PayPal Reviews Overview
PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that supports online money transfers and serves as an electronic alternative to traditional paper methods such as checks and money orders. Wikipedia
CEO: Dan Schulman (Jul 2015–)
Revenue: 25.37 billion USD (31 December 2021)
Founded: December 1998, Palo Alto, California, United States
Headquarters: San Jose, California, United States
President: Dan Schulman
Founders: Peter Thiel, Max Levchin, Luke Nosek, Ken Howery, Yu Pan
PayPal at Glance
PayPal generate many services for business owners, and extent of their services can be a little confusing if you’re just a beginner with payment processing. In other words, PayPal lets you accept payments on a website—an e-commerce store, for example. You can also use PayPal to accept in-person payments, such as for a retail store or a stand at a holiday fair.
On PayPal, merchants can accept all major credit cards, Venmo, pay-later options and cryptocurrencies. The fees vary based on the transactions. Here’s how the fees break down:
PayPal offers a Seller’s Protection Program for eligible merchants. If a buyer disputes a transaction, this will ensure you are protected as a merchant.
After downloading the app, you need to create a PayPal account, if you haven’t already got one—an unlikely situation if you’ve shopped much at all on the internet over the last decade. You must confirm your mobile phone number and then link a credit or debit card by entering the usual details. In some cases, you have to confirm the card is yours via small test charges. If you don’t want any fees, you need to enter your bank account info as well.
There are three PayPal account levels: Personal, for those who just want to buy stuff online or send money to friends; Premiere, good for those who do a little selling online of their own; and Business, for full-fledged e-commerce shops. In all, I found setting up the PayPal app easier than setting up Apple Pay Cash, and about the same as for Venmo.
PayPal’s Bonus Payment Features
Like Venmo, the PayPal app also sports a QR code feature letting others scan your phone screen to pay you, or vice versa. This makes it super easy to verify that the money is going to the correct recipient. You also get a PayPal.me address, and a unique URL to use for requesting payments. If you go to PayPal. me/username, for example, you can send some moola without ever having to know an email address, much less type it correctly. As with Venmo, however, beware of putting this address out in public—you can open yourself up to scams like being paid from nefarious sources of money and then held accountable.
One nice thing about paying someone via PayPal is that, unlike Venmo, they don’t have to have the app installed; they just need a PayPal account. The same holds for Google Pay/Wallet, but Apple Pay users must have an iOS device with an account set up. And the latter can only pay other Apple customers, whereas PayPal doesn’t care what platform you’re on.
Security and Privacy With PayPal
One of PayPal’s greatest strengths is its PayPal Purchase Protection policy. That’s the company’s nearly ironclad guarantee that you will either receive the goods and services you bought or get your money back. This adds a layer of protection between your credit card and the vendor. When you buy something with PayPal, even if the purchase price is ultimately going to your credit card, the vendor never gets your credit card details. It’s a smart solution to many of the problems with online shopping and potential fraud. It’s aces. By contrast, Venmo’s legal agreement states, “Venmo does not offer a buyer or seller protection program for transactions conducted using the Venmo app or Venmo.com.”