PayPal Holdings, Inc. is an American company operating a worldwide online payments system that supports online money transfers and serves as an electronic alternative to traditional paper methods like checks and money orders. PayPal is one of the world’s largest Internet payment companies. The company operates as a payment processor for online vendors, auction sites and other commercial users, for which it charges a small fee in exchange for benefits such as one-click transactions and password memory.
If you have a PayPal account and find yourself struggling with their plans, fees, , different account types and online casino accounts then here are the important points to remember when using PayPal.
- There are two types of accounts in PayPal. Personal and Business. A single person can only have two accounts with PayPal. One Personal Account and/or a Business Account. Each account should have a unique email address, bank account and credit card associated with it. Opening a PayPal account and sending money from a PayPal account is completely free of charge for all account types.
Receiving funds from a PayPal account
- To your personal PayPal account is free.
- To your business PayPal account involves fees.
- You can also receive funds from a credit/debit card.
With personal accounts you can only accept five credit/debit cards payments while in case of business accounts there is no such limit.
Receiving funds from a credit/debit card to your personal PayPal account involves higher fee than business account. Fee varies by country. Check out fee structure for US and Canada based PayPal account holders.
Business account holders can also accept payment through credit cards without asking the payee to register with PayPal.
If you have a business account, you cannot accept business funds to your personal accounts. It means you can’t ask your website visitors to put money in your personal account instead of premier/business account. However you can accept funds from your affiliate/advertising network in your personal accounts.
If you are a business account holder and have a good standing with PayPal you can apply for merchant rates. Merchant rates attracts lower fee than normal premier/business accounts rates. To qualify for merchant rates you should have received more than $3,000.00 USD in PayPal payments in the previous calendar month.
PayPal has invested a lot on the customer service front. While generic questions can be asked @AskPayPal twitter handle, for account related questions you have the facility to call them or send an email via the contact form.
Never click a PayPal link in your email. There are lots of phishers around. It is always advisable to directly type-in the URL.
While opening a PayPal account, use a Gmail address. Gmail has put in place some special authentication for PayPal wherein you will never find a PayPal phishing messages in your Gmail account.
For simple needs, PayPal also provides an inventory management feature under merchant tools. Now no need to go for those big online shopping carts.
If you are a merchant and want to find and test out how that PayPal button would behave in real-time. Check out PayPal Sandbox
If you are a PayPal account holder from outside US be prepared to shell out large sum of money as PayPal fee. Even while withdrawing money(in your currency) to your account, PayPal has its own exchange rate which is always lower than the current exchange rate.
Make sure you read the T & C document of PayPal carefully. PayPal is quick to limit an account for even a slight aberration. For instance, you are not allowed to log-in to PayPal from a country which is not included on Paypal’s permitted countries list.
Even if you’re logging in from a permitted country but if that country is not your base country (where you regularly do business from), it’s good to let your PayPal account rep know about your travel plans
Canadians cannot make a deposit at online casinos with PayPal. As of 2018, PayPal is accepted for gambling transactions online in the UK, Sweden, Portugal, Ireland, Greece, Portugal, Finland, Denmark, Belgium and Austria, some even offer cashouts with PayPal. Casinos for Australian, Canadian players will NOT accept PayPal and most notably, despite recent legislation in specific states, the USA does not allow PayPal transactions either.
Instead you can make deposit at online casinos with credit/debit cards, e wallets like Neteller and Skrill, Entropy, Instadebit, iDebit, bank transfer, Bitcoins and various other easy to do deposit options.