Online payments are a way of making financial transactions over the Internet using electronic means of payment. From the introduction of the first online payment systems to the Bitcoin and Ethereum cryptocurrencies, the evolution of Internet payment methods has become the main driver of the development of e-commerce and the global financial market. PayPal is one of the most secure and versatile solutions on the market. This article is devoted to the features of the PayPal payment system, so if you are interested in how to cancel a pending transaction or how to send funds to a friend with PayPal, this is for you.
How Does PayPal Work: Interesting Features
PayPal is a feature-rich tool for sending funds. You can add your payment cards to PayPal, as well as link a bank account (JPMorgan Chase or Bank of America,) to the service and top up your PayPal account with funds directly from this account.
PayPal’s main function is to make it easier for users to pay for purchases online. When completing a transaction, the user only needs to select this payment method and then enter his PayPal login information on a specially prepared page. The system will display the information that needs to be confirmed and the transaction will be completed.
PayPal One Touch
PayPal users can use PayPal One Touch, which makes online shopping even easier. All you have to do is activate this feature through a special page, and your login information will be saved on a specific device (phone or tablet) and web browser.
With One Touch, you don’t have to sign in to your PayPal account every time you make purchases from PayPal-linked stores. All you need to do is confirm the PayPal payment and the transaction will be completed.
Subscriptions And Payment Agreements
PayPal also has advanced features for buyers that aren’t talked about as much. These are subscriptions and payment agreements. The first service allows the seller to set a fixed amount from the PayPal account on a regular basis (for example, monthly). For example, this could be a subscription to music services.
A payment agreement means that as a buyer, you agree that the seller will charge your PayPal account every time you buy something from them.
You can manage both features from your PayPal wallet level, so you can disable features at any time. The entire process happens automatically, so you don’t have to remember to pay PayPal for the services you use.
How PayPal Works Between Users
PayPal can also be used to send money to other users of the system. To do this, the user needs to enter the amount and the recipient’s email address. The only stipulation is that both parties must have a PayPal account, but this can be created in just a few minutes.
PayPal.Me
Sending money can be even easier. For this, the convenient PayPal.Me service is used, based on a special unique link created by the user of the system. To create a link, go to https://www.paypal.me, then enter your name and sign in to your PayPal account.
Now you just need to send such a link to a friend, who, by going to the appropriate page, enters the amount, logs into his PayPal account, and confirms the transaction. He doesn’t need to remember the recipient’s email address, all he needs is a PayPal.Me link.
An additional simplification of this functionality is the ability to add an amount at the end of the link. This option will be useful when paying for joint expenses when you want to receive a certain amount from friends.
Raising Money For a Cause
One of the interesting features of PayPal is the ability to collect money. If you’re familiar with platforms like Kickstarter or Indiegogo, this option in PayPal works in the same way.
If you have an account, you can create a goal and raise funds for it with friends, including PayPal users, such as a holiday trip, a gift for a friend, or a planned event. Remember, as the author, you are responsible for the money raised and only you can control it (it will be in your PayPal account).
You can also specify whether payer data will be publicly available and how funds will be collected (fixed amounts or any payments).
Safety And Protection of Buyers
When using PayPal, you don’t have to worry about security. First, every PayPal payment is encrypted and tracked to prevent crime, abuse, or identity theft. During the transaction, financial data, in particular the user’s card or bank account number, is hidden. Secondly, the system offers the ability to cancel a payment until the recipient has confirmed receipt of funds.
Third, the payment system’s buyer protection program provides customers with the opportunity to refund the cost of a transaction paid using PayPal under certain conditions. For example, if the delivery of a product you purchased fails or if the product is different from the one you ordered. Within 180 days from the date of payment, the user can file a complaint against the seller, and if you are not satisfied with the solution, you can convert the complaint into a claim within the next 20 days. PayPal will look into this issue eventually.
Wrapping It Up
PayPal is a secure international payment solution that is used to send money to friends, pay for purchases at online stores, buy Aetna insurance, or buy cryptocurrency on Coinbase or Kraken. The popularity of PayPal is confirmed by the fact that there are currently more than 424 million individual users in the system. We recommend visiting the Rates service if you want to learn even more interesting things about modern payment solutions, as well as track current currency exchange rates in Ukrainian financial institutions. The site is accessible around the clock to users from different countries of the world – from the USA to China.
