A SHORT SUMMARY
Pros
- Easy Setup
- You Can Pay or Receive Payments
- Accepted At Many Places
Cons
- Quick Freeze or Account Shutdown
- Poor Phone Support
- Buyer oriented
Paypal
An application that allows you to pay merchants online. Paypal makes it easy to pay online safely and securely without having to give out your bank account information to multiple online merchants. Since most companies accept Paypal, all you have to do is insert money from your bank account into Paypal, and then use it like you would with your bank account. This makes sure you only have to give out your bank account once, which decreases the chance your personal information gets stolen.
The company was founded in 1998 and was bought by eBay in 2002. It can be used with a number of currencies, and are useful for many purposes. The app lets you do a number of things that can be handy if you need to pay things while on the go. You can send and request money, and manage your account. Recently Paypal has begun being accepted at local retailers which makes it easier for you to pay when you shop.
Pros
Easy Setup: To setup your account you just enter your personal information, and then your account will be setup. Then all you have to do is add your bank account to link it. Whenever you pay online or at local retailers, the money is taken from your account and your information is 100% safe.
You Can Pay or Receive Payments: With Paypal you can both pay and receive payments. If you are an online retailer you can accept payments using the app quickly and easily. Also, if you make money online, they typically offer to be able to pay you via Paypal which makes it easy and quick to send and receive money.
Accepted At Many Places: It is accepted at most online retailers and has recently begun making itself known at other retailers as well. The fact that Paypal is so large and also easy to use is one of the reasons why local retailers are starting to accepting it as well.
Cons
Quick Freeze or Account Shutdown: If your account is ever in question, Paypal will quickly freeze or shutdown your account. This means that for a time, or until you verify the accounts security, you will not be able to use your account. This can be annoying if something out of your control happens and they decide to freeze or shutdown your account.
Poor Phone Support: Paypal‘s phone support is what you can expect from a large company. Sometimes you will have a bad experience and sometimes you will have a good experience. The wait times like banks or the government, might be very annoying sometimes.
Buyer oriented: Paypal makes sure that people paying for services are satisfied, so most disputes will go in the buyer’s favor. Also, charges for receiving payments can add up quickly, so you’ll have to take these charges out of your bottom line.
In Conclusion
The Paypal app is a very popular and well known app that you can use to receive and pay money. Companies can use it as well as individuals. Because it’s is so large and well known, it is accepted at most online website. Paypal has many advantages, among them are having an easy account setup as well as being simple to use. If you don’t like to wait on the phone if you have a problem, then Paypal might be a problem for you. But for most people it’s a very good and easy option when shopping online. It is safe and secure and quick to receive your funds and debit your account.
