E-commerce in the 21st century is becoming one of the most promising methods of settlement between the seller and the buyer. This is evidenced by the fact that in the World alone in 2013 the volume of the electronic money market exceeded 2 trillion rubles. If you compare this figure with 2012, you can see that the e-commerce market has grown by 23%. It is easy to understand from these figures that electronic payment systems are gaining more and more popularity every year. Consider one of the most widely used e-commerce systems around the world – PayPal.
The birth of the system The history of PayPal dates back to March 2000, when it was invented (as a result of a merger of companies) by several students, one of whom was an emigrant from the Soviet Union (Max Levchin). Immediately after its creation, the company began to serve electronic auctions, in particular, the world famous eBay (in one month of its existence, more than one million eBay auctions offered payment by the PayPal payment system).
In 2002, the giant eBay corporation acquired PayPal, and since that moment, 50% of purchases at the auction have been made through the latter. For 2012, 190 countries could settle or trade using PayPal, the system has 24 currencies from all over the world. The beginning of 2015 was the moment of the split between eBay and PayPal, and now they are two different corporations.
Check in
So, PayPal. What it is and why it exists, we figured it out. To get started with PayPal, you need to go through the registration process. To start registration in the PayPal system, you need to go to the official website (it is the same for all countries, but for convenience you can select the desired language on it), click on the “Register” button and in the next window select the “Personal account” tab, then click on the button “Proceed”.
After that, the browser is redirected to a page where you should specify the country of residence, e-mail, set a password for entering the system (it must consist of at least 8 characters, and it is better to enter both letters and numbers). The next stage of registration is to fill in personal information (name, surname, date of birth, nationality, city, street, postal code, as well as phone number).
All data must be entered correctly in order to avoid further problems, since the account (or PayPal wallet) will be opened exactly according to the specified data, which is then very difficult to change.
Account activation
If all the fields are filled in correctly, you need to put a checkbox in the “User Agreement” column, and then click on the “Agree, create an account” button. Then you should check your mail and activate your account by clicking on the link in the letter.
Adding a bank card
Let’s see how to top up PayPal. There is one more important question. It reads like this: “How do I transfer money to PayPal?” You must first link your bank card to the system. This is done in the user menu. You need to follow the link “Connect and confirm my debit or credit card” (top right on the site). After that, you will need to enter all valid card details, namely: last name, first name, type of card (Visa, Master Card, etc.), number, expiration date and the so-called security code (3 digits that are on the back of the card ), then click on the “Continue” button.
For the card linking process to be successful and to be able to find out how to pay with PayPal, the card must have an amount equivalent to $ 1.95. The system will automatically withdraw this amount of money to verify that the card really belongs to the owner. This money will not be lost, but will be returned to your account in exactly one day.
Withdrawal limits
For security purposes, PayPal sets certain limits on the withdrawal of funds. The minimum limit for CIS citizens is $ 50 or the equivalent in another world currency. The maximum withdrawal of funds per day at the moment is 15,000 rubles, no more than 40,000 rubles can be withdrawn per month. PayPal payment system in Russia, user reviews about which inspire confidence, charges a minimum commission when withdrawing funds. This is a very advantageous moment.
How can I learn more about limits and how to top up PayPal? You need to go to the “My Account” tab in your account.
How to transfer money to PayPal
To transfer money in the system (for example, to another account), just go to the menu and click on the “Sending money” tab. In the window that appears, you will need to enter the data to whom the money will be sent (the recipient’s PayPal wallet), the amount and currency.
The default is USD, but you can always choose an equivalent in another currency if necessary. If there is a question about transferring to your card, which is tied to the system, then it is still easier, since the system provides for the transfer of PayPal money to your personal account. This is good news for users.
PayPal – what is it? As you can see, this is a very convenient payment tool. To transfer funds in the menu, you need to select “My wallet” and mark the item “Transfer to a bank card”, indicate which card should be credited to (since you can register not one, but several cards in the system at once), enter the amount and press ” Translate”. In this case, payment occurs almost instantly, and if everything is in order with the bank (there are no problems with the network, for example), then you can cash out from the card in 2 minutes.
Account types
What is PayPal and how to use it, we figured it out. Now is the time to tell what accounts there are in the system.
Globally, PayPal accounts can be divided into 4 types (types):
- personal;
- premium;
- student;
- business.
The most common type of account is personal (or personal). They can freely transfer PayPal money and accept currency. At the same time, contacts with various kinds of payers are provided. In order for the money to be delivered to the address, you just need to have a PayPal wallet and an email address. This is all there is to it.
The user cannot send or receive money from any type of card, only transfers within the system are allowed. Specialized features have been added to premium accounts that are not available to other users.
If you are interested in the question of how to transfer money to PayPal from a card, then this type of personal account will help you answer it. It is in the premium account that you can freely withdraw money to the cards of other participants or accept funds on your card through the system.
The student account is an innovation in the electronic payment system. With its help, you can easily answer the question of how to transfer money to a child’s PayPal account if he is studying or living abroad. A person must be at least 13 years old in order to open an account without any problems. One parent has the right to have up to 4 such accounts. In this case, the real account is not opened, but a system of replenishing the student account from the parent takes place.
The business cabinet allows the user to make the most of the service. You can accept payments as a business, there is no limit on currency turnover per day, and, most importantly, you can accept money to an account from any other bank or from an electronic wallet (not PayPal). Unfortunately, there is no such possibility in the types of accounts discussed above.