Know about the pros and cons of a PayPal account
One of the largest online payment processors in the world is PayPal. This leading payment processor allows one to transfer money, process debit and credit card payments, and much more. Powerful brands such as Nike, eBay, iTunes, Coca-Cola, Walmart, iTunes, Adidas, and many others also use PayPal. If one is considering to start using or switch to PayPal, there are some advantages and disadvantages of PayPal that one should be aware of.
Advantages of using PayPal
There are various advantages of using PayPal accounts, which makes it one of the biggest third-party payment providers in the world. Listed below are some of the advantages of using PayPal:
- Safe and secure
While logging on to any online payment websites, one has to enter their credit card and bank account details and hence, it is necessary to ensure that the platform that they’re using is safe and secure. PayPal accounts are easy to sign up for and the transactions are made using the PayPal secure system which makes the credit cards and bank accounts secure. The credit card information stays private when a payment is made using the PayPal account; this means that one does not have to worry about their account getting downloaded and hacked by an online merchant.
One of the best features of a PayPal account is that one can set multiple bank accounts, credit card accounts, and debit card accounts to fund their PayPal account. This helps to relieve the hassle and embarrassment if the credit card gets declined when trying to purchase goods and services online as PayPal has all the accounts synced to it. This makes online transactions easy. PayPal secures all the synced accounts created by a user; the user can choose from whichever account they want depending on their requirements.
PayPal is a no-extra-costs solution as they don’t charge any extra fees for being a member, processing, and maintenance. There are various benefits one receives by making transactions from PayPal and one can enjoy these benefits for free. PayPal also offers special discounts for loyal customers who use the online payment service to buy from specific retailers.
PayPal is available for Android as well as iOS platforms. This accessibility helps people make online transactions with just a few clicks. Once the app is downloaded and the security procedures are done, it is easy to transfer, pay bills, send money, track the transactions, purchase on eBay, and various other retail websites.
Sending money to a friend in trouble or children in school, no matter where they are across the globe is easy for people who have a PayPal account. PayPal users can instantly transfer money to anyone with just a click. It saves time as well as money that is normally charged to transfer funds. Receiving money becomes easier and faster than ever with PayPal.
Disadvantages of using PayPal
Every coin has two sides and hence, there are also some drawbacks of using PayPal accounts. Below are some of the disadvantages associated with using a PayPal account:
- Unsatisfactory customer support
One major drawback of PayPal is its unsatisfactory customer service, and this is why PayPal is considered as an unfriendly platform for users. Most of the emailed queries and contact information often receive an automated response. Customer service is one of the key features customers look for when choosing to select any service that especially involves money. - Freezing account
When one signs in and creates a PayPal account, there are some terms and conditions that one has to read. Many people either skim through that page or just ignore it completely and then unknowingly, many people end up violating certain rules, even minuscule ones, that were mentioned in the terms and conditions page and PayPal freezes the account. PayPal does not need any permission for freezing accounts or withholding funds if they find any suspicious transaction or activity. - Not exactly present worldwide
PayPal is known to be a worldwide service; however, this service is not supported by all the countries in the world. Some of the countries that don’t support PayPal include Syria, Iran, Pakistan, Monaco, Uzbekistan, Afghanistan, Bangladesh, Egypt, Zimbabwe, Lebanon, West Bank, Cuba, Moldova, and Ghana. There are few banks and companies as well who do not support the PayPal service. - A target for phishing and scams
PayPal does protect its customers from identity thefts and data leaks. However, it does not provide protection to its customers from malicious shoppers. PayPal is also one of the popular targets for phishing and scams. Fake e-mails or online messages may also be received from organizations or individuals who pretend to be affiliates of PayPal. Ensure that no personal information is provided via email and be extra cautious in order to not be victimized by such scams. - Holds and deductions
Another con of using a PayPal account is that when one receives money from any person, according to the company’s policy, PayPal is allowed to deduct some taxes on that amount. This happens only in the case of receiving money, and this is, hence, not very well known as the money received is often used for shopping and other online transactions. Also, the company may also hold the money for a period of 20 days sometimes just to guard the possibility that there could be a problem with the transaction.
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