So many people will be wondering what is Paypal account and how do i create Paypal account if finally know what Paypal is all about. below is How to Create a PayPal Account.
PayPal account is an online payment gateway and virtual wallet that serves millions of customers every day who are located in more than 190 countries and regions around the global world.
Usefulness of PayPal Account
The usefulness of Paypal account is that it allows you to send money to your friends, family, and loved ones; receiving payments for work that has been completed; and buying and selling on eBay.
PayPal allows account owners to link a bank account, credit card, or debit card to the account so that he or she can buy and sell goods and services from many merchants and private sellers from around the world without exposing private financial information.
Type of PayPal Account
For those who shop online occasionally and who do not expect to receive payments.Paying someone is always free and No additional fees.
For those who buy and sell online and receive payments from others.A small percentage plus minimal fee when funding payment with debit/credit card and Receiving money is free when the transfer comes from a person/company’s PayPal Balance or bank transfer.
For those who operate an online business and operate under a company name.A small percentage plus minimal fee to receive payments. Merchant account rates are a set percentage of the total transaction and slightly higher percentage internationally.
Items Needed to Open the PayPal Account
When one applies for a PayPal account, it is important to provide some basic identifying information so that PayPal knows the applicant is who he or she claims to be.
- Full Legal Name
It is important to provide PayPal with one’s full and correct legal name so that identity can be matched with the name on the applicant’s bank account and credit or debit card.
- Social Security Number
A social security number is requested from all applicants for tax purposes.
All income is reported on a 1099 form at the end of the year.
- Driver’s License Number
A person’s driver’s license number is requested as part of ID verification. It verifies the applicant’s legal name and address.
- Bank Account
It is wise to link a bank account to the PayPal account so that money can be transferred back and forth. This is another layer of the identity verification process.
Adding a bank account also enables the account owner to pay using the eCheck payment option.
- Credit/Debit Card
Adding a credit or debit card allows the PayPal account owner to make instant payments when the amount of payment or purchase is not covered by the funds that are in the person’s PayPal account. This is yet another layer of verification as the name on the card account must match that on the PayPal account.
How to Create a PayPal Account
1. Go to the PayPal official website www.PayPal.com to create a PayPal account.
2. click on “ sign up ” below PayPal home page.
3. choose the type of account you what to open
4. click on ” next ” fill in the form requiring your first name, last name, email and password.
5. check the box just beside the indented word ” stay logged in for faster checkout “.
6. click on ” next ” just below the form to continue with the PayPal account registration procedure.
You only need two things to start using PayPal
1. An email address
2. A credit card
Use the comment box below for any contribution you might like to make and also get more update.