Welcome Readers !!! Are you looking to set up a PayPal account as an individual or for business-related transactions? or else searching for payment options to send or receive payments.
So either payment may be related to Freelancing, affiliate marketing, Blogging work, etc. Within this article, we have covered most of it. Also, this article is mainly for those who do not have any idea about a PayPal account.
And for those too who may be stuck in-between while creating one. Another possibility may be one is confused that what to do next? And How to proceed?
Before we move ahead, also make sure to keep a scanned copy of all necessary documents. These documents are address proof, PAN & Bank details, etc.
These will help you to get your account verified.
About PayPal and it’s history
PayPal is an online payment platform and it supports online money transfers across the globe. It is an American-based company which established in 1998.
Also, first version of PayPal electronic payment system was launched in 1999, and the main focus was a digital wallet.
Altogether, in 2002, PayPal was made public and generated over $61 million in revenue.
Do you know PayPal was a subsidiary of eBay earlier(from 2002 to 2014)? But later-on, eBay announced to separate PayPal as a stand-alone company.
Since then and till now, PayPal has acquired many companies (~22). From Fraud science ($169 M) to Honey($4B) which is terrific.
Basically, to know more about both the type of PayPal accounts.
The difference between the two & how to create these accounts? Know about some fantastic facts/stats. Stay tuned till the end.
Difference between PayPal Personal & Business account
Create PayPal Business & Individual account
Follow the below-mentioned steps to set up an account. Please note that if you already have an Individual account, you can easily upgrade to a Business account.
There are no charges for the same it is also accessible as an individual account.
- Firstly, click on the Signup option.
Individual Account setup
- Then click on Individual Account and select Next.
- After that, enter your mobile number and select Next.
- then enter the code received on your mobile number.
Great work !!! You created individual account successfully. 🙂
Business Account setup
- Click on Business Account and select the Next option.
- Select one option within Business Account (as shared in the above screenshot).
- Select My annual sales volume – 0 to 250 USD and click next.
- Enter the email address (used to sign up or Log in).
- Enter Password & Submit.
- Within Describe your Business – Enter Business type (e.g., Blogger, Freelancer enter Individual), Product or service Keywords. (e.g., Digital Marketing – Other Digital Marketing)
- Purpose code – Enter other information services.
- Enter PAN number, and then your website.
- Enter details about your Business and Business owner contact First name, Last name, Nationality.
- Fill Date of Birth info.
- Enter Primary contact Address – Fill out details about Pincode, Address 1, 2, Town/City, State.
- Fill Business Information – Fill details of Contact No. and Primary currency. (Not able to see Indian rupee option then in that case select Dollar)
- Click on the check box – If the Business address is the same as the Home address
- Click Agree and Continue
-Once created account, then make sure to cross-check again.
-If required, then update personal & account information under settings.
Account setup & Payment setup
- Verify your Email address and also link your bank account.
- PayPal will do two small transactions into your account. These are less than 1.50+1.50.
- Click on “Upload your identity documents for verification to start accepting local payment.”
- Click on Agree and get started>Fill details in Proof of Identity DOB, PAN number.
- Select document type – PAN card and upload document (size should not exceed 5MB).
Proof of Address
- Either select the current residential address (filled earlier) or else add a new one.
- Select Country>Select Document (DL, PAN etc.)>Upload selected document (pdf or image) (Max file size: 5MB).
Proof of Bank
- Select and upload documents like Bank statements, canceled cheques (check), etc.
-Within 2-3 business days, your account gets verified.
-Once a small transaction is received from PayPal. Then verify the amounts one by one.
- Click on With online invoicing check box and Click continue option.
- Suppose you want to accept payment on your site. Then go for on your Website option. If not, then go with the first option.
How to use PayPal for Business?
Do you know PayPal offers many multiple options to send & receive money (Pay & Get paid)? Some of them are below:
- One can pay via PayPal, bank account, or credit or debit card.
- Also, one can send, request payments via Name, @username, email, or mobile.
- Create Paypal.me account. Then share this unique link to help users know that they are paying you.
- You can also create & setup PayPal buttons. That too within your website simply by copy & pasting code.
PayPal Policy update 2021
Effective 1st of April 2021, PayPal will no longer offer domestic payment services in India.
However, this ensures that one can continue to receive & send international payments.
Interesting facts/stats about PayPal
PayPal stock increased to 78% in 2020.
PayPal became the first foreign operator. That too with 100% control of a payment platform in China.
Covid-19 pandemic has accelerated increase in digital payments platform, like for PayPal.
PayPal’s most significant acquisition was $4 billion on January 6th, 2020.
~17,500 million dollar revenue generated by PayPal in 2019PayPal Amazing Stats
If either you are doing business, freelancing, Affiliate marketing, or anything else.
One can send and receive payments via PayPal quickly. Also, make sure to complete all the verifications from your end. Also, mentioned within account & payment setup.
Although, there are various options that PayPal offers to link your account. You can also select different styles of buttons.
Please note business account has more options than an Individual one.
Go ahead and try the features of PayPal. If you already have an account in-place then explore all the areas now.:)