Without a doubt, PayPal is the most popular and widely used online payment system in the world. Businesses and individuals alike can signup for a PayPal account. With that said, let’s discuss the pros and cons of PayPal before deciding whether or not to use them.
There are several pros. The top ones are:
1. Business Or Personal
The best thing about PayPal is it offers both personal and business accounts. If you run a business, you can open up a business account and a personal account. Alternatively, you can open up either a business or personal account. This is great news because it means you can have one account solely for business purposes; while the personal account can be for savings, buying stuff online, accept payments from people and things of that nature.
2. Debit Card
PayPal offers a business debit card, which functions just like a regular bank card. This means you can use the card anywhere Visa is accepted, as it’s a Visa PayPal business debit card. Just keep in mind that there might be fees if you use your card to take money out of an ATM or use it abroad. It is always wise to use a PayPal fees calculator.
3. Send & Receive Money
Another good thing about PayPal is you can send and receive money, and you can do this with any account. If you need cash, your friends and family can easily send it to you. If you’re a business and you want to accept online payments, then PayPal easily allows you to do this. More and more people are using the service to accept and send money, as well as for using it for business purposes.
4. Free To Send Cash To Friends & Family
There are fees associated with using PayPal for which a PayPal fess calculator can come handy. For the most part, sending money to family and friends is completely free. It doesn’t matter where your family or friends live if they reside in the same country as you and have a PayPal account based in that country, then you won’t pay anything to send them cash. Go into your PayPal account and select the send money option and then type in the recipient’s PayPal email address and you’re good to go.
5. Global Solution
PayPal is truly a global solution, and they serve over 100 countries. This means you can send and receive money, and essentially do business with people around the world. Generally speaking, PayPal has made it easy for anyone to accept and send payments on a global level.
6. Customer Service
The company offers exceptional customer service. If you have a concern or question about your account, then you can contact the company in several ways, such as live chat, email, or via phone. You might not get an answer to your question immediately, but the company is known for providing fast service. You can request them to call you back if you choose the call option.
7. Easy To Use
PayPal is extremely easy to use. Its account panel is easy to navigate, and it won’t take you long to figure out how all the features work. You’ll love how simple PayPal is.
Bear in mind those are only a few of the many pros of PayPal. The online payment system is great to use as a business or individual.
There are not many cons. However, there’s a handful. The top cons of PayPal include:
1. Target For Scams
As good as PayPal is, they are a high target for all sorts of scams. This includes email scams, phishing scams, hacking, and much more. This is because PayPal is extremely popular, and criminals try to gain access to people’s PayPal accounts so they can steal their money. Some criminals try to convince PayPal members to send them money.
However, scams targeting the payment system are pretty obvious. Plus, if you ever have questions about anything you receive from a “PayPal” account, you can call them directly. The company’s contact info is available right on their website.
There are several types of fees that PayPal does charge. Sure, sending money to family and friends is free, but if you send money to someone abroad, you will pay a fee. If you’re a business and accept payments via credit cards, PayPal accounts, debit cards, and so forth; you’ll be charged transaction fees. If you need to convert currency, then there are fees you have to pay.
The good news is PayPal fees are very competitive. What you’ll pay does depend on various factors; but generally speaking, you won’t be paying much in fees, especially when compared to other traditional methods of dealing with money.
When it comes to using PayPal, those are a few cons. The company has been known to freeze accounts at any given minute, and there are several types of fees you could end up paying. If you use PayPal, make sure you’re careful because it is a high target for scams.
As you can see, there are many pros of using PayPal and a few cons. All in all, PayPal is well worth using because of the many benefits associated with it. All you need to do now is head over to PayPal and create an account. You can experience for yourself what makes PayPal the best online payment system.