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James asked in Business & FinanceCredit · 1 decade ago

What is paypal?

what is paypal?....how do you get one?.... do you need a credit card?

4 Answers

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  • Anonymous
    1 decade ago
    Favorite Answer

    Paypal is an organization owned by ebay.com. The purpose of this organization is that it is an online processor of payments. For example you pay a certain website with your credit card but Paypal processes the transaction not the website.

    Also Paypal is the equivalent of an online bank, in the sense that they have the ability to transfer funds from one bank of yours to other bank of yours. For example I have a bank account in Maryland and a bank account in Virginia. And i want to transfer $500 electronically from my md. bank to my va. bank because the distance between the 2 banks is over 100 miles. So I would pull funds out of my md. bank through paypal website. And when paypal pulls out the funds, I would signal paypal to send it to my va. bank. And in about 3 to 4 days the transfer would be done. To facilitate the process, they also offer mastercard debit card.

    Also you can send and receive money from or to someone online using paypal.

    All you have to do is enter the email address of the person, and paypal would pull funds out of your account and send it to the person's account. I did that once. I had to send money to a friend in Colorado but I live in Virginia. So i used paypal to do that.

    In other words paypal is a service for sending, receiving money and transferring funds from 1 bank to other.

    I signed up for paypal when i opened an ebay.com account in 2004. I was trying to sell something on ebay.com and ebay directed me to open paypal.

    You don't need credit card, if the online merchant uses paypal. Paypal will simply pull the funds out of your bank and pay the online merchant. But not all online merchants use paypal. The ones that do, are always good because they can't be fraud or fake. Fraud, phishing and fake websites will never use paypal.

    Paypal also offers their own mastercard debit card and mastercard credit card. I have both, their debit and credit card.

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  • 1 decade ago

    Paypal is just a safer way to make a payment now-a-days over the internet. It was originally started by E-bay cuz they didn't want to have to pay the 3-4% fees for visa & master card.

    So, what you do is just go to Paypal.com and register. You can put your credit card or checking account and when you buy something it goes thru Paypal and it deducts from your credit card or checking account. People trust it when they're buying on line cuz they know they can dispute it with Paypal. Good Luck!

    Oliver

    http://www.askoliveranything.com

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  • 1 decade ago

    www.paypal.com

    It's a way to transfer money "securely" online.

    You can use credit/debit cards and electronic checks (you can directly transfer from a checking account), and you register at their website. Also can receive money via PayPal. Many online sellers prefer this service for payment.

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  • ZCT
    Lv 7
    1 decade ago

    Think of it as an online checking account.

    You can open a free account, and people can send you money. Equally you can put money in the account yourself, to use to pay other people.

    At any time you can take all the money out of it and send it directly to your checking account.

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