Paypal Review: The Leader In Online Payment
In this article, we review Paypal and you will learn everything about this online payment service, and you will be able to decide whether or not you want to use it for your personal needs or in your business ventures.
It is the market leader and the most widely used online payment service.
Paypal is a tool used by most online sales sites, and it is just as convenient for buyers as it is for sellers. In this review, we tell you everything about Paypal, from how it works to its advantages, including how to register.
Paypal: presentation
As I explain in the preamble, Paypal is none other than the leader in online payment in the world. This service was created in 2000 and it was immediately a tiny revolution. It is a reliable digital wallet, which allows you to store, send or receive money. Thus, whether you are a seller or a buyer, you can take advantage of this service, quickly and very simply.
Paypal has fewer than 100 million accounts and just as many users, spread over 200 countries. If you are used to shopping on the internet, then you have probably already seen the Paypal logo, since the vast majority of merchant sites accept payment by Paypal.
Its success comes from its simplicity, but above all from its seriousness and reliability. Paypal does indeed carry out its work legally and in a transparent manner. Like banks, it has the authority to operate within a legal framework that guarantees secure transactions.
Who can use this service?
Whether you are an individual or a professional, a buyer or a seller, you can open a Paypal account and use its services. There are however some differences depending on the user profile.
Services for buyers
Paypal allows us to never reveal our bank details to the various merchant sites that we consult. A single identification via an email address and a password are required. We can pay directly via a balance on our Paypal account, or be debited automatically by Paypal directly on our bank account.
It is also possible to send money to another Paypal account. This is obviously very practical when you want to lend or give money to a relative or friend. This service is free if the two Paypal accounts used are opened in the same region of the globe and use the same currency.
Finally, Paypal also offers a regulation for purchase protection. In the context of a dispute between a buyer and a seller, the money may be blocked by Paypal. It will then be necessary for both parties to provide documents to prove their good faith, and Paypal will decide whether to cancel or confirm the sale.
Services for sellers
The seller obviously benefits from the dispute service, but above all, it is a fast and reliable way to receive money and to be paid by his customers.
Setting up the Paypal invoicing service on its site is completely free. On the other hand, it will be necessary to pay a % on each sale and to respect all the conditions of admission claimed by Paypal. The online payment site is free to refuse your request to open a professional account.
The security and reliability of Paypal
This is one of the main strengths of this online payment service. And for good reason, we give nothing more to a buyer or seller than the email address linked to our Paypal account. Our bank details never enter the loop and are therefore perfectly protected.
To connect to Paypal, you must, and at each visit, enter your password. There is a timeout and the page resets after a few minutes of non-use. You must then enter your identifiers again to connect.
Of course for payments directly via your bank account, Paypal works with 3-D Secure, for Visa with “Verified by Visa” and for Mastercard with “MasterCard SecureCode”. It is therefore necessary to validate the payment thanks to a message received on your smartphone.
Paypal will also identify your devices, smartphone, tablet, or computer. It's not uncommon for the site to block your orders or transfers if you're using a new device.
You may be asked for some information, or you will have to wait a few days for the account to be unblocked. It's sometimes a little frustrating, the system works alone, but it's a guarantee of security.
Opening a Paypal account
First of all, you should know that it is not necessarily necessary to open a Paypal account to make single or one-off payments. Indeed, Paypal can provide you with identifiers to make your payment and the service will be free. If you want to use Paypal regularly, then it is however preferable to open an account. Here's how.
You must first be guided by the registration procedure. You are asked for a whole bunch of personal information, including your age. The service is reserved for people aged 18 and over. Do not lie, it is useless since you will have to validate your identity.
You will have to give an email address which will be your user ID and choose a password, as complicated as possible. We then accept the conditions of use of the site and the regulations on privacy, and we validate our registration.
The account is then opened, but it will have to be confirmed. For this, you must register a bank card. A few cents will then be withdrawn from your bank account, and you will have to give the exact amount of the withdrawal to validate the card. ( Good Plan: If you register using this link, you will get 10€ offered)
Paypal rates
As a classic user, simply pay for purchases through Paypal, and you will not pay any fees. All services are completely free. Regardless of the merchant site, you will simply pay the price of your purchase, and you do not give anything to Paypal.
Sending money to a friend is again completely free, as long as you use the same currency.
Otherwise, the currency conversion incurs a fee. You can switch from one currency to another on Paypal, there are almost all currencies in the world. However, the exchange rate is generally quite bad and it is, therefore, advisable to avoid transactions with countries that use another currency than yours.
As a seller, you are taxed on your monthly sales volume. The bigger the number, the lower the Paypal fee rate. For example, from 0 to €2,500 per month, you pay 3.4% per transaction + €0.25. Beyond €10,000 in sales, the rate is 1.8% per transaction + €0.25.
Customer service
Paypal has really good customer service. You can first find many answers on the site's forum, or on the Facebook page. Secure messaging gives us the ability to get answers that are generally quite quick.
Finally, by phone, Monday to Friday from 8:00 a.m. to 8:30 p.m. and Saturday from 8:00 a.m. to 6:30 p.m., you will come across an adviser who is always friendly.
To contact him, you must request a code from our account. We will sometimes be called directly by the service, or we will have to call ourselves but we get an interlocutor in less than 2 minutes each time.
It's a change from some banks that let you hang around for several tens of minutes not to give you any information… Paypal is really a serious service and that's also reflected in customer service.
Advantages of PayPal
- Paypal is a reliable and perfectly secure payment service.
- Bank details are never shared.
- We love the speed of transactions that are done almost instantly.
- It's discreet, you can have money in your Paypal account and use it without our bank knowing about it.
- For buyers, all services are free except for currency exchange.
- For sellers, the fees are very competitive.
- The use is pleasant, it is a very useful tool and simple to tame.
- Attentive and responsive customer service.
Disadvantages of PayPal
- Currency exchange is not beneficial.
- No prepaid cards like at Neteller or Skrill to spend your money in physical stores or online stores that do not use Paypal.
- Paypal is a Luxembourg bank, which means that your transactions are not anonymous. If a European country wishes to take a look, they can do so.
Our opinion on Paypal
Paypal is a safe bet for secure, reliable, simple, and fast online payments. Prices are very competitive for sellers, and everything is free or almost free for buyers. Opening an account is easy, and using the site or smartphone applications is really very pleasant.
Only the currency exchange is not competitive and transfers are sometimes a bit long from a Paypal balance to a bank account. In France, it is generally 2 to 3 working days, and it can go up to 6 to 8 days for more exotic countries.
Anyway, if you are looking for a reliable digital wallet for your online purchases, then Paypal is probably the best choice. Ditto if you are a seller, Paypal offers a convenient billing service, with a well-established dispute system that can save you time.
In short, Paypal is THE online payment service par excellence.
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