PayPal is a company owned by eBay that allows you to buy online without a credit card. This service can also be used to get paid for your online income. The way it works is quite simple and best of all, it’s secure.
Why Use PayPal?
PayPal is like a go-between service between the Internet and your bank account. If you receive money in PayPal, you can transfer it to your account without revealing personal financial details and if you want to buy something online, you can transfer the money to someone else. In the WAH world, getting paid is the whole point to it all and by having PayPal you can earn money without waiting for cheques to arrive in the mail.
Setting up Your Account
Setting up an account is simple. Sign up at: www.PayPal.com and enter your details. Be sure that you have your bank account information handy as you’ll need to input it. Information needed is avaialble on your personal checks and if you need specific information about bank transit numbers, etc. you can contact your bank or visit their website.
Once your details are in, you’ll need to watch your account. PayPal will send you two small deposits (generally below $1.00 each) and to confirm your bank account, you’ll need to input those exact amounts into the PayPal system which happens within a few business days. Then you’re ready to start using your account. Someone can pay you by having your e-mail address associated with your PayPal account and once you’ve received a payment, you’ll get an e-mail notifying you the payment is either live or pending clearance of an e-check.
Lead Time for Payment Clearance Through PayPal
Generally, e-checks take 5-10 days to clear and for most people, PayPal transfers into your bank account take 2-3 business days.