Hi Guys, I've heard about paypal (who hasn't?) and now I think I can get to know about it a bit better. I didn't like digging through the information they have at their site, so I'm asking you people. Can you give me some basic idea on how I can do money transactions using Paypal? like giving someone money and receiving from someone? The following questions might sound very dumb, but please bear with me because I have no idea about paypal: 1. Is it a bank, or does it integrate with a bank of my choice? 2. How much will paypal charge for money transactions? 3. Do I need a credit card? A general introduction to basic paypal methods would be very helpful. Thanks guys. Looking forward to your responses.

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Ok here is the basic of paypal:
It is a way to send money through the internet. The equivalent non-internet company would be something like western union. You need a paypal account and then you can send money to anyone with an emial address.

It is not a bank per say but it is pretty much secure. It can integrate with your bank. You can set it up where you can pay by withdrawing money directly though your account. Also when you recive money it can be despotied directly into your account. This is a free charge. You can also request a check from paypal in which case they charge $1.50.

They charge nothing for transactions. It is free even to convert money to foreign currecnies. The exchange rates are very low compared to the standard exchange rates. FOr euros it is usually 1.2 dollars for one euro but it is arounf .75 dollars for 1 euro. They are very low and it means that you actually save money.

You do not need a credit card. you can use that or your bank account. SOmetimes sellers use it to confirm your address but in your case you would not need it.

Ask me more questions if you are still confused or want specific directions on how to do certain actions.

 

 

 

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owbussey covered most stuff....are you thinking of using it on eBay? cause some sellers make you be paypal verified but not many

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If you run an online store or need some way to collect money from buyers Paypal is a good option if you're a smaller business. They charge 2.6% on credit card transactions (correct me if i'm wrong?) but thats better than having your own merchant account if you are just starting out and want to keep costs down.

They have a few different options, the easiest being invoices by email. You can send your buyers invoices with their totals and collect payments through Paypal that was, although only a good option if again you are a small business. You wouldn't want to deal with that once you got into alot of customers.

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I see computinghost.com takes paypal a payment method. Does it apply here?

I have a bank account with DBS Singapore, how do I register it with Paypal? Can anyone guide me on this?

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Pay Pal is great but I think purchasers have to create an accout to use it... that is the reason I personally preffer 2Checkout for payment in my website, 2Checkout accepts credit card offers without forcing people to sign-up (its optional)

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