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What is Paypal? How To Verify Account

What is Paypal? How To Verify Account

Paypal can said to be an online bank for making online money transactions safe and secure. Paypal is the widely used online bank all over the globe today. They ensures the highest security among any other online banking systems and have became one of the most necessary resource for all the business leads to make secure transactions online. Using the Paypal account is so simple that you dont need to go to any of its branch office and register your account there waiting in a long queue. Paypal provides you with a simple and free registration online by going into www.paypal.com and all you need to start using an Paypal account is a bank account(mandatory), a credit card, PAN card in some regions. You can even use Paypal as an merchant service for very low commission for selling products on your site or blog. They ensure the highest security for any transactions you make with online people.

Paypal Service

Using Paypal is so easy that you can send or receive money online via Paypal account and your online money can be easily transferred to your bank account once after your bank account is verified. They also provide you to shop online via your account balance but you must be a credit card verified user to do so. They have became the most favorable merchant service for most of the business mens and webmasters. They even charge you a very less commission as 2.9% to 3.9% for receiving money into your Paypal account and they even provide you the service of exchanging the currencies for a very less commission basis before transferring money to your local bank account so that you can easily get any type of currency converted to your country currency with regards to the present day currency rates. You can see the Fees structure they charge for making transactions HERE. Paypal transfers your account balance to your bank account for free of charge in India where as you can get to know the commission basis for receiving money to bank accounts of other countries HERE.

Paypal even provides you lot of many other services like subscribe, donate, etc. You can even get a demo about the donate button at the bottom of this blog. Subscribe option allows users to subscribe some fixed money for your site or any other business matters and Paypal fetches the subscribed money from their account monthly/yearly as they have described during subscription and transfers it to your account till the last date he have set, thus making the ease of transaction without asking a person to transfer money every month. Paypal even provides you with a way through which users can use their credit cards, debit cards, all types of cards and even online banking account to purchase a product on your site or pay for any other money related aspects and the transaction details will be always sent to your email Id which you have used during the registration.

Paypal supports all the 24 types of currencies worldwide. By providing lots of secure features to users, they have successfully gathered 230 million user accounts worldwide. To say in single sentence, Paypal is the ultimate portal for each and every web users for making any kind of money transactions online legally. However Paypal holds the right to take action on any person worldwide for any illegal activities performed – agen bola.

How To Verify Paypal Account

You need to be a verified paypal user to receive or send money via paypal account. In other words sending money even requires you to verify your credit card too along with the bank account or a credit card alone could work. There was some requests from users of this blog to explain on basic paypal account creation, so in this post i will start with the paypal creation process to help basic bloggers and newbies.

Verify Paypal Account in just 2 steps

Creating an Paypal Account

1. Go To Paypal SignUp Form.
2. Choose your country and select a plan.

  • Personal You can only buy via your Paypal account and you cannot receive money into your account.
  • Premier You can Shop online or Receive money into your Paypal account.
  • Business Provides all kinds of transaction facilities.

Choose a plan depending upon your needs and all the plans are free to sign up. i recommend Premier plan for normal users. If you need to use merchant service for selling products on your website, then you must go for a business plan.

3.  A new window opens asking various informations about you. Fill the form with your name, postal address, mobile number, Email, etc. The only tough part you may notice is the PAN(permanent account number) number, am i right?.

PAN card can be obtained by your nearest income tax department if you are an employed person or if you are currently unemployed or still a student, then you may need to fill PAN card number field with some suitable alphanumeric value which is of 10 digits.

4. Choose agree and continue button.

5. Your account is set now. You will notice account type and your status will be unverified. Basically Verify your Email Address(mandatory) and Mobile number(optional). This completes the first step process.

Verify Paypal Account for Doing Online Transactions

6. Once after your account have crossed all the above explained steps, move the cursor to profile option and choose the Add/Edit Bank Account option.

7. Click on Add button

Carefully fill this form with your exact name on bank account passbook, bank name, account number and the only part you may get confused is the NEFT IFSC(Indian financial system code) code. IFSC code of your bank can be obtained by directly visiting your bank and asking for IFSC code or searching online at this website.

8. Then click on Continue button. 250INR will be charged from your account if your provided information is inaccurate else it will be refunded back to your account after verification of accurate information. You will not lose any money here.

9. Paypal will transfer 2 very low amounts to your bank account within a week, exactly note down the 2 deposits by paypal. Login to your paypal account, you will be asking to verify bank account in notifications window, follow it and enter the 2 initial values paypal have deposited to your bank account.

10. This verifies your bank account and you are now verified to receive money to your paypal account and withdraw your paypal balance to your bank account which takes around 5-6 days to make the withdrawn money to be visible on your bank account balance. This process is free in India where as certain charges are included for other countries and you can get to know about the fees structure they charge in my previous post.

Shopping Online Requires Credit Card Verification

11. Verifying the bank account doesnt allow you to shop online via your paypal account. You even cant add funds to your paypal account from your bank account in India where as adding funds is possible in other countries. All it asks you to do is, verify your credit card.

12. Verifying credit card is a easy process for countries other than India, but none of the Indian credit cards  are accepted by paypal. The only Indian credit card which can verify your paypal account is the international YUVA card.

23. You may be not aware of what YUVA card is and where you can get it!!. Yuva card can be obtained only by State Bank. You will need to explain the clear purpose and necessity of Yuva card for doing online transaction and then get it from the State Bank Of India. Then Yuva card can be easily verified with Paypal.

You will not need to verify both bank and credit card. Verify them depending on your requirements. Kindly let me know if you face any obstacles or issues and i would be pleased to guide you on that. Till that take care.