What is PayPal? Are you still unfamiliar with the application that was previously owned by Elon Musk? Simply put, PayPal is an application that makes it easy for users to send money for friends, family, to business. To be able to send money, you must have a PayPal account.
For PayPal account creation, it's all free and only requires an email address and basic user information. Here are the pros and cons of using PayPal in our extract from Rocket HQ, Tuesday (4/1/2022).
PayPal Advantages
PayPal is easy to use, you could say it's a very easy way to send money to friends and family at home and abroad.
Paying with PayPal gives users an extra level of security and fraud prevention. If you pay for a purchase using PayPal that ends up being a scam, PayPal can help get your money back.
PayPal encrypts your bank or credit card information, keeping it safe.
There is no charge for sending money to friends and family.
Disadvantages of PayPal
While it's free to use PayPal to send money to friends and family, if you send money via PayPal as part of a business transaction, you'll be charged.
PayPal also charges a 1% fee if you want instant access to the money. Free bank transfers take a few days.
PayPal has a reputation for being very aggressive with account freezes. If they decide to freeze your account, they withhold the money until you can prove that you didn't do anything wrong that violated the guidelines.
PayPal is a company that was founded in December 1998 in Palo Alto, California, United States. The company's headquarters is located in San Jose, California.
