Difference between paypal and credit card
Difference between paypal and credit card
Paypals and credit cards are the electronic alternatives to the traditional money transaction methods such as money orders or cheques. Paypal is basically an online payment service that increases the security for the online payments. With the help of a credit card which is electronic money, you can purchase products without paying cash and payment is made later. Credit cards are not limited to online payments.
In this technological world where time is money and there is a trend for the online shopping, we should be thankful to the online payment methods of paypal and credit cards. Paypals accounts are easily accessible by the common persons and if one has a bank account, he/she can always ask for the credit card. These modes of payments are secure and are time savers as well.
Paypal is the mode of payment that facilitates the payment through internet and alternative to the traditional paper money. Currently instead of paying through cheques and money orders, payment through Paypal is easy. To get an advantage of this facility, you need to have a paypal account and you can also recharge this account from a bank account or credit card. Payal operates in almost every part of the world with exception to few countries that have no access to paypal.
Through credit cards, you can do shopping with a promise to the bank that you will return the amount used. There is a limit on the credit card that draws the amount of debt you can borrow from the bank. The bank can issue a credit card or one can also have an account with the credit card company. There is always a due date mentioned till which you have to return the amount to the bank. Full payments are generally preferred to avoid any interest.
Paypals and credit cards are making life easier for the common person. Both are more secured mode of payment and are convenient too. Credit cards are used for shopping even when the money in the bank accounts are not sufficient, you can take short term debt from the bank which is returned later. In case of paypal, payments are made only if you have money in the paypal account. The transference of money becomes easy as paypal is operating in various countries and there are nominal charges associated with paypal accounts. Credit cards can be used anywhere around the world and on outlets where these are acceptable.
Paypal is no more than a safety layer between the customer and the seller. One is not exposed to credit cards while purchasing via paypal. Paypal is the service provider which is acting on the behalf of the customer.
SUMMARY:
1. Paypal and credit cards are two modes of electronic money transactions making our life easier and convenient.
2. Due to increasing shopping trend, these are facilitating the payments.
3. When one pays from the credit cards, the amount get accredited from the cc account and the amount needs to be returned to the bank on monthly basis whereas when paid through paypal , the amount gets gathered and is charged to the credit card every month. In this way you pay to your bank when you get your credit card statement.
4. Paypal is the service provider that sends money on the account of the customer while credit card payments are made directly to the seller.
Questions and Answers
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