What is PayPal? A Guide for Small Businesses

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    PayPal is a digital payments company founded in 1998. Known for developing the world’s first digital payment platform, PayPal transformed the way people and businesses send and receive money with its easy-to-use solution.

    While PayPal is still best known for its familiar payment platform, it has grown by leaps and bounds since its inception and now has a family of companies that includes PayPal Braintree, VenmoTreasure, note, Hyperwallet and Simility. It also has over 40 partnerships with major banks, financial institutions and credit card companies including Visa, Bank of America, Banorte, Barclays, Citi, HSBC, JPMorgan Chase, Shinhan Card, Wells Fargo, American Express, Discover, Mastercard, FIS, Paymentus and Synchronicity .

    Anyone can use PayPal by opening a free personal or business account. The company has over 300 million active account holders in over 200 markets worldwide. Once your account is active, you can send and receive digital payments on the PayPal platform.

    PayPal is safe for both personal and business use. With two-step verification, end-to-end encryption, and email confirmations for every transaction, PayPal protects sensitive information from hackers. In addition, since transactions only require a login and password, merchants who accept PayPal do not store bank account and credit card numbers.

    PayPal also offers its business customers seller protection to keep chargebacks and claims to a minimum. This protection includes merchant fraud prevention, 24/7 monitoring and dispute resolution, which holds funds until the issue is resolved.

    Yes. Buy and sell internationally with PayPal, which currently converts many currencies and processes transactions in over 200 countries worldwide.

    Do I have to change my entire online checkout process to accept PayPal?

    no As soon as you open a PayPal business account, you can integrate PayPal as a payment option for your customers. Simply add a PayPal button to the existing online checkout page on your business website. All you have to do is copy a ready-made code and paste it next to the item or service you are selling. There’s no need to hire a developer, and you can even change the color, alignment, and shape of the button yourself.

    If merchants use PayPal to accept payments, do customers need a PayPal account to pay?

    no PayPal Checkout allows customers to check out via PayPal Pay, PayPal Credit, Credit & Debit Cards, and Venmo.

    Can I personally accept PayPal payments?

    Yes. If your company is in the field or in the shop, PayPal note (PayPal’s mobile payment system) allows you to accept payments in person from debit and credit magstripe and chip cards, as well as contactless payments. Zettle also offers business tools like inventory management and reporting.

    Can I use PayPal for business payments?

    Yes. PayPal securely connects to your bank account, and you can use it to make business purchases, send money to other PayPal users, pay suppliers, and more.

    A PayPal business account is free to open and has no monthly fees or contracts. The business account includes the PayPal checkout feature, which allows you to add a payment button to your existing website, as well as basic tools like reports, analytics, and cash management. You only pay the processing costs for the payments you receive. The PayPal Checkout processing fee is 3.49% plus 49 cents, and other payment methods have different rates. Sending money with a PayPal business account is free.

    If you need a point-of-sale solution, there are no monthly fees or contracts with PayPal Zettle either; You only pay for your card reader(s) and a 2.29% processing rate plus 9 cents for each card or QR code transaction present. The Zettle tariff for key payments is 3.49% plus 9 cents.

    Some of PayPal’s many options, such as B. Payflow Pro (a more customizable gateway), have monthly fees. And be aware that regardless of the solution you choose, you will have to pay a fee for chargebacks and instant transfers.

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