Can someone explain what PayPal is & how it works? Also, what is a “verified” account?
PayPal is a type of person-to-person payment service (P2P). A P2P payment service allows anyone with an e-mail address to transfer funds electronically to someone else with an e-mail address. The initiator of an electronic funds transfer via PayPal must first register with and fund their PayPal account. A PayPal account can be funded with a check or money order, an electronic debit from a bank account or by a credit card. The recipient of a PayPal transfer can either request a check from PayPal, establish their own PayPal deposit account or request a transfer to their bank account. PayPal is an example of a payment intermediary service that facilitates worldwide e-commerce. When you sign up for a PayPal account they will make 2 small deposits into either your bank account to verify that you have an open account and that they have the correct account. Once you receive the deposits you verify with PayPal the amounts received and thereby your account is Verified.
Advantages of having a pay pal account is you can receive payments form people right away when selling anything online. Usually when setting up your pay pal account if you are going to be using it for selling items you need to set up a premier account. You will need a bank account to set up pay pal account. They ask for your routing number and account number. to verify the account they will make two small deposits into your account. Once you check with your bank and find out the amount of each deposit and fill out the form on pay pal as to how much they deposited into your account you are then verified. Money is placed into your account when someone buys from you by sending the funds to your pay pal account via the email address you signed up with. if you are using it to buy with and need funds in it you can have your bank deposit funds into pay pal via your debit card.
