Is PayPal a payment initiation service provider?

Is PayPal a payment initiation service provider?

Paypal Spain

There is one thing we can say for sure: to get paid from abroad in a simple, safe and online way, you need a PayPal account! The next step is to choose the best account for you, the one that suits you best. There are two options: personal or business profile. What can you do with one account and the other? Read on and discover the best option for you, the one that best suits your needs.

We already tell you: Any account can be used to send or receive payments from any country in the world! PayPal itself does not ask you for any further requirements to register, other than going to PayPal’s website.

PayPal is a payment channel that knows no borders, which offers you several options to pay / collect (whether you are an individual, business, freelancer or whatever you can think of). It is also a “digital wallet” that allows you to save, exchange currencies or withdraw your balance at will.

It is the type of account that PayPal recommends you to “buy on foreign websites”, although this does not invalidate it to perform all kinds of actions. The reality indicates that, if the account is for private use, and not for business or commercial use, this is the profile for you (you will appear with your name and surname).

Paypal how it works

PayPal® is a service that allows you to send payments to the merchant’s account (e-commerce) and has become a very popular payment service provider among online shoppers, since opening an account is very simple and offers the possibility to pay by credit card, transfer or PayPal® balance.

Read more  Is Starling a good business account?

They establish trading relationships with a bank in order to offer, on behalf of and for the account of the bank, financial services to their customers. They are distribution channels used to make transactions.

So far 18 banks are supported by correspondents, which have different types of authorized transactions they can perform. Check with your bank for the location of these correspondents and the transactions you can perform, the hours and the maximum amount allowed.

Some department stores issue their own credit cards, which can be used on their e-commerce sites to make payments for purchases you make on those sites. To make payments with these cards on these e-commerce sites, you are usually asked for your card information; this process is very similar to paying with a bank card.

Paypal Commission

It is used either for buyers who wish to pay for a product or service online, as well as merchants who need a secure and efficient option to accept payments in their online stores.

Currently more than 19 million e-commerces accept PayPal as a payment method, crowning it as the most widely used digital wallet according to a 2017 online survey by Market Force Information.

If expanding abroad and making international shipments is projected in your online business plan, Paypal will be your best option, as it allows you to sell in 200 countries and accept the most major debit and credit cards in your online store, smartphone, e-mail, among other means.

Paypal.me is a good payment option for you if you do not have an online store. This solution allows you to accept payments through links that you can send via social networks, e-mail and SMS. In addition, with Paypal.me you don’t need to share bank details or log in to your account.

Read more  How much does Preply pay per hour?

This online payment solution has a seller protection program to protect you from chargebacks, returned payments or complaints as long as the product has been shipped correctly.

Paypal Chile

The purpose of this measure is to reinforce the security of online purchases. To do this, in some cases we will send you a notification to your cell phone where you will need to identify yourself to confirm the transaction.

These new security measures contribute to make your online payments even safer, so you can make your purchases with total peace of mind, so it is very important that we have your data updated.

Previously you received a code via SMS to confirm some transactions. With this new regulation, these purchases will require you to identify yourself to confirm them: reinforcing their security.

However, the regulation foresees some exceptions, which are at the Bank’s discretion, that will allow you to finalize the purchase without going through this process, therefore in some occasions you will not receive this message/notification when making an online purchase.

In order to continue shopping online, it will be essential that you have updated your data at Banco Santander (telephone associated with the Digital Banking contract and password to Online Banking), to receive the message/notification that will allow you to identify yourself and authorize online purchases and/or access to the App and Online Banking.

Read more  What are the methods of reconciliation?