Enter the person’s name, email address or phone number.If the recipient has a PayPal QR code, click “Scan/Pay”.Simply open PayPal, and follow these steps: Or you could send a small test amount before sending the actual amount. To make sure you have the right person, you could ask them to send you a request from their app. You might want to be cautious if you’re sending money to someone for the first time. Verify your information through an email you should receiveĪdd a credit card, debit card or bank accountĭo you need to pay your roommate for half the rent? Or repay a friend for picking up the check at lunch? Or send your nephew a cash gift for graduation? You could do it all over PayPal.Upon request, enter other personal information to verify your identity.Enter your website address if you have one.Enter your employer ID number or Social Security number.Click “Agree” after reading the user agreement, privacy policy and electronic communications delivery policy.Enter your business contact information.If you want to create a business account, the steps are a little different: Enter your name, email address and password.Enter the security code on the next screen.Add your cellphone number to receive a security code for verification.Now, simply go to or download the PayPal app on your smartphone and follow these steps: Unlike a traditional bank, PayPal doesn’t offer full financial services-such as investment accounts, car loans or home mortgages. You may have to wait one to three days for a standard transfer-even if the payment shows up in your PayPal account instantly. It’s not like a bank that can stop payment on a check or a credit card charge you can dispute.Īnd sometimes, you may not be able to spend your money immediately. That could make it difficult-even impossible-to undo the transaction if you make a mistake or change your mind. Someone could access your PayPal account if your smartphone is lost or stolen.Īnother potential problem is PayPal typically deducts a payment from your balance immediately. Or they could buy something from you and make it look like they paid you but cancel the payment before it actually reaches your account. You could buy something that never arrives. It is possible for scammers to rip you off. Online payment apps account for nearly 17% of the fraud reports the Federal Trade Commission receives from people who noted the payment method they used. Charitable: If you donate money to a qualifying charity through PayPal, the company waives the transaction fee.ĭespite PayPal’s security measures, some people still aren’t comfortable making financial transactions online.Rewarding: If you use PayPal often, you could consider a rewards-earning PayPal credit card or line of credit.Inexpensive: If you don’t have a bank account, PayPal’s prepaid card costs $4.95 monthly, which may be less expensive than check-cashing services.Easy and convenient: Unlike other online payment options, you don’t need to have your credit card handy or manually type in your credit card number, expiration date and three-digit security code.PayPal also offers purchase protection in the form of: PayPal uses end-to-end data encryption, lets you request email confirmation of transactions and lets you require two forms of verification, including facial or fingerprint recognition. Secure: PayPal hides your payment information from merchants-unlike when you hand your credit card to a retail store clerk.Fast: PayPal instant transfers are immediate, so you don’t have to wait for your money to become available.
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