Using PayPal can be very convenient for transferring money between accounts. It is one of the fastest ways to make online transactions. However, most of us are not familiar with the exact process of using PayPal and how money can be deposited into a PayPal account
Today, the convenience provided by PayPal services is so essential and has also become one of the quickest ways to do money transactions.
The whole process of the PayPal account and how the money can be deposited in your PayPal account is detailed-out below.
PayPal is a digital payment tool that facilitates its users in making online money transactions like receiving money or sending it and making payments etc.
Creating a PayPal account can be done easily after deciding what kind of account the user is interested in creating. PayPal provides two options. One is a personal account and the other is a business account.
- Personal account:
It is the account that is best for individual use. It allows the users to make online transactions and buy or sell things online. It also allows users to connect new bank accounts and enable the individual to ask for a PayPal credit card.
- Business Account:
This type of account enables businesses to receive online payments from customers who are not even using PayPal.
How to create one?
Creating a PayPal account isn’t hard and is almost as easy and similar as creating or signing in to other applications or websites. For creating an account on PayPal, the following steps should be followed;
- Get into the website of PayPal or download the PayPal application from Google Playstore.
- Sign in by using email or username and enter a particular password required.
- Verification would be sent to your number or the email that you used for signing in.
- Put that verification code so that PayPal should know that the number or email used by you is authentic and yours.
And that’s how your account PayPal is created.
It can be verified too by clicking the link sent through email by PayPal.
How to deposit money in PayPal Account?
Money can be deposited into PayPal account by four different methods.
The first method
The first method is linking a bank account to it. A PayPal account allows its user to link or connect an individual’s bank account with a PayPal account. Note that the bank account should be named as the one used in creating a PayPal account because if not, the transactions won’t be supported by PayPal.
Steps for depositing via bank account:
- After creating an account and signing in, an option to transfer money will appear on the home page.
- By tapping that, it will show the options of transferring money out and in. There will be an option of adding money to your balance under the title of money.
- By tapping the above option, you will be asked to add the amount that you want to add to your account along with the bank account number.
- Then tap on the option of add and the money will be added/deposited to your PayPal account from your bank account.
The second method
The second method for depositing money into a PayPal account is via the PayPal application.
Steps for depositing via PayPal application:
- Download the application.
- Open it and tap the PayPal balance option there.
- Now tap on add money option.
- Put the amount in the required box and tap add.
- The money would be added to the PayPal account.
The third method
The third method of depositing money into a PayPal account is via a Cash card and this method can be used by the users who have the PayPal Credit/cash card only.
Steps for depositing via Cash Card:
- First of all, apply for the cash card, and the expected days for receiving it is 7 to 10 days.
- You have to activate the card after receiving it.
- Now open your PayPal account and tap the add balance option.
- Now select add money and in there, select add cash.
- Now the next step is to select any nearby retailer that supports PayPal services
- Next is to tap the option of generating a barcode.
- Show it to the retailer/cashier and the process would proceed. The expected time in which money would be transferred to your PayPal account is 10 to 15 minutes.
The fourth method
The fourth method of depositing money into a PayPal account is receiving money from your friends and family. This would also deposit money into your PayPal account.
What type of transaction can be made via PayPal?
PayPal can be used for making the following type of transactions:
Sending money to friends and family
Payments made with E-check
Debit card processing
Payments received via PayPal
Payment with rewards
Bank account transfer
PayPal is a very good choice as it is;
- Mostly free: PayPal allows anyone to make an account that is free of cost and it also allows the user to make transactions, mostly free of cost. Yet few transactions are paid and have to be made some determined amount of payment to the PayPal after those transactions are made
- Secure transactions: money transactions made via PayPal are secured and they are without any scam or fraud. No one can access your personal or sensitive data but only the information related and relevant to the transactions made.
- Simple and convenient: Paypal provides easy-to-understand services and the application is easy to use.
According to the recent statistics of PayPal, it has 392 million active users and at the end of 2020, almost 15.4 billion transactions were recorded to be made via PayPal.
Currencies used by PayPal
PayPal currently supports 26 currencies and is available in almost 200 countries among that include Germany, the US, Australia, Canada, India, Korea, and many more.
It is concluded that PayPal is a very convenient way of making the online transaction with alternate ways of depositing money into it. It provides its users with the ability to participate in online markets virtually which is a sort of trend nowadays so PayPal is indeed playing a vital role.