (PayPal's mobile payments system) allows you to accept payments in person from debit and credit magstripe and chip cards, as well as contactless payments if your business operates in the field or in-store. In addition, Zettle provides business tools such as inventory management and reporting.

Can I Make Business Payments Through Paypal?

Yes. PayPal securely connects to your bank account and allows you to make business purchases, send money to other PayPal users, pay suppliers, and more.

How Much Does Paypal Cost?

The cost of using PayPal is determined by the types of payments you process and the specific options you select.

There are no monthly fees or contracts with a PayPal business account. The PayPal Checkout feature, which allows you to add a payment button to your existing website, is included in the business account, as are basic tools such as reporting, analytics, and cash management. You only pay the processing fees for the payments you receive. PayPal Checkout charges a processing fee of 3.49% plus 49 cents, and other payment methods charge different rates. Sending money with a PayPal business account is free.

If you need a POS system, PayPal Zettle has no monthly fees or contracts; you simply pay for your card reader(s) and a processing rate of 2.29% plus 9 cents per card present or QR code transaction. For keyed payments, the Zettle rate is 3.49% plus 9 cents.

Monthly fees apply to some of PayPal's many options, such as Payflow Pro (a more customizable gateway). Also, regardless of the solution you choose, chargebacks and instant transfers will cost you money.