How PayPal Works
PayPal is an online financial transfer system whatismyreferer. It allows businesses and individuals alike to route money to one another securely and without directly giving a person access to someone else’s bank account. PayPal acts as the encryption software that enables people to transfer money between computers and bank accounts.
Overall, PayPal fulfills a wide range of functions:
Purchase or sell goods and services through websites like Etsy
Send and receive payments for online auctions from sites like eBay
Make donations to organizations and businesses
Exchange cash with another individual
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When you register for a PayPal account, you must first link your account to a bank account. This connection is how PayPal retrieves and sends transactions; otherwise, you would have to upload funds to PayPal electronically, and effectively make it into a bank account of sorts. When you make a purchase on websites like eBay, you can receive money through your PayPal account or charge your bank through it. PayPal ultimately handles the actual transaction and communicates between the retail store and your bank.
Businesses can use PayPal through the use of shopping cards and online purchasing portals. For many online businesses, PayPal is a convenient way of selling goods online.
PayPal is able to make this service into a viable business much the same way as credit card companies do, through merchant account services. For buyers and for sending money to someone else, the service is entirely free. Companies that accept PayPal as a payment method are the only ones charged for services rendered. The fee is typically 30 cents plus a 1.9 to 2.9 percent surcharge, which may not seem like much until you consider the millions of daily transactions PayPal handles.