With everything going on in the world, there have been lots of scarcity in low-income families. Especially in states that cannot afford to do certain things. With this, all happening companies like PayPal are stepping up to help people out during these times.
What Is PayPal?
PayPal is a service that enables you to pay, send money, and accept payments. All you have to do is register your credit or debit card and bank into your PayPal account.
On different sites, it enables you to use your PayPal balance for things. PayPal essentially acts like its own little bank to spend money without going through the hassle you would with a real bank.
Other things that you can do with PayPal transfer money from your bank account to PayPal account and back.
What we really like about PayPal is that you can get a PayPal debit card that you can use with real-world purchases with all the money coming from your PayPal account.
5 Ways PayPal Is Helping Businesses Amidst COVID19
- Offering Support To Retailers – PayPal is promising to aid all of its members who may have been impacted during the pandemic. In an open letter posted on the PayPal site, Dan Schulma, president and CEO of PayPal said that the multichannel payments platform will make business financing solutions to help any business.
- Transferring Customer Service – PayPal plans to transition several of its customer service centers to a more remote working structure. With this happening PayPal can now better help businesses. This means that PayPal in Lebanon, Jordan, Turkey, Europe, and the US. will still be able to give towards businesses.
- Launching Educational Resources – PayPal has also launched a website with resources to help businesses make the transition to online, including very real insights on maintaining cash flow in the midst of all that is happening. This is especially good for businesses in which had real stores but did not really rely on an online site.
- Giving To Charities – On a consumer level, PayPal is leaning more towards paying for online purchases and person-to-person payments. They are also as a company covering all processing costs for donations made through the PayPal Giving Fund to charities and hospitals to help recovery efforts. So far PayPal has raised 300,000 dollars.
- Instant Funds Transfer – PayPal has waived fees to instantly withdraw money from a PayPal business account to a bank account through April, 30,2020. This is nice for businesses and small businesses because of the non-additional costs that it will have
PayPal is being very efficient and helping out these small businesses during these times. With the outbreak and even more things to come PayPal will continue to assist businesses in anything that they go through.