PayPal is how individuals and businesses send and receive money online.
PayPal is the world's most popular "middleman service" for online purchasing. Where money grams and wire transfers were the standard in the 20th century, today over 99 million Internet users prefer to use PayPal to send money to each other via email. PayPal has become such a convenient and trusted way to transfer money online, 95% of eBay's purchases go through PayPal.
The basic concept is - PayPal offers a secure service through which funds can be transferred from one PayPal account to another.
(Technically no funds are actually transferred. PayPal is just a running total of how much one account was given from another and vice versa. It isn't until someone "cashes out" that money is actually "moved".)
The transfer is immediate and guaranteed. PayPal won't transfer funds unless the buyer has a credit line (or amount in bank account) to make the transfer. No, PayPal is not a bank actually. Thus, their accounts are not federally insured in the same way as a traditional bank account, however they do offer their own private insurance.
In order to sign up, you are asked all the basic questions, plus you choose the traditional login and password. Your email is proven active by the computer sending you your confirmation number. You get the number, return to the site, and finish the process.
PayPal Requirements
You need no special technology nor a business license to send/receive money through PayPal. The only requirements are:
- a valid email address.
- a valid credit/debit card or bank account.
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