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PayPal is a powerful money transfer service that serves as a convenient and fast alternative to traditional cash, paper checks, and money orders. PayPal accounts come in a few different types, which I'll cover in another movie, and you'll have the ability to fund your PayPal account with an electronic debit from a bank account, a credit card, or a debit card. You can also receive money from other PayPal users, and then turn around and spend that money immediately. PayPal is often considered an eBay payment service, but millions of individuals and companies use PayPal everyday for settling all types of debts.
There's a ton of ways to use PayPal, and I would never begin to cover every possibility in this movie, but let's explore some real world examples. Let's say you're sending your son to college, and he'd like to buy some college textbooks, but he's run out of cash. You can instantly transfer money to his PayPal account, and he'll have the funds in a few seconds. He can then turn around and use his PayPal debit card that's linked to this PayPal account, and buy those books from the college bookstore. Perhaps you've decided that you'd like to buy a new computer, and you have some money sitting in your PayPal account balance that you've received for some old antiques you've sold on eBay. You're browsing around on Walmart.com, and you find the perfect computer bundle with a monitor, a printer, and a keyboard, and a mouse; all the right things that you need just for the right price.
You see the PayPal logo, and you realize that you have just enough money to buy that computer, so you add it to your shopping cart, and you pay for it immediately with those eBay auction proceeds. One fun Friday night, you're out with friends, and you realize you've left cash at home, and there's no ATM insight. Your co-workers suggest that you bump the funds using the smartphone money transfer feature on your PayPal iPhone app, and in seconds, you've sent her $50, and your fun continues well into the night. Another great example would be for your business. You've been after your best client to pay for an old invoice that's been lingering around for way to long, and he mentions that he's prepared to use a credit card, but alas, you don't have one of those expensive merchant accounts, and you aren't about to get one for this invoice.
You suggest to him that you will send him a PayPal invoice through e-mail, and he can enter his credit card details, and pay for that invoice in a few minutes without ever having to sign up for a PayPal account. These are some of the very real and likely ways that PayPal can integrate into your daily life. You also have the ability to create payment buttons that can be added to your Web site for selling individual products, or receiving money for virtually any reason. Setting up a shopping cart integration is very simple for a programmer, so that you can sell online, and offer PayPal as a method of payment for your online store.
You can subscribe to a virtual terminal, and then offer charge by phone, fax, or e-mail options to your clients and customers so that you'll have the same credit card processing capabilities that larger companies have, without investing one dime in equipment. You can create recurring subscriptions for your clients and customers so that monthly charges are automatically collected from their PayPal account without ever having to remember to bill them. You can also accept donations for your charity if you operate one. Your imagination is the only limitation here.
PayPal is a super convenient cash alternative for many situations. If you have a programmer, or you are one yourself, you can accomplish many more cool tricks with PayPal, and integrate it into your applications. For those of us who don't write code, you'll find yourself using PayPal to send and receive money to everyone you know.
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