When you start working online, the first thing that arises in the mind, how can I receive money in my bank account? obviously, this is natural. PayPal is such a kind of service that allows you to send and receive money from any part of the world. In this post, you are going to learn how to create a PayPal account and verify.
The world of the internet is expanding very fast so opening new hacks for online earning every day. Nowadays a lot of people are earning online. If you are a blogger, online marketer, freelancer, affiliate marketer then you require an account to receive money.
What is PayPal
PayPal is a NASDAQ listed company. As per the company, PayPal is available in more than 200 markets around the world and provides payment options in more than 100 currencies to customers so it is a truly global platform.
This is one of the most trusted and largest processors to receive and send money online in the world. PayPal is something like an online bank.
Many websites pay only through PayPal. If you do not have a PayPal account then you cannot receive money.
PayPal is one of the oldest and most trusted modes of receive and sends online payment. Currently, PayPal is having millions of active users who transact through different online modes, mobile, in an app, or in person.
Further, PayPal is available in most parts of the world. It also allows consumers and merchants to receive, withdraw, and hold the balance in their PayPal account in different currencies.
Remember that when you can create an Indian PayPal account with some limitations.
Types of PayPal Accounts
Before we move to set up a PayPal account first you have to decide the type of PayPal account. There are two types of PayPal account personal and business. Both types of accounts have their own benefits.
If you want to send money to your friends only or do online shopping then you need to create a PayPal account personally. This is also the easiest way to set a PayPal account. Large numbers of people are holding a personal type of account.
On the other hand, another type of account is for business people. You can choose this option if you want to sell anything online and want to send or receive money through a debit or credit card.
To create a PayPal account for the business you have to pay a minimum amount of fees. A business account also provides some special benefits.
To guide you in a simple way we are creating a personal PayPal account. The process is the same for personal as well as business PayPal account.
What do you need to create a PayPal account
1.PAN Card
You must have a PAN card to create a PayPal account. A PAN number is required to complete the process of creating an account. Hoping already you are having if do not apply for PAN card.
2. Bank account
You must have to provide bank detail in the process of creating a PayPal account. Your bank account will be linked to your PayPal account so that money received from overseas can be transferred to a bank account.
Things to remember while creating a PayPal account
- You must have an email id to create a PayPal account. Keep your email id and password secure and do not share with anyone. PayPal does not provide any account number in digit so you have to share an email id while sending and receiving payment.
- Again PayPal account is very much secure. You may have heard many scams of losing money but this is not the case with PayPal. Here PayPal uses robust technology to secure transactions so they provide high security.
Transfer details on the internet remain in encrypted form. Therefore hacking chances of your information are negligible. Hence you should not worry about this.
How to create a verified PayPal account
You can easily create a PayPal account by the below-mentioned steps which can be divided into two parts creation of account and verification.
1.Visit PayPal website paypal.com
The first step is to type PayPal in Google search or can use the above link, the official website page will appear.
2.Click on Sign Up
Click on the Sign-Up button in the right top corner
3.Select account type
Next is to select a personal or business account. It is recommended to select personally. Most of the bloggers choose this later you can change to a business account whenever you want.
4.Enter your e-mail id and password
Enter your email Id and create a password. Keep your password strong.
Provide a valid e-mail address, you need to verify your account.
5.Submit personal information
The next page will have some information to provide your legal name, address, phone number. Then click on the “Agree and continue button”. Make sure your name matches as on the PAN card.
6.Enter credit or debit card(optional)
After completing personal detail, you prompt to link a credit or debit card. You can create a PayPal account with a debit card or credit card. If you wish to add now or can do it later by clicking on the option “ I will link my card later”.
You need not worry about security briefly your financial information is being protected on the PayPal server in encrypted form and never be shared with anyone. If you complete this step right now, the website will redirect you to the login page.
Congratulations you have successfully created a PayPal account.
7.PAN card detail
Once you login to the homepage using the email and password website will prompt to account setup procedure. You have to submit give PAN card detail.
8.Select purpose code
As per the business for which you receive payment select the purpose code in the long list. This is required by Indian regulations.
If you receive payment as a freelancer or advertising can select “advertising and market research” from the list. Your purpose specifies the nature of business therefore make sure to select the option which is nearest to matching.
9.Add bank detail
The next step is to add bank detail A/C no. and IFSC code. Once you add bank detail then in 3-5 business days PayPal sends 2 small deposits (each between 1.01 and 1.50 INR) in your bank account for confirmation, which will be retrieved later.
Check your account after4-6 days and go to wallet click ready to confirm enter the exact amount of two deposits. For Example, if amounts are 1.11 and 1.05 enter 1.11 and 1.05 next click on confirm.
Now you have verified your PayPal account. Money deposited in the PayPal account automatically starts being transfer to your bank account. Every time you will receive a notification message on your mobile and email id to get updated.
Benefits of setting PayPal Individual account
These are few benefits of setting up a PayPal account
- You can make online payments without disclosure of credit or debit card detail.
- Also, you can do overseas purchase transactions using your debit card.
- Easily you can receive payment from different parts of the world in your bank account.
- PayPal allows you to generate invoices so you can send them to your clients.
Benefits of PayPal business account
The business app helps small and medium freelancers and merchants to conduct business on the go.
1.Clear Sales insight
A dashboard that helps merchants to analyze business performance, find out comparative performance year on year (YoY), the number of transactions done, the average value of the order, and other details.
2.Convenient Invoicing
Merchants can easily create invoices, draft, preview, and send invoices. This will help in receiving payment on time and avoid delay manner. This is convenient and can be done at any place. Either you are in the office, moving on the way, or any comfortable place.
3.View multi –Currency balance
This will help merchants to view balance in all currencies, single integration of domestic and international payments at one place.
All the transaction is done in-country or outside country appears at a place. This will be hassle-free to check balance like any other tool to pass different steps.
4.Issue refunds
The app facilitates merchant to issue refunds to their customers also provide the customer with a better experience. This also increases trust among customers.
Final words
Using all the above steps you can create a PayPal account. Which is simple and a trusted to manage money in a better way online.
This is a secure way for financial transactions because you have not to provide a digital account number to others for PayPal payment. Most of the freelance and part-time job sites have this facility to use to deposit earned money in your account.
More to read: How to get paid to read books