Technology keeps bringing innovations into a lot of sectors. Important activities that you had to struggle with have become easy and can be done considering the essence of time. Financial services have not been left out as we have seen banks and other institutions tapping into the tech world asking how does paypal work when receiving money. Services like; mobile and internet banking, wire transfers, and mobile banking applications are just but some of the innovations in the financial sector.
In yesteryear, remote transaction was a nightmare for most people. However, a myriad of money remittance systems has been introduced to serve people in real-time. One such service is PayPal. This is an online financial service that facilitates payments and other transactions. You can even receive money through PayPal and immediately move it to your bank account. Hence in this article, we explain how does PayPal work when receiving money.
PayPal has grown tremendously into one of the biggest financial services in the world for online payments. It facilitates transactions locally and even internationally. Some time ago we interacted with various aspects of the service. Perhaps some are still keen to know how it works when receiving money.
To receive money from your friends and family around the world, use PayPal from friends and family. The sender has your PayPal email address. These receptions are not limited to such funds. You can also receive money for a product or service you are selling. Having received your money, the biggest question as a first-time user is how to access it when it’s just online.
The easiest way of accessing your money is to connect your PayPal account to a bank account or more. Upon reception of funds, you can move your funds on PayPal to your connected bank account. The movement is done in a few online steps. The choice is yours whether to transfer all of your money or some of it.
Here is how you can transfer your money from PayPal into your connected bank account.
1. Log in This step is straightforward. You can not do anything on an online platform without logging in.
2. Summary page- when you log in, go to your Summary page. There you will find a “Transfer Money” button just beneath your PayPal balance, click on it. Alternatively, the option can be found in the “Wallet” menu in the top toolbar.
2. Transfer to your bank.” prompt which is your next selection.
ii) Multiple accounts- Some have more than one account connected to their PayPal accounts. In this case, you will simply select where you want the money to go to before activating the “Next” prompt.
3. Enter Amount – The next step is to enter the amount of money to be moved to your bank. Next click “Next” again. Remember you can choose to move all your money or keep some in your PayPal account.
4. Review – Before the final step, the next page, will prompt you to review your transfer. This gives you the chance to make sure all the information shown is correct. If you are satisfied, you click the prompt “Transfer [your amount here] now.” When you reach this stage your funds would have been transferred to your account.
As usual, I speak to young entrepreneurs when it comes to technology. It is our opportunity to expand our horizons beyond our respective borders. Platforms like the one in question equip us with an easy way of selling our products and services. Further, this is without having to go through so many gatekeeping processes.
A practical example is if you market yourself well on social media and other communication platforms, potential clients will come through and transactions can be done without anyone having to cross borders. Major corporations have moved most of their business online and nothing can stop us from doing the same.
This is quite encouraging for IT students. One effective way of improving our interaction with technology is acquiring qualifications in the field. An option is the UK which leads as far as innovation in Computer Science is concerned. A bit of information on that may be useful.
UK universities lead the Computer Science faculty worldwide.
Many of their departments conduct research for the world’s top firms. Computer science degree programs, offered by UK universities, will equip you with fundamental skills to put adequate dimensions to businesses and organizations. UK universities use new tools, programs, and development kits. These are designed such that they are instrumental in knowledge about how does PayPal work when receiving money and ability development with regards to phenomena like; IT, games development, software engineering, design, and security.