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Basics to set up a PayPal account

PayPal is a global, e-commerce checkout business that allows you to send, pay or receive money online using your own credit card, debit card or bank account. When you set up a PayPal account, PayPal conceals the sensitive numbers of your accounts so you can safely transact money online. Only you have access to your account. According to PayPal, they are “…the faster, safer way to send money, make an online payment, receive money or set up a merchant account.”

Why PayPal?

PayPal is the leading e-commerce checkout on the Internet. Over the years, it has distinguished itself with world class security features. As such, many merchants and online stores do not accept anything but PayPal payments for a number of reasons.

Firstly, PayPal protects both the buyer and the seller through its acclaimed fraud prevention tactics. Secondly, PayPal offers an extra level of buyer protection because a password is required to log into a PayPal account to transact money instead of just typing a credit card or bank account number into a website.

Can you trust PayPal?

Yes, you can trust PayPal. PayPal has been in business since 1999 and has established itself as a very trusted site globally. Millions of sellers prefer PayPal as their main mode of online money transfers and payments.

Moreover, PayPal protects you if what you pay for is never shipped and in some instances it covers you under PayPal Protection Policy if an item you pay for is to a large extent not what it was described to be.

How to set up a PayPal account

Type paypal.com into the URL address bar of your web browser to visit the PayPal website. Click the “Sign up” link at the top of the homepage and choose the type of account you want to open. Select the "personal account” if you want to purchase and not sell items with your PayPal account.

Provide your personal information at PayPal’s prompt, including your name and home address. This is completely safe and secure. Enter a strong password that is difficult for even family members to guess. Choose a security question that is equally difficult for people to guess.

Add your credit card or bank account details. Provide this information accurately. PayPal will deduct a small amount from your credit or bank account in order to generate a 3 or 4-digit security code that you will use to verify your credit card or bank account information.

Check for PayPal’s generated security code in your credit card or bank account receipt/statement. This statement usually is ready after a day or two. Click the “verify account” link in your new PayPal account and enter the security code to verify the account. Your account becomes fully functional after verification.

A word of caution

When you set up a PayPal account, you are protected by the latest anti-fraud technology and a dedicated team of specialists working round-the-clock against hackers and other bad guys. However, there are many complaints of PayPal’s terms of service that allow them to unilaterally decide if you are being fraudulent and freeze and keep your money for 180 days.

Many horror stories of “legitimate” customers who have had their accounts frozen and money held for six months without any warning are abundant online. So, be cautious how you do business with PayPal.

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