In this day and age it is almost crucial for an individual to have a way to make online financial transactions. The same stands for business. An ever-increasing number of businesses are capitalizing on the extra market share that can only be gained through the internet.
I originally wanted to write about setting up a paypal account for a small business. Unfortunately, I do not yet own a business that this can be applied to (I was hoping to self-educate myself as well for future reference). So for the time being, this knol will be focused towards the creation of a personal buyers account which I would recommend creating to anyone who is not yet fluent with the process of online transactions.
I'm writing this knol to walk you through the process of creating a paypal account before hand so that you'll know in advance what information is required to get up and running.
Introduction: What is Paypal?
Paypal is an online intermediary that allows its clients to make fast and secure transactions, "without exposing your financial details." Paypal can be set up to transfer funds either from your own bank accounts, or from your existing credit cards.
I originally wanted to write about setting up a paypal account for a small business. Unfortunately, I do not yet own a business that this can be applied to (I was hoping to self-educate myself as well for future reference). So for the time being, this knol will be focused towards the creation of a personal buyers account which I would recommend creating to anyone who is not yet fluent with the process of online transactions.
I'm writing this knol to walk you through the process of creating a paypal account before hand so that you'll know in advance what information is required to get up and running.
Introduction: What is Paypal?
Creating an Account
For creating a personal paypal account, you can either go to their main page at paypal.com and click on their "personal" tab, or just follow this link (https://www.paypal.com/us/cgi-bin/webscr?cmd=_registration-run) directly to their sign-up page. After selecting a region and language and clicking, "gets started" they get right into entering your basic information. You'll be required to fill in a valid e-mail address, all of your full names (a middle initial is apparently not sufficient), your date of birth, and a current phone number (for contact in the event of problems with your account). Once you're done,and you accept their terms of service just click "I Accept, Create My Account."
At this point, your account is created. So if you need to, you can come back at a later point to set up your banking information. If you want to keep on going, paypal will immediately ask for your region and name of financial institution, as well as all of the information which can be found on one of your personal cheques (Bank transit#, Institution#, Account# ). After clicking "Continue" and then verifying your information, the process is almost complete. At this point the account is being verified by paypal, and being sent two small deposits (the process for which takes 3 - 5 business days). Once you have received these deposits, you can then return to your paypal account and confirm that it is indeed up and running. This will remove the pre-imposed transaction limits on your paypal account.
That's it! Now you can use your account to make purchases from Ebay, Tiger Direct, and other vendors. Paypal is now even being supported by various individual companies like Skype, Kijiji, Clearly Contacts, and many others.
Currently, you have completed the bare minimum required to make successful transactions. If you'd like, you can continue to add other sources like credit and debit cards or add recurring payments. You can even change your shipping preferences and the template for your invoices by editing you paypal profile.
At this point, your account is created. So if you need to, you can come back at a later point to set up your banking information. If you want to keep on going, paypal will immediately ask for your region and name of financial institution, as well as all of the information which can be found on one of your personal cheques (Bank transit#, Institution#, Account# ). After clicking "Continue" and then verifying your information, the process is almost complete. At this point the account is being verified by paypal, and being sent two small deposits (the process for which takes 3 - 5 business days). Once you have received these deposits, you can then return to your paypal account and confirm that it is indeed up and running. This will remove the pre-imposed transaction limits on your paypal account.
That's it! Now you can use your account to make purchases from Ebay, Tiger Direct, and other vendors. Paypal is now even being supported by various individual companies like Skype, Kijiji, Clearly Contacts, and many others.
Currently, you have completed the bare minimum required to make successful transactions. If you'd like, you can continue to add other sources like credit and debit cards or add recurring payments. You can even change your shipping preferences and the template for your invoices by editing you paypal profile.
I hope that this walk-through was helpful in prepping you for the creation of your own account. Hopefully it won't be too long before I can add an article about applying for accounts for small businesses.
Till then,
- Anonymous -
Till then,
- Anonymous -
Sven Barthel
Invite as author
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