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How PayPal Works

 

PayPal is the largest provider for services related to sending and receiving money on the Internet. Well over 95% of Internet users utilize PayPal’s benefits to pay for their purchases online, and it is also the most common way for virtual assistants and others offering services online to receive their payments.

It is free to sign up for a PayPal account. All that is needed is a valid email address. When you first sign up, you will have a personal account that offers the basic features of the service. You will be able to send and receive money, but you will be restricted to only receiving $500 each month. To receive more, you will need to upgrade your account to a Premier or Business account, which are the two options most used by business owners.

The only difference between Premier and Business accounts is the name in which they are registered. You must have a business name in order to receive a business account, but you can upgrade to a Premier account using your own name. Having one of these two accounts means more customer service as well as access to a toll-free number if you need help with your account. To receive payments with these two account types, you will be subject to fees if the sender does not cover them. They are 2.9 percent on payments up to $3,000, at which point the fee is lowered.

To send a payment with PayPal, you can do so from your “Send Money” section of your account. The page will offer a form that you will fill out. The only information you need is the email address that is associated with the recipient’s PayPal account. The money can be sent from funds in your account, or from your credit card. To receive money, an invoice can be sent from the “Request Money” page, or you can provide your PayPal email to your clients.

You have a handful of options when it comes to withdrawing the money from your PayPal account. You can have it transferred to your bank account, have a check sent postal mail, or sign up for a debit card that will allow you direct access to your funds. The options available to you are specific to your account, but all three are available with a Premier or Business account.

About Stephanie Watson

Mom | Wife | Virtual Assistant | Content Strategist
Stephanie has been working from home for over 20 years as a virtual assistant, template bender, and content writer. She's currently transitioning to business coach. You can learn more about her at her website http://www.barrypublishing.com.

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