I have been working on my sites and am ready to start making some money. I need some way to accept and process payment and it seems that PayPal is the favorite choice for many people. Other than my local bank account information what will I need to open and set up an account with PayPal that will all me to accept credit cards on my site? Been talking to a few people have heard some conflicting info, some claiming that PayPal does credit check, etc and you need to jump through a lot of hoops to get an account, others say it is easy and quick? PayPal’s website did not really tell me much on just what I need in order to set up an account to accept payment. Anyone know?
hi there To set up an account on paypal is easy. Credit check process is needed to add a credit card to your account. So they take a little amount of money from your card with a unique process id and want you to enter that process id in your control panel. You enter that code and they give your money back. Actually you don't need to be scared as signing up paypal.. Good luck with your work.
I stopped using credit cards some time ago; debit card is not a problem though. Really do not need any more inquiries on my credit report; it needs all the help it can get.
I guess that what I should ask is there a difference or different requirements in setting up an account to sell and accept payment (credit cards) than there is just for an account to make online purchases? It seems to me, from what I could tell on the website, that they are two different type accounts.
I did, but I found them to be rather incomplete unless there was information on the site that I missed. Most of what I saw there referred to a personal account-used to make purchases-and not a merchant account which can be used to accept payment.
You will need 1. Credit card, debit card, or virtual credit card 2. bank acount 3. Proof of address (if they ask you) that's all. You can open it soon. Recently, my paypal has been restored. In the past, i have some problems because i give the address not exactly the same with address on bank account
Thanks petr_ind. I plan to open a new account with my local bank just for use with PayPal. Any safety issues that you are aware of?
Paypal is easy to work with. Your buyers don't need a Paypal account to make a purchase. If you become wildly successful, you might want to consider other forms of payment in addition to Paypal. When doing less than say 20 or so transactions a day Paypal is quite convenient and the overhead is low. Getting a regular merchant account has more overhead to cover each month even before you make one sale. You can find out about the feasibility of a merchant account for internet sales by asking your bank for the info. There are a lot of merchant credit card processors, so it pays to shop around just a little to find something that truly meets your need. But once again, Paypal is very convenient and relatively low cost without a fixed monthly overhead.
Thanks steelhead. Am I perhaps misunderstanding PayPal, can the same account, a personal account, be used to accept payment for sales?
Yes, you can use a personal account to accept payment for sales but you will have transfer and withdrawal limits. To lift PayPal Withdrawal Limit you will have to upgrate your account to business.
Of course... you can use your personal account to receive payments, but this accounts come with a sending/withdrawal limits beyond which you would not be able to use the funds in a given month. To use a paypal account without any limits, you need to open a premier account and have it verified using you bank account or CC. If you do have a company registered for doing the business... you can also opt for opening a business account with Paypal! Regards, RightMan
I think very soon you'll need to sign a separate agreement with AMEX in order to accept it through Paypal, FYI.
Signing up for a Paypal account is easy. You have to use a secured and valid email address to sign up. After you sign up, you can accept payments on the same day. Then, what's next? You'll probably want to withdraw your funds from Paypal. You need to verify your account, and you may do so in 2 ways. First way is by directly withdrawing your funds to your bank account (you may see the appropriate charges for every transaction), and you need to cite your bank account number to Paypal. If your bank does not allow any Paypal transactions, you may opt to use the second which would be withdrawing funds to a debit/credit card. In the second option, you are to link up your debit/credit card but this has to be authorized by the bank that issued the card so that Paypal will not confuse your account to be fraud or restricted. This second option is the best way to also verify your account with Paypal. When you have successfully linked up your debit/credit card, you have to wait for 3-7 working days before the amount withdrawn would be reflected on your bank statement. When you have also successfully verified your account through the link up, the withdrawing limit can be lifted so you can easily do your transactions with the bank. If you are not going to send more than $500 in a month, it's okay to keep a personal account with Paypal. However, if you want this sending limit to be lifted up, you may opt to choose the business account later on.
There is absolutely no hassle involved... in upgrading your account to a premier one... later on. You can very well operate a personal account and then... when the need arises, upgrade the same account to a premier one! Regards, RightMan
You are correct that upgrading from personal account to business account is quite easy. I started with a PayPal personal account more than seven years ago. On another note, I found it necessary to have a separate formal merchant account due to amount per transaction and volume per month.