PayPal is one of the most dynamic payment systems in the sense that it allows a combination of methods for requesting money, sending money, funding accounts, and transferring funds. For many PayPal account holders, the system works more efficiently than a bank and with more flexible options such as merchant services and debit cards that provide 24-hour access to cash and point-of-sale retail shopping from through the MasterCard global network.
<strong>The Wal-Mart MoneyCard</strong>
Ever since PayPal started operating in 1998, several rival payment systems have emerged. Not every payment system intends to compete directly against PayPal; in fact, some of the companies that enter this segment seek to form an alliance with the company that has become the global leader in payment systems.
American retail giant Wal-Mart has its own payment systems that offers account holders features similar to those provided by banks. For example, account holders can choose to enroll in the Direct Deposit option and have their paychecks available directly from the Wal-Mart MoneyCard, which is affiliated with the Visa and MasterCard global financial networks.
The Wal-Mart MoneyCard is essentially a prepaid debit card issued by GE Money Bank. This card is not linked to a bank account, but it offers the option of adding funds by means of an online bank transfer, which requires an ABA routing numbers as well as an ACH number. These two numbers can be used to satisfy the PayPal bank account information and verification requirements.
Wal-Mart MoneyCards can be used to send money to PayPal accounts when a member sends an invoice requesting funds. The process is as simple as making an online purchase.
<strong>The Green Dot MoneyPak</strong>
Unlike Wal-Mart, PayPal does not have brick-and-mortar stores where account holders can go to physically deposit money into their accounts. However, PayPal account holders have the option of purchasing a Green Dot MoneyPak with cash and use the certificate number to add funds to PayPal.
Green Dot MoneyPaks can be purchased with as low as $20; their maximum value is $500 per certificate, and their maximum cost is less than $5. Once one of these cash vouchers is acquired, PayPal members can log into their accounts and follow the instructions to fund their accounts.
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Author: Jay White
I started Dumb Little Man so great authors, writers and bloggers could share their life "hacks" and tips for success with everyone. I hope you find something you like!