PayPal: The payment processor par excellence

Surely you’ve heard of PayPal , right ?.

Within the world of electronic payment processors, it is undoubtedly the best known and I am not mistaken if I say that it is one of the  best currently .

Founded in 1998 by Peter Thiel and Elon Musk, this platform allows and facilitates the online transfer of money between users who own an account, it also allows to carry out payments in shops and other web services without it being necessary to give our bank details to third parties. or credit cards.

 

 

Checking the PayPal account

I recommend checking the account to help keep it as safe as possible. In addition to verify your account you will show all users that you have verified your identity and ownership of the cards or associated bank accounts in the PayPal system, in addition, once you verify your account , the initial limits of sending and withdrawing funds are eliminated that are imposed on all unverified accounts.

To verify an account you only need to add a debit or credit card or a bank account .

 

Once added, the confirmation process will consist of a small deposit by PayPal to the bank account that you have linked (of a few cents) within a period of 1-3 days that will serve as a ‘unique confirmation code’ for the verification .

Once you receive them, go to your account and you will only have to enter them .

 

 

On the other hand to comply with the regulations of the European Union, PayPal will be required to request and verify the information of its customers . According to the current regulation, you will have to carry out this check before it exceeds an annual amount of € 2,500 of payments received in your account, however  if you are a person who does not handle very high amounts you should not worry about this.

Automatically you will be notified when you reach a total of € 1,800 so that you can send and provide the information requested, simply enough with a copy of your ID and some type of invoice where you can verify that the address of your account is correct and true .

Basic operation of PayPal

With PayPal you can pay for products or services, send money to friends or relatives, request money and if your business purposes, you can even create invoices.

 

Remember that with PayPal you never have to give any account number or credit card to anyone. You will only need the email address with which you registered to operate your account.

If you have a problem with a purchase or payment for service, the first step is to open a dispute in the Resolution Center to try to resolve it directly with the seller. You must open it within 180 days from the date of purchase.

 

 

If you can not solve the problem with the seller, return to the Resolution Center to raise the dispute to claim . The term is 20 days from the date of opening of the dispute. In this process PayPal already intervenes directly, which will request information and evidence from both parties and make a decision.

Rates and commissions in transactions

Purchases:  Pay as you pay (with card, bank account or account balance) will not charge any type of fee or commission except in case a currency conversion is necessary .

Send money:  it will always be  free if you use the available balance in your account or funds from the bank account . If a debit or credit card is used, 3.4% of the total will be applied plus € 0.35 per transaction (this rate may be indicated by the recipient).

Receive money: receive money through a payment to friends and family is free whenever you use available balance in your account or bank account funds. If a debit or credit card is used, 3.4% of the total received will be applied. To receive commercial payment or for any sale, a fee will always be charged.