PayPal Deposits & Withdrawals
PayPal has been in business since 1998, and they’ve rapidly positioned themselves as one of the leading virtual payment systems on the planet. In 2013, for example, this California-based company dealt with 26 currencies in 193 countries and helped move over $180 billion in assets. They’ve been a subsidiary of eBay since 2002, but they spun off into an individual company in the second half of 2015.
If you’re wondering about their popularity, just consider this fact: 72% of all online shoppers in the United States maintain a PayPal account. In addition, their global customer base has grown to include 203 nations.
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Paying on Websites with PayPal
If you want to make an online purchase with PayPal, you can do so without a balance in your account. All it requires is linking your credit cards or bank account to PayPal, which allows you to make a purchase by simply clicking on the company icon. From there, it’s just a matter of entering your username, password, and preferred method of payment.
If you choose to pay by credit card, you won’t have to enter your account information every time. In addition, you’ll still be eligible for reward points from your credit card company.
Paying from Your Phone
Whether your phone is powered by iOS or Android, you can pay from your mobile device with a single click by taking advantage of the PayPal app. It can be downloaded from several sources, including Google Play and the iTunes Store. In 2014 alone, more than $40 billion in transaction went through the company using mobile devices.
Once you’ve downloaded the app, all you have to do is select Stay logged in for purchases. Then take a picture of your bank, debit, or credit card and upload it to your digital wallet. Now you’re ready to make purchases from participating merchants with one touch of the screen, and you can rest easy knowing that your data is protected by a dedicated team of security experts.
Most online poker rooms don’t offer the one-touch payment system as a method of funding accounts just yet, but continual advances in technology mean it’s only a matter of time.
Withdrawing Money to PayPal
Moving money from your poker room account to PayPal is a simple matter, with the requested transaction often taking place within a matter of seconds. The biggest key is to check the cashier section and make sure that PayPal is an accepted form of withdrawal.
Once the request has been processed, your desired poker winnings are moved directly into your PayPal account. From there, you can choose to leave the money in your account for later purchases, deposit it straight into your bank account, or withdraw it from an ATM with a PayPal debit card.
In most cases, there’s no additional cost for making a purchase with PayPal. There are, however, a few exceptions:
- Sending money inside the United States to friends or family via your PayPal balance or bank account = Free
- Sending money with a debit or credit card = 2.9% + $0.30 per transaction (this fee can be paid by the sender or the recipient)
- Sending money outside the U.S. with a bank account or PayPal balance = 0.5% to 2% fee
- Sending money outside the U.S. with a credit or debit card = 3.4% to 3.9% fee
Positives and Negatives of PayPal
If you’ve yet to use their services, here are a few positives and negatives surrounding PayPal that you ought to be aware of:
- Positive – Makes it easy to transfer money to almost every nation on the planet.
- Positive – Transactions can now be executed within seconds.
- Positive – Your account information is never revealed to those you pay, allowing you to enjoy a safe and secure online experience. In the unlikely event that your account is hacked, the company offers 100% fraud protection.
- Negative – Not accepted as a method of deposit or withdrawal by all poker rooms. In fairness, however, there’s no form of payment that’s universally accepted across all gambling sites.
- Negative – PayPal doesn’t follow any banking regulations, which means they can freeze your account and hold your funds for a variety of reasons. This is highly unlikely, but it has happened to customers in the past.
PayPal has been the target of numerous lawsuits, hackers, and controversies over the years, but many of these problems are just a natural offshoot of being one of the most successful companies on the planet. I’ve used them to fund my online poker account for years, and I’ve yet to encounter a problem. When you factor in the quickness and convenience of their service, it’s amazing that everyone isn’t using PayPal.