If you're going to write online, most sites require you to have a paypal account. It's more efficient for them to do an online transaction than to print out a check and mail it to you. As it turns out, this is a win/win scenario.
You are able to get your money much quicker, which is a definite plus, but that is only the tip of the iceberg when it comes to the perks of paypal.
While Amazon (sadly) doesn't accept paypal, there are plenty of independent online merchants who do. I hope Amazon eventually jumps on board. As I do a vast majority of my online shopping through Amazon, being able to buy things from there with Paypal would be a great setup.
Paypal gives you a safe way to pay for things. It also keeps your credit card balance much lower, which is always a good thing. Paying with paypal is also much quicker than using a credit card. You don't have to dig out your wallet to type out the number, usually it's just a matter of typing in an email address or clicking a button or two.
They only require a minimal amount of information. What information they do take is secure, while some people are uneasy about linking sites to their checking account, you need not worry. I've been using the site for years now and have had no problems with it.
They provide a detailed list of all the transactions that have occurred, making it easy to spot any discrepancies.
The money usually takes a couple of days to transfer, but it will get to your account fairly promptly. You can also add money from your checking account to your paypal account, but I've had no reason to do that so far. I usually try to keep it going the other way.
If you pull in enough money online in any given time, you can actually build a small nest egg. Not enough to retire, but you can start to build a rainy day fund and start stockpiling surplus money without worrying about the FDIC insurance limits.
As I don't count paypal income until I transfer it to one of my main bank accounts, buying something with Paypal feels like I'm getting it for free even though I'm paying for it. It's a great sensation.
While paypal does offer a money market account, their main accounts don't offer interest. I hope they change that because nothing would make me happier than earning interest on that money. It doesn't even have to be a particularly high interest rate (although online banks do tend to offer higher interest rates than usual). As paypal has gotten pretty large, offering a small incentive to those customers would go a long way.
Having a paypal account is a convenient way to make, save, and spend money. For your day to day purchases, they do offer credit and debit cards as well, though I haven't utilized that perk. I highly recommend looking into opening an account. It has tons of benefits with very few drawbacks.
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