PayPal - One of the Largest Online Payment Systems on the Planet
PayPal is an online payment service offered by PayPal Inc., a US-based firm founded in 2000 by Maxim Levchin and Peter Till. Formed as a result of a merger between Confinity and X.com, PayPal was originally intended as a payment service for online auction sites such as eBay.
Only a few months after it was established, over 1 million eBay auctions accepted PayPal as a payment option. PayPal eventually became part of eBay’s services in October 2002.
PayPal has since become one of the biggest online payment systems in the world, supported by thousands of retail and service sites in more than 190 countries all over the world. More than 164 million users are signed up to PayPal, which is available in over 24 currencies.
How Does PayPal Work?
PayPal provides an account that can be funded automatically by funds withdrawn from a linked and verified bank account. Alternatively, funds may also be charged against a credit card, which should also be linked and verified with PayPal.
In order to make purchases or payments, you will simply have to provide the merchant or online casino with your PayPal account details. At no time during the transaction will you have to provide your credit card or bank account details. This ensures your safety and security against data theft, unauthorized account access, and fraudulent charges.
| PayPal Facts | |
|---|---|
| Type | e-Wallet / Online Payment Service |
| Deposits | Yes |
| Withdrawals | Yes |
| Deposit Fees | Free |
| Withdrawal Fees | From Free up to 2.9% |
| Typical Casino Limits | $10,000 per transaction |
| Headquarters | San Jose, California, USA |
| Contact Details | Tel: 1-402-935-2050 (outside the US) |
| Website | https://www.paypal.com |
How to Create a PayPal Account
Creating a PayPal account is fast, easy, and free of charge. However, you will have to link your account to a credit card or bank account in order to fund your account and be able to make purchases or deposits online. The process for signing up for a PayPal is as follows:
- Go the PayPal website at https://www.paypal.com.
- Complete the sign up form. You will then receive a confirmation email.
- Click on a link to confirm your email address.
- Add your credit card or bank account details.
- Confirm your registration.
Funding Your PayPal Account / Making A Transfer to A Casino Account
Strictly speaking, there is no need to “prefund” your PayPal account in order to make a deposit in an online casino if you have linked a credit card or bank account with PayPal. This is because PayPal will automatically draw the funds from your bank account or charge it against your credit card. However, these funding sources will have to be ‘verified’ as mentioned in the previous section (“How to create a PayPal account”).
In order to make a deposit into an online casino account via PayPal, the following process applies:
- Go to the casino’s “deposits” page.
- Select “PayPal” as the deposit method.
- Provide details of your PayPal account.
- Specify the amount you wish to deposit.
- Confirm the transaction.
Making a Withdrawal From PayPal
Winnings and bonuses earned from online casinos may be deposited into your PayPal account. The process for doing so is as follows:
- Go to the casino’s “cash out” page.
- Select “PayPal” as the withdrawal option.
- Provide details of your PayPal account.
- Specify the amount you wish to withdraw.
- Confirm the transaction.
Once the funds are in your PayPal account, you can use them to make another deposit into a PayPal-supported casino of your choice or used in any manner you wish. you may also withdraw the funds into your credit card or bank account.
Security and Privacy of Your Personal Information
PayPal employs banking industry-standard data encryption and storage methods for storing personal and financial information. All personal and credit card or bank account details are only entered once upon signing up for an account, and there is no need to provide them to any party when making a payment or deposit. This information is also never divulged to any third party.
Fee Summary
There is no charge for opening a PayPal account.
Depositing funds into an online casino account via PayPal is generally free of charge. However, casinos that receive PayPal payments may be charged a small fee. Some of these casinos may pass these fees on to you, so it is advisable to ask beforehand if that is a concern.
Some casinos that support PayPal may also pay you only the exact amount that you withdraw. This means that any fees charged by PayPal (typically 2.9%) will be deducted on your end. Your bank may also charge a fee for processing PayPal deposits into your bank account, particularly if the sender is based abroad.
Customer Service
The PayPal website features a Help Center wherein answers to most commonly asked questions are posted. Customer support may also be reached by phone or by email via the Secure Message Center on the website.
Alternatively, you may elevate unresolved concerns to the site’s Resolution Center. PayPal also provide an “Ask the Community” where other PayPal users can provide insight into specific concerns and inquiries.