Create a paypal account. Thanks to the world of digital technology, electronic payment systems have kept on evolving and making it more and more easier to send and receive funds no matter where you are in the world. And the best part? You don’t have to go to the bank, atleast not physically.
The trend in the world today is sending funds to someone you probably have never met just with an email address. There are many such electronic payment systems today but I would like to walk you through how to create a paypal account.
On the average it has been estimated that up to $7000 gets transacted on paypal every single second. Ain’t that amazing? Paypal is the most popular ‘middleman’ service for making purchases online.
Why Use Paypal?
- Because it is very very convinient and easy to use. Common, all you need is an email address to make a transfer to anyone in the world.
- Next you start thinking, if it is really that easy then it may not be safe, But you’re wrong. Paypal guarantees 100% protection against unauthorised transactions on your account. So just raise a dispute if you think you did’nt authorise the money spent from your account and you will be fully refunded.
- PayPal conceals your banking and credit card details to the person you’re sending money to, a protection for you.
- Again, there is a reason nearly 200 million people in the world use paypal. They are trusted. This allows you to shop from millions of sites around the world.
- Purchase Protection: The juicy part, If you pay for a product that didnt get delivered or maybe not exactly what you ordered, PayPal can and will refund you fully if you raise a dispute. Can’t hope for that when you pay with a credit card. Sometimes they even refund part of the shipping cost but you gotta look up there terms of service on that.
- The currency conversion rate in paypal maybe a little on the high side.
- Also PayPal is too sensitive to fraud risk and will not hesitate to suspend your account at the slightest suspicion of misconduct. And your account will remain suspended untill you can prove your honesty beyond reasonable doubt.
Some actually think this is a plus but when you have an urgent transaction to care for and your funds are frozen due to some little misunderstanding, you wouldn’t find that amusing I promise.
How PayPal Works
Basically PayPal works like an escrow service, a ‘middleman’ between buyers and sellers. You can use Paypal to send money to friends and family and to make purchases online.
Because they have earned the trust of both buyers and sellers, they implement guarantees so that both parties will rest assured that their money or goods will be recovered in cases of foul play.
And the best part is, you get to avoid all the paperworks that go along with local and international money transfers when you use physical banks banks.
Requirements To Open a PayPal Account
- A valid email address
- A valid bank account or credit card
How To Create A PayPal Account
- Go to paypal.com home page.
- Click ‘sign up’ on top right. Two options will be presented to you and you have to choose either a Personal Account or a business account.The difference between the two is that with a personal account;You can’t accept card payments directly to your paypal account.
Also there is a limit placed on how much you are allowed to receive per month.
But you have no such restrictions with a business account, so understandably there will be more documentations involved in setting up a business account.
- Then you fill in your details, name, email, and password and click next.
- Enter your address and mobile number
- Check the user agreement box click ‘agree and create account’.
Congratulations! You have created a paypal account.
A Very Important Next Step
Email verification: To verify your email simply login to the email you used in creating your paypal account, open the the verifivation email sent, and click “confirm my email”.
Verifying your phone number and
Linking your bank account and/or credit card details. To do these just login to your PayPal account and click on the notification bar at top right, then click the link “add a credit or debit card”.
Then enter your card details and submit. You will be debited a small amount on your card, about 1.95usd but don’t worry as it’ll be refunded. Together with the debit alert you will receive for that transaction also come a four digit code, you will have to enter that code into your papal account to complete the card verification. Just login to your paypal account and click the notification bar, then input the code.
That’s all there is to it.
So in this article we have covered what paypal is and how it works, the pros and cons, how to create a paypal account, and how to verify and link your bank and credit cards.
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