![]() That's because everyone's information, including credit card numbers, bank account numbers and address, stays within PayPal. PayPal touts its presence as an extra layer as a security feature. The account holder doesn't receive any of the interest gained on the money while it sits in a PayPal account. All the money held in PayPal accounts is placed into one or more interest-earning bank accounts. PayPal also collects interest on money left in PayPal accounts. Though most transactions are free for the average user, merchants pay a fee on transactions. The first is the fees they charge to a payment's recipients. PayPal, in turn, handles all the transactions with various banks and credit card companies, and pays the interchange. Both sides have provided their bank account or credit card information to PayPal. What part does PayPal play in all this? Both buyer and seller deal with PayPal instead of each other. In the next section, we'll examine what parts make up the PayPal Website and service. As an alternative, you can request a confirmation code by mail after you've had the account for 90 or more days, or you can apply for a PayPal MasterCard which confirms your address by running a credit check. The fastest of these is to verify a bank account or credit card matching the address you've entered as the PayPal account's address. A PayPal account is confirmed if you've completed one of three options to signal to PayPal that the address on your account is valid.Then, you'll need to enter the amounts of those micropayments as verification. For a checking account, for example, PayPal will make two micropayments to that account, usually about five cents each. PayPal will ask you to follow certain steps to complete the verification process. This is more than just entering account information. A PayPal account is verified if you've associated that account with a current bank account or credit card. ![]() Let's start with how to sign up for your own PayPal account. In this article, we'll show you how to use PayPal, find out how the transactions are made, and learn something about the company's history. Other withdrawal options include using a PayPal debit card to make purchases or get cash from an ATM or requesting a check in the mail. You can associate your account with bank accounts or credit cards for more direct transactions, including adding and withdrawing money. If you have a PayPal account, you can add and withdraw funds in many different ways. The company charges fees for sellers, international transactions, and sending money with a credit or debit card. Basic PayPal accounts are free, and all purchases made in the United States with the service are also free. To receive the funds, though, the recipient must have a PayPal account associated with that e-mail address. You can send funds to anyone with an e-mail address, whether or not your recipient has a PayPal account. Send or receive payments for online auctions at eBay and other Websites.
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