What is paypal ? Refer to some web definition,"PayPal is an e-commerce business allowing payments and money transfers to be made through the Internet. PayPal serves as an electronic alternative to traditional paper methods such as checks and money orders."
Source:en.wikipedia.org/wiki/PayPal
To me, i say its an electronic banking account where you use it to pay online such as shopping in eBay or some other stuff that requires you to pay online. Same like banking and the different is its not conventional method. I believe some of you may not know about Paypal, and here i am writing some simple understanding for you to learn some about it.
It is free. You do not need to pay a single cent to open and account. Yet, there is a catch. Its when you want to withdraw the money from Paypal account into your banking account for example, i want to withdraw some money from Paypal to my Maybank account, if i am transferring an amount below RM400, i will be charge RM3.00 on that transaction alone but if i am withdrawing more than RM400, it will be a free transaction and the minimum amount a Malaysian user can do withdrawal is RM40. If you would want to withdraw the Paypal money by check, they will charge USD 1.50 per transaction.
Now, why do i need a Paypal account ? Its fast and its easy to use. You can easily make an online payment within a few clicks. For example, if i am buying something from a site and they are using Paypal as the payment getaway, i can easily purchase with a few clicks. You can also accept any payment from various sources like affiliate marketing, products sales or anything that will pay you online faster than waiting checks to be deliver to your doorstep. I will cover this subject in future post in making money online that use Paypal to receive money.
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