For the every online business you must have an online payment gateway service to accept payments. In case you are serving the customers around the globe, in that scenario, you must have a payment medium which can accept the payment without any country restriction.
Guess what Paypal is the best, most trusted payment transfer medium worldwide. Either you are an individual or doing a business you can register on PayPal and can start receiving money online in no time.
Why must you have a PayPal account?
- Once you created the PayPal account you can start receiving money instantly in your Paypal account, but to transfer that money to your bank account, your bank account must have linked with it.
- Instant transfer and receiving of payment once you created your account.
- Buy anything online using your PayPal account’s linked debit or credit card.
If you are Indian, Wait!
Paypal was also the best medium to receive the international payments for Indian freelancers, but in 2010 RBI ( Reserve Bank of India) changed the rules for Paypal users of India. According to that Indian user of Paypal can receive the payments on Paypal account but they can’t hold funds in their account like other countries. For Indian Paypal users PayPal withdraws the funds in your linked account on a daily manner, also you can’t send money to another Indian Paypal users due to this restriction by the government.
So let’s move on in this guide I will show you
How to create and verify Paypal account?
#2 Here you will find two option to sign up for the Individual account or for a business account. The basic difference between both of accounts is that if you signup as an individual , there would be a limitation to receive money in your account and in a business account you can receive unlimited payments. I would recommend you to signup for an individual account if you are a beginner, although you can upgrade your account to business account anytime you want.
So click on the continue button to proceed further in the registration process.
#3 In this step select your country from the dropdown after that provide your email id and password. Don’t forget to keep your password alphanumeric and must have at least one symbol to make the strong password. Once you have done with this, click on continue –
#4 Yeah! Here we go, the basic details to signup for Paypal required. Keep in mind that you have to provide the name, date of birth, address over here and you will have to provide the details which must be similar to your bank account details and as per the pan card. This would require further while we have to link and verify your bank account with Paypal to receive the payments from Paypal account to your bank account.
Once you have done with this step check out all the details carefully before to proceed further, accept the Paypal terms and click on save and continue –
#5 After the above step you will get redirected to the dashboard of your Paypal account, where you can track your sales and expenses. Now I will show you how you can link your bank account and credit or debit card with your Paypal account. Click on payment methods as shown in the image and proceed further
#6 While you click on the payment methods, after that you will get landed on the window where you will have an option to link your bank account and debit or credit card to make more use of Paypal, for that purpose click on link bank account. See the image below to get more clear picture about the step-
#7 Here PayPal will automatically detect your name which you have given during signup. Now you have to provide the bank account number and IFSC code since I have selected India as my country hence Paypal asking for the IFSC code. Generally, this code will be available in your bank account passbook or you can also use this link to find out your bank’s IFSC Code here.
#8 Enter your bank account details, where you will be asked to provide more details like your pan card number, bank branch address, bank name etc.
Steps to Verify Bank Account linked with Paypal
Once you submitted all these details that are not mean your account is linked, Now Paypal will submit two amounts in your bank account like 1.25INR and 1.75INR. This is just, for example, paypal can deposit any amount just to verify your account generally it takes 3-4 days to deposit amount in your bank account.
Once you received the amount in your bank account, come back to your Paypal dashboard and move to the gear icon at right top corner and click on verify an account. Enter that amount which you received in your bank account and click verify.
That’s it now your bank account is verified and you can transfer money from your Paypal account to bank account. If you liked this guide don’t forget to share with your friends.