First established in 1998, financial technology company PayPal has become one the world’s largest and most popular online payment processors. The service allows individuals and businesses to send or receive payments or to give or accept donations.
The service now has over 361 million active users and made $5.46 billion US dollars in net revenue last year. Recently, they have also added the ability to buy, hold and sell cryptocurrencies, including Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
PayPal has become an everyday tool in many people’s lives, helping them to make a range of transactions faster and more safely than other popular payment methods. You may rely on this service more than you think, here are some of the most common ways consumers use the service in their daily lives:
Making transactions on an online gaming account
Many people play games online as a way to relax and have fun during their free time. One popular form of gaming is playing games on online casinos through smartphone apps or web browsers. Paypal is a great way that you can add money to your casino account or withdraw your winnings, this website has a good review of the best PayPal casinos in the UK.
It doesn’t even matter if the casino site you are using is an offshore casino that accepts a different currency, PayPal operates across 203 global markets and saves you the trouble of trying to convert currency yourself.
There are thousands of online casinos sites available for players to enjoy and the best sites tend to offer their users a number of different methods for transactions, alongside VISA payments, PayPal remains one of the most used and safest options for players.
Purchasing goods from online retailers
Using PayPal to buy goods from an online retailer is the most common way of using this payment processor’s services. You can select PayPal at the checkout on most large retailers, such as supermarkets and fashion sites.
PayPal is also often used on online marketplaces such as Etsy. Most sellers on Etsy are individuals running small businesses from home and allowing customers to pay with PayPal gives both the seller and the buyer some piece of mind.
Buyers are able to log a complaint and potentially receive a refund from the payment provider if they are scammed by a seller. Businesses are also offered seller protection that helps to manage the risk of chargebacks, fees and reversals.
PayPal has a built-in compliance feature on its platform for businesses, this ensures that automatic updates are carried out every time security protocols are changed. This means that businesses are less likely to accidentally fall foul of the rules.
Not only does PayPal protect sellers from fraudulent activity, it helps to streamline operations, save time and free up resources.
Sending and receiving money from friends and family
PayPal is not just from business use, it is also often used by family and friends to send and request money for one another. It is a really handy tool for when you wish to split the bill when eating out at a restaurant.
It can also be used for pooling money together to spend on something special. This could be chipping in for a birthday gift or saving up for a group holiday, using PayPal is a convenient and transparent method for these types of transactions.
You can even pay by holding your phone over your friend’s PayPal QR code, removing the need for typing in details and searching for the correct recipient. You can send money to individuals in at least 130 locations, so distance really is no barrier to sending and receiving money from people you know.
Receiving payments for services as a freelancer
Paypal can be used by freelancers and sole traders to accept payments for their services. This method is often more preferred than cash or bank transfer by both the freelancer and the customer. PayPal transactions are ideal for paying for services like a wedding photographer or catering service.
PayPal Credit
The last few years, PayPal has been offering PayPal credit to customers who make purchases with a value of over £99. This service works the same way a credit card does and at present offer 0% interest for four months on large purchases.
Buy now, pay later schemes are becoming increasingly popular and consumers are often more comfortable using these services with a well known company that they are already familiar with, like PayPal.
From online gaming and retail shopping to splitting bills with friends and spreading the cost of larger purchases, PayPal is a valuable tool for both businesses and individuals.