When you start working online, you need a mode to send and receive payment. Usually you can use your credit card or debit card to make payment online but to receive Payment, you need to take help of services like PayPal ( PayPal Account ), Google Wallet. PayPal has been one of the oldest and trusted service to send and receive Payment. Especially if you are from Asia or United States you will find PayPal service to be the best when it comes to receiving Payment from overseas.
Do remember, most of the advertising network (if you are a blogger) pays using PayPal, so it’s essential to have a Paypal account.
When you open up a PayPal account, you can start sending payment right away (After linking with your debit or credit card) but to receive Payment you need to link your PayPal account to your bank account. This will remove the withdrawal limit from your PayPal account, and you will be able to withdraw money from your PayPal account to your bank account.
Here are the few important things that you should know about being a PayPal restrictions for few asian country like India. For other countries, there is no such limitation & you can keep money in your PayPal account.
- Indian Paypal user could store and use money in their PayPal account to send payment or buy any goods online. But in 2010, RBI imposed new set of rules on PayPal, and now you can only withdraw money from your PayPal account to Bank account. ( You can’t use PayPal money directly for online purchases or Payment). This is indeed a problem as you will end up paying conversion fees twice, but at this moment there is no solution to this. If you have any relative outside India, you can ask them to create a PayPal account for you, which you can use without any such limit or restriction.
- An Indian PayPal user can’t send or receive money from other Indian PayPal user.
Benefits of using a PayPal account:
- You will be able to make online payment without exposing your credit card details.
- You can use Debit card to make payment. This helps many who don’t have a credit card.
- You can receive Payment from overseas account. (Such as client, advertising payment).
- Many online services charge recurring payment. When you pay with Paypal, you can anytime cancel the recurring payment. Here is a tutorial for the same.
- You can send mass payment using Paypal.
- You can create and send invoice directly to your client.
PayPal is the safest and the best internet service allowing users to send and receive payments with 0% extra fees. As my readers are mostly blog owners, SEO masters or online earners, So PayPal is a must for them. But most of them don’t know how to open a new full fledged verified PayPal account. So this is for them
NOTE: You must be 18+ to have a PayPal Account under your name
Sources you need to create Verified PayPal account
- First of all you need a PAN (Personal Account Number) CARD, its a must and without this you cannot have a verified account. You can submit an application form using this link. Usually it takes a month for your PAN card to reach your home.
- An Indian Bank account ( I prefer SBI or CBI ), I have seen some of my friends struggling with some other Banks. Neither Online/ Net banking nor ATM/Credit Card is required.
- An Email account (Recommended: Gmail Account)
Steps to Setup A PayPal Account
- Go to PayPal.com and Sign Up for a new account.
- Select your Country and the type of account you need. Select business account only if you are having a company or so.
- Enter all the details carefully. Make sure the name you use is the same as that on your PAN card as well as
- Bank Account. Uncheck the Credit Card box if you don’t want to connect your Card with PayPal.
- It will again ask for Credit Card details, you can simply skip it by clicking the text saying “Go to my Account” or by just opening paypal.com again.
- Check you Email for verification mail and verify your email account. Your account is now created, but still not ready to receive or send payments.
- To verify your PayPal account go to the click on the link saying Get Verified. You will be asked to enter your
- PAN Card Number and your Bank account details (Name, Branch, Address and Account Number).
- After you enter your Bank account details, PayPal will send some money (around 1-2 INR) to your account. It takes up to 4-7 working days for it.
- After you have received money on your bank account, open up your PayPal account and again go to the Get Verified link. Now you will have to enter the exact amount PayPal sent you.
- Once you enter the amount, your PayPal account will be completely verified and will be eligible to receive and send payments.
Note: PayPal will send you verification mail for every step completed.
Some Final Points about PayPal
- Never try to search for PayPal money adders etc. they are all made to hack your account.
- Use a very strong Password.
- You can link your credit card anytime with your account.
- For Indian accounts, Once you receive payment on your PayPal account it will be automatically sent to your
- Bank account within 3-7 days. I haven’t still found a step to stop this automatic process.
- Start earning now. Check out some of our Online Earning Methods.
I hope this guide helped you to know everything about creating and verifying your PayPal account. If you have any query or want to share more tricks related to PayPal, let us know via comment.
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