Payment systems
Irina Tsymbaliuk
UPD:
As you may know, what is a PayPal payment system. PayPal is a leading global digital online payment service. It allows its users to pay for online purchases, make financial transfers between accounts, and withdraw money to their bank account in minutes. Such a convenient digital wallet is almost a must-have for every freelancer, making it easier to receive payments all over the world. But how do you create a PayPal account to handle your money operations?
In this article, you will learn how to set up PayPal to receive payments and some ways that you can receive money using this payment service.
Creating a PayPal Account
How do you open a PayPal account to receive money? Well, it’s actually a pretty straightforward and quick process. All you need to do is use the following method:
Create a PayPal Account
Go to the official PayPal website.
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- Click the Sign Up button to create a PayPal account to receive money.
Select Personal account type and click Get Started.
- Enter your email address and required personal information. Then, create a strong password and click Continue.
- Follow the next recommendations to finish registering.
Confirm the Phone Number
Now, it's time to move on to adding and verifying your mobile number. Here is a simple algorithm of actions:
- Open your account Settings. Find the option to Add New and enter your current number.
- Next, you need to enter the verification code you will get via SMS.
Confirm Your Email Address
In addition to confirming your mobile number, it is vital to verify your email address.
- Go to your email inbox, open the letter from PayPal, and click on the link in the letter.
- You will be redirected to a page for entering a password to ensure the mail belongs to you.
- After entering the password, click Confirm.
Add Your Bank Account
How to set up a PayPal account to receive money from anyone? It is impossible without your banking information. Here is how you fill this in:
- Log in to your account and click on Wallet, which is located in the upper right corner.
- Go to the Link Bank option and enter all your bank details.
- Next, you will receive a link to your email address or mobile phone.
- Open the link and follow the instructions.
These are all the steps you need to take to get your account up and running. If you run into any issues or have questions, you can always refer to PayPal customer support on the official website.
Setting Up Your PayPal Account for Receiving Money
As we mentioned, an important condition to set up a PayPal account to receive money is linking your PayPal account to a bank account. After you do that, you can withdraw funds to your card/account or simply store money online in your PayPal account.
It is also essential to remember that PayPal software charges transaction fees. Fees vary by account type, amount, and payment method. For example, when converting currencies, the commission fee will be 4.5%. Therefore, you should familiarize yourself with the policy on the official website to be aware of all commission fees.
Ways of Receiving Money with PayPal
When you get a payment, you will also receive a notification on your phone or email address. Then you can:
- Transfer money to your bank account.
- Keep money on the balance in order to make purchases or send money online to other users.
If you have created an account for your business, in order for them to send you payments, use the following methods:
- add your account as a payment method on the site;
- send your invoices to customers;
- use the link/QR code to send it to clients.
Conclusion
As you can tell, the PayPal sign up to receive money is far from complicated, and it’s something you can do in just a few minutes. A PayPal account opens up many advantages both for personal and business use and is a great way to accept payments. The key benefits are that you can make financial operations worldwide, complete purchases quickly and securely, and you don't need to pay high monthly fees for using this payment system, which is great for small businesses and freelancers. Use our guide to create your own account and feel these benefits yourself.
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FAQ
How do I create a PayPal account to receive money?
You need to go to the official PayPal website, create an account, verify your phone number and email address, and add your bank account. Then, you can start receiving money on your PayPal.
How do I set up a bank account with PayPal to receive money?
After you create your profile, you need to go to the Wallet tab and link your bank account/card to your profile. All you have to do is enter the relevant information and verify it.
How do I create a new PayPal account?
To create a new PayPal account, you need to go to the official website and click the Sign-Up button. Then select the type of account, enter your current email address, fill in your personal information, and create a strong, reliable password. That's it! However, to start receiving money, you still need to verify your email and phone number and link your bank account.
Is it possible to request money using a PayPal account?
Yes. You may need to request money from a client or collect rent, and there is an easy way to do this using PayPal. You should go to your account, click on “Request” in your feed, choose the right PayPal contact, and enter the amount. You can even customize your request with emojis or stickers. The last step is to click “Request Now.”
How do I transfer the money I receive from PayPal to a bank account?
You have two options to transfer money — instant (with a fee) or standard (without a fee). To transfer your money to a linked bank account, you need to go to a Wallet and click “Transfer Money” and “Transfer to your bank”. If you select the instant option, money will be sent right away. With the standard variant, they will be sent in 1–3 days.
