PayPal is a service which you can utilize to send and receive payments on the web. The service provided by PayPal is the World’s largest online payment network. Around 20 million users in 38 countries are using PayPal for online transactions. It guarantees secure payment while one uses a credit card or bank accounts.
PayPal is also the preferred method for online auction sites like eBay and more. This method of online transaction requires an email address for transactions.
What you need is, you have to create a PayPal account for money transactions for your business. Once the account is active, all you need to do is share the PayPal linked email id to a buyer/client to receive payments. Alternatively, you can use the PayPal dashboard to create and send an invoice.
The buyer/client receives the invoice with a unique payment link and makes the payment. The amount comes to your PayPal account, and it is auto withdrawn to the bank account at the end of each day. PayPal is a completely automated process.
This article is going to teach you the process of creating a PayPal account for your business. It is very detailed. PayPal could be very much helpful when you do business with foreign clients.
Step by Step Process of Creating a PayPal account
Before starting the process of establishing a PayPal account, kindly make sure that you have a valid PAN card and an active Bank account. These two are the essential things which you need while creating a PayPal account for your business. Both these items should contain the same name and details that you are going to fill while creating an account in PayPal.
Creating a PayPal Account
The initial step of the process has to start by opening the PayPal homepage. For this, just enter “paypal.com” in the address field of your browser and press ENTER.
Once you press ENTER, it will open up the PayPal page. In the homepage of PayPal, you could see LOGIN & SIGN UP virtual buttons on the top right of the screen. Just navigate to this button and Click on it.
Once you click the SIGNUP button, it will open a page. In that screen, you can see an option “Sign up with PayPal.” Below that option, you can see a button mentioning “GET STARTED.”
Once you click “GET STARTED,” it will open up the page as if shown in the above image. In this screen, you can see many fields like Email address, choose a password, Full name, and more. This thing is the initial form which you have to fill for creating the details. Make sure you enter all the details as is in the PAN Card and Bank Account.
After filling the details, you have to navigate to the bottom of the page by scrolling down. Once go down, you could see a check box mentioning “Secure store my credit/debit card details with PayPal for a convenient shopping operation…”; You have just to uncheck this check box and click on AGREE AND CREATE ACCOUNT button.
Once you click on the AGREE AND CREATE ACCOUNT button, it will open up a page as if shown in the above image. In this screen, you can see a field mentioned as “Enter the Code shown.” In that field, you have to enter the Captcha code shown below and click CONTINUE button.
Once you click on the CONTINUE button, you will get a page as if mentioned in the image. In this page, you have to click on the “Skip this step” option which you can find at the left bottom of the page.
After that, you will get a page with multiple options. In this page, you can see an option “Go to your account” at the bottom of the page.
By clicking on the “Go to your account” option as if mentioned in the previous step, you can see the page like the one shown above. This page is your account page with options like Send payment, Request Payment, Merchant services, and Product & services. This page indicates that your PayPal account has been created.
At this stage, the account is created, but it is not ready for use. The account needs to be verified. The verification steps are given below.
Verifying your PayPal Account
For verifying your PayPal account, the initial step which you have to do is just go to the My Account page. In that page, you can see an option called “Complete your tasks.” Just click on that option.
After that step, you will get a page with multiple options. In this, you could find a START button in the very first sentence of the page. Just Click on that START button.
After clicking START, you can find this page. This page is for adding your PAN which is issued by the IT department of India. A field for entering the PAN detail is provided on this page. You have to enter the details and click the SUBMIT button.
After you click on the SUBMIT button, it will show you a message that “Your PAN was successfully verified.” After this, click on the “Go to task board” option which you can find below the message.
Clicking on the “Go to task board” option will take you back to the task board. In the task board, select the second option which shows you “Pending.”
After clicking the second option, you have to open a new tab and open your email account. This process is to confirm your email address with PayPal account.
In the mail ID which you have entered while creating a PayPal Account, you will get mail from the PayPal team with an activation link. You have to click on the link for activating the PayPal account.
Clicking the activation link as mentioned in the previous step will bring out a page which prompts you to enter the PayPal password. This password is the one which you have entered during the process of creating PayPal account. After entering the password, just click on the LOG IN button below.
This option will display the next page. In this page, it will provide some of the drop down options which prompt you to select some security questions and answers. Kindly fill the details according to your wish. Remember to save the security questions and answer somewhere. If you forget the login details, answers to these security questions will help to retrieve the account. Therefore, keep a note of these details.
Once you select questions and answer to it, you have to click on the SUBMIT button on the bottom of the page.
After submitting the security question and answers, close all the extra tabs which we have opened before. Now, go to the task board and click on the Provide Purpose Code START button.
In this page, you have to add the purpose code for the PayPal account. In this page, you can see a drop-down list box. It would contain various fields and departments regarding businesses and more. In that, click on the code which you are looking for to add. Once select the appropriate code, just click SAVE button.
Once select the code according to the nature of your work, go back to the task page and click on the START button of “Add bank account” respectively.
In the add bank account page, enter the bank details of yours. It may have fields like Account number, IFSC code, bank name, state, and city
When you just click on the Preview button, it will show you the overview of your bank details for checking. After rechecking the details, just click on the SUBMIT button.
After clicking submit, wait for around two to three days. After three days, check your bank mini statement using net banking, passbook entry or ATM mini statement. You could see some of the minimal deposits such as 1.29, and 1.32 rupee.
After seeing this deposit by PayPal, just log in to the PayPal account using the email address and the Password.
After logging in, just navigate towards the Profile tab. You could use a drop down list when you head towards the profile tab. In that list, just click on the edit bank account.
Once you select the edit bank account option, you will get a page as if shown in the above image. In that, just click on the confirm button.
Once you click on the confirm button, you will get a page with options to enter the amount 1 and amount 2. Just enter the values of the amount that you got credited in your bank account. This step is the main process for verifying your PayPal account. After you enter the values, click on the Confirm button once again.
After submitting, you will get a message with a green tick mark at the start. It notifies you that your bank account has been confirmed. It means that you can send and receive payments from anywhere in your account. After this, you can check your verification status of your account. It may show that the PayPal account is verified.
Once the verification is done, you can use it to receive payments, globally.
The steps mentioned above illustrate the detailed steps for creating and verifying a PayPal account. We hope, this article with detailed steps including the screenshots would help you in creating your PayPal Account for Indian business. Just follow the steps keenly for getting cent percent output.