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Why You Should Start Using PayPal for Safer Online Payments

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Safer online shopping with PayPal

There really are only two types of online payment options: credit cards and everything else. Compared to plain bank-issued credit cards, PayPal is still your safer online payment option.

Many people cringe at the thought of using their credit cards on the internet, for fear of hacks or security breaches. But for every purchase you make, even or in person, there is always a risk, however small, that someone may access your payment information.

So when it comes to data breaches, it's just a matter of whennot if.

Since founded in 1998, the online payment service has become a leader in online safety and consumer protection. PayPal is a safer way to pay for your digital purchases, but it doesn’t eliminate all the possible risks related to the misuse of sensitive information.

If you’ve never used PayPal before, you must be wondering what it is about this payment service that makes it the go-to choice for global web-based payments. Take a look at the following benefits of using PayPal to see more clearly why you should start using it for your transactions.

1. Up-to-date encryption of your 'sensitive data' 

PayPal keeps your data and transactions secure with the most recent “end-to-end encryption.” In their own words, the company employs a dedicated team of security and compliance experts to make sure everything is up to industry standards. 

PayPal is so secure that it would even compensate hackers hefty amounts of money to find vulnerabilities in its system through a bug bounty program at Hacker One

You can view their security reporting guidelines here.

2. You can still use your credit cards, but with a layer of protection.

Instead of handing over your credit card information to a stranger on the web, with PayPal you get an extra layer of protection. 

Your credit card information and your banking information is stored in one safe place. A transaction only requires your email address

If something out of the ordinary happens, you won’t need to have your card issuer send you a new one, which would’ve probably taken weeks or months to arrive, or issue chargebacks, which might freeze your account during the process.

3. Painless dispute resolutions

With PayPal’s buyer protection program, you will be reimbursed if the transaction fails. PayPal’s refund policies are known to be customer-focused. The company has a resolution center that connects sellers with dissatisfied customers who are free to dispute the transaction following their guidelines.

It offers protection for both buyers and sellers, as well as freelancers.

So if you’re getting paid through this online payment service, you might be eligible to receive payments and rebates for your freelance works. Remember, PayPal is used in over 200 markets and in most of the popular freelance marketplaces.

4. A freelancer's friend

PayPal is a pioneer. It’s been around the longest and is accepted by major freelance marketplaces. 

UpWork, 99designs, Fiverr, Guru, Creative Market, online writing platforms, Patreon, you name it. If it’s on the web, chances are it pays through PayPal.

It also offers a number of tools that freelancers should take advantage of: payment requests, email invoice, the personalized PayPal.Me link, and the PayPal app. 

With the payment request feature, you ask for payment with just your client’s email address. Or you use the email invoice and your own personalized link, which you’d be able to link to with text messages, social media posts, even email. Finally, you manage your transactions and payments on the go with the PayPal app.

5. Free to join

You already know that you can securely make a request for payment to anybody in the world as long as you know their email address. Now, what happens after that?

Once the recipient gets your payment request email, they can choose to open an account with PayPal, which is completely free

As a middleman service, PayPal does charge a number of fees for the monetary transaction it caters, such as when people send money using their cards, conversion fees for transactions to accounts in non-US countries or for withdrawing to bank accounts in your local currencies, etc.

View a complete list of PayPal fees and known charges from their website here.

6. Multiple sources of funding

Instead of relying on a single credit card to fund all your online purchases, you can set up more than one source of funding with PayPal.

Connect multiple bank accounts, credit cards, even debit cards in some countries. The payment gateway works with major credit cards from Visa, MasterCard, American Express, and Discover. If one card fails, PayPal will automatically look for funds from your other sources. 

In addition to online shopping, these bank accounts can also be set to receive freelance payments. You’d be able to skip the lines at the bank by cashing in on your hard-earned money as soon as it is received. 

7. Faster checkouts

Again, all of your financial information is kept safe in one place, so there won’t be any need to retype your credit card numbers and CVV code every time you make a purchase. You only need to enter your details once when you create a PayPal account. This hassle-free payment processing is now starting to be used in brick-and-mortar stores that accept PayPal as a form of in-store payment.

PayPal account is a safer online payment method compared to plain credit cards
Shopping with PayPal
So there you have it.

Aside from its ease of use and transparent fees structure, you’ll also be able to find everything you need to know from its website.

Keep in mind that while it is a safer option, PayPal certainly isn’t free. Fees are quite high for international payments but its pricing fees are fairly transparent, which certainly beats the additional costs banks charge for international wire transfers. 

Stay wary of suspicious links in emails, and take active measures to make certain that your sensitive financial information is safe before, during, and after the transactions.

Credits:


PHOTO BY CHRIS SLUPSKI ON UNSPLASH; EDITED with CANVA
Why You Should Start Using PayPal for Safer Online Payments Why You Should Start Using PayPal for Safer Online Payments Reviewed by Lovelli Fuad on May 29, 2019 Rating: 5

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