PayPal is an online payments company that allows people to send money to others. PayPal was one of the original web payments companies and was purchased by eBay in 2002. In 2015, PayPal was spun off from eBay and today remains a separate, publicly traded company. PayPal is free to set up and easy to link to a bank account, debit card or credit card in order to send money to others.
PayPal is the payment processing solution to send and receive money. You can get a free PayPal account at by clicking here.
PayPal allows its users to easily send money to friends, family, business associates and more. In order to start sending and transferring money via PayPal, you will first need to set up an account. Setting up an account with PayPal is free and only requires an email address and some basic information.
Once you have a PayPal account, you can both send and receive money from anyone else with a PayPal account. If you’re trying to send money to someone without a PayPal account and they ask you “What is PayPal?”, you can show them how to sign up for a free account. It is free to send money to family and friends. PayPal will charge a small processing fee if you use it to send money as part of a business transaction.
One of the most common uses of PayPal is to pay for wins in eBay auctions. While it’s not required to pay for your eBay auction with PayPal, because of the relationship between the two companies, it is a common usage of PayPal. PayPal also acquired Venmo, another online peer-to-peer payment service, in 2013. This means that regardless of whether you use PayPal or Venmo, your online payment is being processed by the same company.
If you have the chance to switch to PayPal for receiving and/or sending certain payments, you should not miss the opportunity to do so. Sharing is caring!
How PayPal Works
PayPal works as a service platform between two people (or businesses) wanting to exchange money. If you’re looking to send money to friends and family, there is no charge. If you’re sending money as part of a purchase or as payment for a service, PayPal will take a small processing fee out of the amount before passing the balance on to the recipient.
If you’re a business owner looking to accept PayPal as a form of payment, you’ll first need to create a PayPal Business account. While you can sell things with a personal PayPal account, if you own a business and you’re looking to streamline your operations, a PayPal Business account may make more sense. Both types of PayPal accounts offer fraud protection, enhanced security and encryption for all transactions.