Where can i put cash on my paypal card

PayPal is tightening its integration with bricks-and-mortar retailers CVS and Rite Aid by expanding a two-year-old cash loading service to the PayPal application for the iPhone.

Consumers seeking to replenish money in their PayPal accounts may now visit CVS and Rite Aid pharmacy locations, where they can pull up the PayPal mobile app and add physical funds without needing to visit an ATM or banking institution. This will enable the payments platform to strengthen its presence in the bricks-and-mortar retail industry, which could give it an advantage over its digital-only competitors.

“PayPal is broadening its offering to increase usage across demographics and it appears that this is its attempt to reach the under- un-banked segment,” said Thad Peterson, senior analyst at Aite Group, Atlanta. “It would appear to be a way for consumers to add value to a PayPal account independent of other payment alternatives like a DDA or a credit card.”

Quick reloading
PayPal’s latest app update includes the PayPal Cash feature, which allows users to add cash to their current balances at any CVS or Rite Aid store. Consumers must visit the mobile wallet and press the “Add To” button to instantly add funds to any transactions being made via smartphones.

This tool is currently accessible for United States accounts only.

The service may appeal widely to unbanked customers – that is, individuals who may not belong to a particular financial institution but would still like to add cash into digital accounts. The ability to walk into a Rite Aid or CVS, which maintain massive bricks-and-mortar footprints, and have an ATM-like transaction is likely going to appeal to some shoppers.

Furthermore, this integration means that PayPal is expanding its own digital footprint to reach more consumers in stores, effectively bridging the physical and digital worlds.

The app update comes two years after PayPal’s rollout of My PayPal Cash cards, which allow customers to undertake the same action, only with a physical card purchased in one of many participating retailers. Individuals seeking to take advantage of that service must log into their PayPal accounts via their mobile devices and choose the “Add Money” option in the navigation bar. PayPal CASH should be selected afterwards.

Once the retailer of choice has been indicated on the mobile site, users will be informed that a $3.95 service fee will apply for each transaction.

After the “Continue” button is clicked, PayPal will generate a dollar amount range that customers may choose from, to denote the final amount they would like added into their accounts. These amounts typically range from $20 to $500.

Next, users are asked to select how they would like to receive the link needed to create a unique bar code. It can be sent via SMS, email or mobile phone.

Consumers must then present the bar code to the cashier, who will scan the shopper’s smartphone to complete the transaction and accept the cash amount.

Each bar code has a one-time use, and expires within an hour of creation.

“Based on the information on the Web site, it’s a complicated process that involves a series of steps on either a smartphone or a computer to obtain an authorization bar code, and then a visit to a CVS pharmacy to provide the cash and load the account,” Mr. Peterson said. “Also the $3.95 load charge seems very high, as I wouldn’t assume that users of this offering would be depositing larger sums into their account using this process.”

Targeting mobile users
PayPal has long been attempting to entice mobile users, especially digitally-savvy millennials, to use its payment platforms over those of a competitor.

PayPal’s peer-to-peer payment platforms such as Venmo and PayPal.Me have seen significant user adoption already, with Venmo’s payment volume clocking in at $1.6 billion in 2015’s second quarter, suggesting that these types of mobile services are an important road forward for the brand (see story).

However, PayPal My Cash cards may prove to be divisive for its clientele. Some consumers will likely find great value in the service, especially if they frequent convenience chains and enjoy having their PayPal accounts well-stocked.

Others may find the $3.95 service fee too high to bother trying the service, which may propel other financial brands away from introducing a similar feature.

“I don’t envision that this will be something that PayPal’s competitors will be racing to replicate,” Mr. Peterson said. “The audience for this is limited, and the process is complex and expensive.”

If you frequently make and accept payments via PayPal, you may want to maintain a balance in your account. For most people, this is just a matter of convenience. By keeping some money in PayPal at all times, you can use the platform more easily without delays. This is particularly helpful if you’ve integrated PayPal into your ordinary accounting system.

There are two ways to make PayPal payments: using your existing balance and email address, or choosing an alternative like a bank or a credit card. Here’s how to do both, and how to add money to your account when needed.

Here’s What We’ll Cover:

How to Add Money to PayPal From Your Bank

How to Use Your Debit Card for PayPal Purchases

Doesn’t PayPal Have Instant Transfer?

What if I Want to Add Cash to My PayPal Balance?

Key Takeaways

How to Add Money to PayPal From Your Bank

The easiest way to add money to PayPal is to use a direct bank transfer. First, you’ll need to create a PayPal Cash or PayPal Cash Plus account. This is free, but it requires PayPal to verify some of your personal information to comply with Know Your Customer regulations.

Next, you’ll need to have a linked bank account. This will take a few days to set up, since PayPal will need to verify that the account is yours. They’ll make a deposit of a few pennies, and ask you to confirm the amount. When that’s done, you’ll be able to freely transfer money back and forth.

To transfer money from a bank account, log into PayPal and navigate to your wallet. Now, click “Transfer Money,” and select the “Add money to your balance” option. With the app, the process is even easier. You click on your balance and select “Add Money.”

Either way, the rest of the process is simple. You enter the amount you want to transfer, confirm the money transfer, and you’re all set.

How to Use Your Debit Card for PayPal Purchases

You can’t actually use a credit or debit card to transfer funds to your PayPal balance. On the other hand, you shouldn’t really have to. When you make a PayPal payment, you can use your credit or bank card instead of your PayPal balance.

As a result, you don’t need to maintain a balance if you link a card to your account. You can get money from friends or pay your vendors directly from your card. Keep in mind that as with any card payment service, this will incur some fees, and those fees are tax deductible.

For this to work, you’ll first need to set up a linked card. Log in, go to your wallet, and click on the link to add a debit or credit card. Follow the instructions, enter your card details and billing address, and the card will be linked. The whole process only takes a few minutes.

Doesn’t PayPal Have Instant Transfer?

Yes, PayPal does have an option for instant transfer. However, that option is available for withdrawals, not for deposits.

To get your money in minutes, log into your account and click the link that says “Transfer money.” Select the account or card you want to transfer to, and choose the option for an instant transfer. This will work for any bank accounts and eligible debit cards. At this time, instant transfers are not available for credit cards.

Keep in mind that instant PayPal transfers incur a service fee.

What if I Want to Add Cash to My PayPal Balance?

PayPal users with a Cash or Cash Plus account can apply for a PayPal Cash Card. With a Cash Card, you go to a participating retailer, and hand the cash to the cashier along with your card. They’ll swipe your card, take your cash, and give you a receipt for the deposit. If you have the PayPal app, you’ll also get a push notification.

The Cash Card is accepted at tens of thousands of retail locations throughout North America. Participating retailers include Rite Aid, Dollar General, 7-Eleven, Walmart, and Dollar Tree.

Some retailers charge a fee for cash deposits, while others don’t. The daily deposit limit for Cash Cards is $1,500.

Key Takeaways

Unfortunately, there’s no way to add money to your PayPal account from a debit or credit card. That said, debit and credit cards serve as an instantly-available payment method. For most purposes, an instant deposit will not be necessary. There are plenty of other ways to move your money around.

How do I put cash into my PayPal card?

Can I add money to my PayPal account at an ATM?