PayPal

PayPal is the world’s largest online payment company, and it’s been established back in 1998. The company was bought a few years later by Ebay, which integrated their services into their website, helping them grow further at even bigger speeds. The company is years ahead of the competition as far as the market share is concerned.

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How it works

In order to use PayPal as a payment method, a user account needs to be created, and a credit or debit card has to be attached to that account. From that point forward, the user can add funds, can make payments directly and he can withdraw funds if he has money in his account. Paypal also allows people to make payments using their cards, without creating an account with them.

Merchants find using this payment solution easy, and since millions of people already have an account with PayPal, and they use it regularly, it makes the buying decision easier for many of them.

PayPal offers three types of accounts, two of them for personal use, and one for businesses. Each one has its pros and cons, with different fees, pros and cons.

Deposits and Withdrawals

Once the account is created, the user is required to add a credit card or bank account, in order to be able to add funds, or to make instant payments, with PayPal as the intermediary.

Withdrawing money is done via a credit card, and it usually takes one to three days. There is also the option of getting the money out through a local bank transfer.

Fees

Making payments with PayPal is free of charge, so you don’t pay anything extra besides what the price is. The person receiving the payment however will pay the fee, which is $0.40, plus a percentage, between 1.9% and 3.4%.

If the money is being transferred to another PayPal account, and not used to pay for something, then there is no fee if the transfer is done from funds available in PayPal. If the money is taken from a credit card, there is a fee, which is $0.40, plus 3.4%.

Withdrawing money to your bank, if you’re from the United States, is free of charge. For credit card withdrawals, there is a fixed fee of $2.50.

Safety

PayPal’s encryption level, which is used for their transactions and for every piece of information that is sent across the web, is at 168 bits, which is the best that is available commercially. The company takes fraud protection very seriously, perhaps too much so, as there have been a lot of complaints of user accounts limited.

Conclusion

If you’re looking for an electronic wallet solution to use, PayPal is one of the best available, but it’s not one of the favorites as far as gambling payments are concerned. If your favorite casino does offer PayPal, it’s a good idea to use them to add or withdraw funds.