PayPal is a platform that allows you to make online transactions, such as transfers and online purchases. Customer safety is among its priorities and its use is widespread almost all over the world. On Hispanic Entrepreneurs we explain how to use PayPal as a means of payment for your business
How does PayPal work?
PayPal acts as an intermediary between users to make payments and send money between them. It is not a bank, but you can transfer money to and from your bank account.
Al open a PayPal account to receive money you just need an email. This is the only data that another user will use to transfer money to you through the platform.
On the other hand, by associating your bank account with PayPal, you can make payments through the platform without giving any other personal information other than the email. You can also associate the credit or debit card. In this way, the service takes the money from the option you choose for the operation
There are two types of accounts to choose from:
- Personal: to send and receive money and make payments in online stores.
- Business: allows you to receive payments for the sale of products and services, associating it with your website or e-commerce. You can also make payments to other companies or individuals.
Creating both accounts is free; the difference is that with the business platform the platform will charge a commission of 5,4% plus $ 0.30 for each sale you make.
PayPal is one of the payment gateways most used online at the moment. You can process payments for sales you make through your business website, online stores, marketplaces, and auction sites. You can even include it as a payment option in your physical store.
Benefits of using PayPal as a payment method
PayPal has been active for more than 20 years and it came to solve a big problem: make faster and safer online payments.
The platform is effective and prioritize user safety. Thanks to this, Internet users have lost their fear of buying online. While for business, accepting PayPal as a payment method is a symbol of trust.
It also offers other benefits that we mention below:
- It is fast and comfortable to use. Learning how to use PayPal to pay is easy. Once the user has associated their account or cards, they will only use their email to pay.
- It offers security for both the buyer and the company. To do this, it encrypts the data and monitors all transactions.
- Although companies pay a commission for each sale, for buyers it is free.
- It has an international scope, so it will allow you to receive payments from almost anywhere in the world.
- In the same way, you can handle different currencies and the same platform does the conversion. For this, it charges a commission.
- If any of the people involved feel scammed, you can make a claim for the platform to evaluate the case.
How to use PayPal as a means of payment?
If you sell food or any other product you can use PayPal as a payment alternative. To do this you must create a profile for your company on the platform. Follow the steps listed below.
- Register on the platform, to create PayPal account you need an email account. As it is for your company, choose a business account.
- The next thing is to enter the email and create a secure password with which you will access the system.
- Then you must enter the name and address of the company.
- After identifying the business, point out the type of business, products you sell, and if you have a website.
- Finally, being the owner of the company, you add your personal information.
- At this point you already have your account. Now you must confirm the email; To do this, go to the inbox where you will find a message from PayPal. Go in and click the confirmation button.
After confirming the account, the next thing is to associate your account or card with the PayPal profile. Enter the system and go to the Link menu> Confirm debit or credit card. Then add the data of the product you have chosen.
To confirm that the account or card details are real, PayPal will make a small charge that will then be returned to you.
Set up payments through PayPal
To start receiving money from your sales through the platform, you must configure how you want to receive payments. For this, the platform offers three alternatives.
- On the website, it will allow you to receive payments with credit, debit and PayPal cards on the web.
- Payment online, if you are sending personalized payment requests by email.
- On Ebay, this is specific to the auction site.
After choosing your preferred alternative, follow the system prompts to complete the setup.
The same platform offers very complete information on how to use PayPal as a means of payment. If you have an internet business, use this system as a payment alternative to traditional methods.
