Paypal is a great online tool to use. It is a way of handling money online so that those you are sending money to or receiving it from do not see your bank details. This is really important when you want to keep this information secure. It is wise not to give out your credit card details or your bank details to many people or companies and only do it to those that you really trust. However, with lots of us making online transactions, it is something that we are having to do and using Paypal adds an extra layer of security in this situation.
Getting paid using Paypal can also be more secure than giving an employer your bank details. This applies more if you are working online rather than for a standard employer who will always want to transfer a salary straight into your bank account. For anyone doing online work, they could be being paid by a selection of different people from many different countries and not only will Paypal be easier and cheaper for some of them, it will also be much more secure for both parties.
All you have to do is to set up a Paypal account, which is very simple and then give the person the email address that you have associated with your Paypal account. Then they will be able to transfer money from their Paypal account into yours in order to pay you. It is worth knowing that you could get charged for receiving money into Paypal depending on your account settings and the way that the payment is set up. This means that you will need to monitor this and allow for it when you are charging customers or organising for them to pay you into your Paypal account.
Once the money appears in your Paypal account, you are then able to withdraw it into your bank. This takes just a few hours and so it is very quick. However, if you have a business account ith Paypal, you will need to wait until you have £50 in the account or else they will charge you 50p er transfer to your bank account. Of course some people may just like to keep a balance of money in their Paypal account so that they can use it to buy things. However, this pays no interest so it can be wise to move the money to an account that does pay interest in the meantime rather than having it sitting there and doing nothing for you. Also if you have money in the account you may be just tempted to buy things so that you can spend it, even if you do not really want the things that much.
So getting paid through Paypal is very easy and can be much more secure in some circumstances. It is therefore something which is well worth investigating, particularly if you get paid form many people indifferent countries around the world. It is worth bearing in mind that there could be a fee involved though, which could be charged to you or the person that is paying you and so you need to make sure that you allow for that.