A Comprehensive Guide to Using PayPal for Canadians: Understanding the Ins and Outs of PayPal Services in Canada.
The use of PayPal has gained immense popularity with almost $16.1 billion in transaction revenue for last year alone. There are more than 6.4 million active users across Canada who prefer this digital financial service. But what exactly is PayPal?
PayPal is a digital service that simplifies payments through e-transfers. It is particularly useful for online shopping as it stores payment information, making it extremely convenient, and keeping your data private. In this review, we'll explore the functionality of PayPal Canada, explain its enrollment process and verification, and share why it is one of the most renowned financial service providers.
Who Benefits from PayPal?
PayPal allows individuals to make quick and secure online payments. Hence, it has gained a diverse customer-base. This includes:
- - Individuals: Anyone in need of sending or requesting money for personal reasons.
- - Businesses of diverse industries: Beauty, B2B, clothing, computers, education, entertainment, financial services and products, food, government, health and personal care, non-profit, retail, travel, and many more subcategories.
- The main advantage of PayPal over other payment methods is that it is convenient and does not require the payor or payee to disclose credit card or bank account information.
Basic Functions of PayPal in Canada
- PayPal allows for various financial operations via its all-in-one online payment solution. Some functions include:
Sending Money
You can send money to friends and family or use it as a payment method in numerous online stores. The platform supports both domestic and international transfers at a low cost. Payments can be done through the website or an equally efficient mobile app.
Requesting Payments
PayPal enables you to request funds for goods and services or even split dinner bills with friends. For those without an account, requests can be sent via email, taking mere seconds to do so.
Accepting Payments for Premier and Business Accounts
For receiving payments as a business, a personal account is insufficient. Therefore, you can upgrade your account to Premier or Business and receive large payment amounts.
Tools for Auction Trading
Businesses can use PayPal-friendly online auction sites, where successful bids result in e-mail-based fund transfers.
Getting Started with PayPal
Starting with PayPal requires some thought as personal and business accounts differ. Here are the steps to create a new personal account in Canada:
- - Go to the website or open the app and click/tap 'Sign Up.'
- - Provide a valid email and create a unique password.
- - Fill in personal details: name, address, and phone number as this mandatory step confirms and secures your account.
- - Add credit or debit card information, bank account details, and apply for PayPal credit (optional).
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