Initially creating software for handheld security, Confinity then swerved to a digital wallet. The PayPal prototype was launched in 1999.
Maybe for freelancers, the sentence is familiar to the eyes and ears. For freelancers who have clients from abroad, it is certainly difficult to adjust payments with domestic banks. Therefore, they prefer to pay via PayPal.
Not too well known in Zimbabwe, the name PayPal and its users are still not as many as conventional banks. In fact, PayPal's performance is quite easy, you know. Here are some things you need to know about PayPal, a global e-wallet!
History of PayPal
PayPal was developed in 1998 under the name Confinity by Max Levchin, Peter Thiel and Luke Nosek. Initially creating software for handheld security, Confinity then swerved to a digital wallet. The PayPal prototype was launched in 1999.
In March 2000, Confinity then merged with X.com, Elon Musk's online banking company! X.com then really focused on developing PayPal. In 2001, Peter Thiel replaced Elon Musk as CEO and changed the name X.com to PayPal.
After the IPO in 2002, PayPal was then purchased by eBay for US$ 1.5 billion. Now, PayPal has become one of the largest "online wallets" in the world with a range of 202 countries and 25 currencies, including Zimbabwe!
Is PayPal safe? It depends!
With PayPal, you can transact on global e-commerce platforms such as Amazon, E-Bay, and many more, as well as transfer money from your PayPal account to supported banks and vice versa. With its protection system, PayPal is one of the safest online transaction methods.
Maybe you've heard that PayPal has issued debit and credit cards in certain countries. Remember, PayPal is not a bank, but an e-payment and e-wallet service! However, for regular transfers, PayPal is quite safe because it has a bank-like customer protection program and data encryption.
However, for sellers, PayPal is a little tricky. In addition to a limited seller protection program, PayPal is more siding with buyers, even if its claims are bizarre. Since PayPal is not FDIC (US deposit insurance agency) insured, if the company goes bankrupt, the seller could lose all of its balance! Better a bank, right?
So, be careful with your PayPal data. Create secure passwords and employ two-factor authentication. Also, watch out for buyers or sellers with bad reputations. Then, connect your PayPal account to credit, not debit, and turn off the instant transfer option. That way, PayPal and bank accounts are safe from malicious parties.
How to Send Money with PayPal on Applications and PCs
Sending money with PayPal is one of the top options for friends, family, or clients and services that are overseas. The method is quite easy and can be done in the PayPal application on a smartphone or the PayPal site on a PC. How to transfer money on the smartphone version of PayPal is:
- Open the PayPal app and tap Send
- Enter the recipient's name, email address or phone number and tap Next
- Enter the amount to be sent and tap Next
- Select a payment method and tap Next again
- Check the information and tap Send Now
To transfer money via the PayPal site, here are the steps:
- Enter your PayPal account to the paypal.com site and click Send
- Enter the recipient's email address or phone number and click Next
- Select Sending to a friend (sending money to family or friends) or Paying for an item or a service (to pay for goods or services)
- Enter the amount to be sent and click Next
- Check the information and click Send Payment Now
Can I Request a Refund if I Transfer Wrongly?
However, what if you enter the wrong recipient's number or email address? Whether or not the money can be returned depends on the recipient. Do they have a PayPal account? If so, then the money cannot be taken anymore. And, if it's like this, I hope you get to know that person, so he can return it.
Actually, how to cancel a money transfer on PayPal is easy. Just follow the steps below:
- Log in to your PayPal account
- Tap Activity and select All Transactions, a page that lists all previous transaction activity. Find the payment that you want to cancel
- If the payment has not been claimed or has not been completed, there will be a small link that says Cancel
- Click Cancel, and then select Cancel Payment on the next page and the money will be returned to the account PayPal.
If the sender does not have a PayPal account, the money will remain until he/she creates an account and the money arrives. Immediately try talking to the person concerned to return your money.
If you send the wrong money to the selling company, you can contact them via customer service. However, if they refuse, you can refer to the PayPal Resolution Center to solve the problem of sending the wrong money. Just pray that your money really comes back!
How to Receive Money on PayPalcom
In addition to the sending process, the process of receiving money on PayPal is even easier. In fact, you don't have to bother! Just wait for the money to be sent, your email will receive a delivery notification from PayPal, and you just have to check.
Well, how do you take it? First, you must know how to ask for money on PayPal, namely:
- Log in to your PayPal account
- Tap the Request option
- Select the option Share link to get paid
- Choose the platform where the link to send money to an account PayPal.
The person who receives the link to your PayPal account will then send the money. You just have to wait for the notification of the receipt of money in your email. It's easy, right?
Companies that Accept PayPal
As previously explained, major e-commerce services such as Amazon and E-Bay support PayPal as a payment method. Then, what about the other shops? Most of today's major companies " should" already support PayPal payments.
For online services, you can use PayPal to pay on the Play Store and App Store. In fact, applications such as Netflix, Spotify, and Steam have also accepted PayPal. If you are travelling abroad, physical stores such as Walmart, Target, Best Buy, Samsung and Apple also support payments via PayPal.
However, there are some companies that accept PayPal for digital transactions, but not for physical transactions. Check with these companies before transacting via PayPal.
How to Use PayPal for Transactions at Physical Stores
Already used to using G-Pay, Apple Pay, or Samsung Pay, and payments via smartphone with NFC? Well, that's how to use PayPal to transact at a physical store. Just stick NFC, then PayPalwill pay.
In some countries, PayPal releases its own debit and credit cards which are supported by Mastercard. Well, the second option, you can use the PayPal card. Even though the physical store does not accept PayPal, as this card is made with Mastercard support, it's safe!
PayPal Credit: Cardless Credit Service
Want to have a credit card but without a card? PayPal Credit you can consider. In other words, a PayPal account can be used as a "credit card". Even though it is not yet available in Zimbabwe, you need to know, the PayPal Credit application is not complicated and can be done online.
Even though it's easy, you still have to wait for approval to get PayPal Credit. Usually, the approval process takes just seconds. If approved, PayPal Credit provides a myriad of benefits. One of them is the payment of 0 percent interest for six months for transactions over US$ 99.
How to use PayPal Credit is the same as a regular PayPal account. If the store accepts regular PayPal, then they are more likely to accept PayPal Credit as well. PayPal balance will not be deducted but will enter the line of credit. Make sure the instant transfer option is turned off or money will be siphoned straight from the main bank account!
There is no card number or physical card that can be linked to a PayPal Credit account. Keep in mind, PayPal Credit cannot be used in physical stores! Indeed, it is more limited than a physical credit card. However, PayPal Credit offers a customer protection program, so you are safe from scams or hacks.
Those are the facts and interesting information about PayPal, one of the largest digital wallet platforms in the world. How? Are you interested in using PayPal? Learn how it works first so you are safe and have no regrets later.
COMMENTS