If you are a regular online shopper or you frequently transfer funds electronically and pay bills over the internet, then you must have wondered about using PayPal sometime in your life. It is the most popular service for making online transactions. The idea behind PayPal is using encryption software for transferring funds between computers.
While MoneyGram, wire transfers and other payment making tools were the standard through the 20th century, more than 170 million internet users make use of PayPal for their needs of online transactions. If you too are a user of its services, here are some questions that you might have or things you would like to know.
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How Does PayPal Work?
PayPal allows people to send money to each other using their email account, all the while concealing the credit card and bank information of the parties involved. Hence, the service proves to be perfect for purchasing goods from people whom you don't know. It acts as a middle man, who holds money just like an escrow service.
How PayPal works for sellers is that it assures them they can recover their goods or funds in the case the transaction goes sour. Buyers enjoy the same guarantee that they will not lose their funds should the transaction fail to undergo.
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Why Is It So Popular?
The reason why PayPal is so popular is that it is widely used and hence, creates trust among the masses regarding its services. It is convenient as all you need is the email address or the mobile number of the recipient and you can transfer funds within seconds.
Another reason that it works for most people is that it has no particular requirements. All you need to send or receive money through PayPal is a valid email address and a valid credit card. PayPal also works with a bank account through which you can make payments or receive funds.
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How PayPal Works With eBay?
PayPal works with eBay in a fashion that allows the user to make use of its service to purchase a product on the online shopping portal in an instant or bid on one in an auction. A major reason that eBay users prefer PayPal over other methods of payment is that purchases of up to USD 1000 can be insured through it. It has been estimated that approximately USD 7000 are transferred using the service every second.
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Well, now that you know how you can make payments for your online purchases and how safe it is, what are you waiting for? If there’s anything, you have been waiting to buy, place your bid or add it to your cart now. But before you go, spend a few seconds sharing your views with us through your comments.
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