Monday, February 10, 2014

Paypal 101

If you are planning to do online work for primary or supplemental income, you should make sure that you have the proper means to receive your income online. One of the most trusted middleman service for online transaction is Paypal. I know some people prefer direct deposit or a mailed check and that’s alright, but there are also instances when the company only offers payment through Paypal. So, it is better if you have a backup system to transfer money besides check and direct deposit. PayPal is sort of a financial middleman that lets people send and receive money by using a person’s Paypal email address.

PayPal Requirements
A valid Email address.
A valid International Credit card or bank account.

Paypal Account
Paypal is very ideal system for transferring money between strangers, without the hassle of providing credit card information and other details that can be used fraudulently online. To maximize your Paypal control, make sure to connect your Paypal account to your personal bank account. Make sure to use the same bank info when you open a Paypal account, like your account name and so on.
It is also advisable that you get a Paypal debit card to easily access your money anytime. Or you may use any Visa (with Visa logo) atm card to link to your Paypal account. You can ask your local bank for assistance.

Plus side of Paypal
Waiting time is minimal, the waiting time issue will actually depend on 
the company you are coordinating with rather than Paypal.

Online shopping is a breeze with Paypal, it’s just a click away.

You can transfer money to your friends and family with ease.

Now, a lot of online work pays through Paypal and sometimes ONLY through Paypal.

They have a very user friendly smartphone app that you can use anytime and anywhere.

You can immediately use your Paypal funds to pay off your Paypal connected credit card bill.

You can securely transfer the money to your bank account any day of the week.

Issues with Paypal

Paypal fees, when withdrawing money through card the Paypal fee is about $5 per withdrawal transaction. While for bank deposit it’ll roughly cost you a little over a dollar. 
There will be instances that a company will pay using a Paypal e-check and that usually takes a week or so to get cleared.

Paypal is servicing about fifty five countries at the moment, however there are still people who can’t access and use Paypal.