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Wednesday, 23 January 2013

How Paypal Works...

How Paypal Works for Buyers

Many people in the non-Western world even today are uninformed about how Paypal works. They have the misunderstanding that it's just another online credit-card payment system and the seller might take the money and disappear. There are many who do not have a Paypal account and don't understand how Paypal works for the buyers.

Paypal actually works in the best interest of the buyer and the seller, who are working in an online environment. There is no way a seller can disappear with the money credited to his/her account with a Paypal purchase.

Some salient features of how Paypal works - 
  • The online merchant is required to link his/her bank account to Paypal account.
  • The online merchant is required to link his/her PAN Card to Paypal in a country like India, where all financial transactions made into the bank account of an individual are recorded in his/her unique PAN Card number.
  • All transactions made via Paypal are recorded into the Paypal account just like the online banking account. This record can be produced at any time whenever required and cannot be deleted.
  • The client who purchases a product online via Paypal can claim his/her money back from Paypal in case of any discrepancy.
  • If a complaint is registered by the client with Paypal, the merchant is asked to give a clarification in 14 days. If the merchant doesn't clarify in given time, Paypal automatically reverts the money back to the buyer.
  • If the client makes a false complaint, the Paypal again asks the merchant to explain. If the merchant explains in 14 days with evidence, the complaint by the client is rejected.
  • Thus, you can see that Paypal works in the best interest of both client and merchant and there is no scope of fraudulent practice in it.
  • In fact, Paypal is more secure than payment by cheque. Because a person can still take a cheque and disappear and it will be difficult for the customer to look for the merchant. But Paypal reverts the money back to the client if the client doesn't hear from the merchant after making the payment.
  • At no time do the client and the merchant see each other's credit card or bank information.
  • All you need is an email address and a valid bank account to open a Paypal account. Indians also need a PAN Card to have a working Paypal account.
Please see the image above for understanding how Paypal works and below for how the transaction is recorded into a Paypal account -

Statement of Transaction a Paypal Account

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