Payment systems

How to Create a PayPal Account to Accept Online Payments

Irina Tsymbaliuk
How to Create a PayPal Account

As you may know, what is a PayPal payment system. PayPal is a globally-leading digital online payment service. It allows its users to pay for online purchases, make financial transfers between accounts, and withdraw money to their bank account in minutes. So, if you still haven’t a PayPal digital wallet, let’s fix it now. Find out how to set up a PayPal account to receive money and benefit from it right now.

Creating a PayPal Account 

How do you open a PayPal account to receive money? Well, it’s actually a pretty straightforward and quick process. All you need to do is:

Create a PayPal Account

  • Go to the official PayPal website.

    Create a PayPal Account
  • Click the Sign Up button to create a PayPal account to receive money.
  • Select Personal account type and click Get Started.

    Select Personal account type and click Get Started
  • Enter your email address and required personal information. Then create a strong password, and click Continue.
  • Follow the next recommendations to finish registering.

Confirm the Phone Number

Now, it's time to move on to adding and verifying your mobile number. Here is a simple algorithm of actions:

  • Open your account Settings. Find the option to Add New and enter your current number.
  • Next, you need to enter the verification code you will get via SMS.
Confirm the Phone Number

Confirm Your Email Address

In addition to confirming your mobile number, it is vital to verify your email address. 

  • Go to your email inbox, open the letter from PayPal, and click on the link in the letter.
  • You will be redirected to a page for entering a password to ensure the mail belongs to you.
  • After entering the password, click Confirm.

Add Your Bank Account

How to set up a PayPal account to receive money from anyone? It is impossible without your banking information. Here is how you fill this in:

  • Log in to your account and click on Wallet, which is located in the upper right corner.
  • Go to the Link Bank option and enter all your bank details.
  • Next, you will receive a link to your email address or mobile phone. 
  • Open the link and follow the instructions.
Open the link and follow the instructions

Setting Up Your PayPal Account for Receiving Money 

As we’ve mentioned, an important condition to set up a PayPal account to receive money is linking your PayPal account to a bank account. Then you can withdraw funds to your card/account or simply store money online in your PayPal account.

It is also essential to remember that PayPal charges transaction fees. Fees vary by account type, amount, and payment method. For example, when converting currencies, the commission fee will be 4.5%. Therefore, you should familiarize yourself with the policy on the official website to be aware of all commission fees.

Setting Up Your PayPal Account for Receiving Money 

Ways of Receiving Money with PayPal 

When you get a payment, you will also receive a notification on your phone or email address. Then you can:

  • Transfer money to your bank account.
  • Keep money on the balance in order to make purchases or send money online to other users.

If you have created an account for your business, in order for them to send you payments, use the following methods:

  • add your account as a payment method on the site;
  • send your invoices to customers;
  • use the link/QR code to send it to clients.

Conclusion

A PayPal account opens up many advantages both for personal and business use and is a great way to accept payments. The key benefits are that you can make financial operations worldwide, make purchases quickly and securely, and don't need to pay high monthly fees for using this payment system, which is great for small businesses and freelancers. Use our guide to create your own account and feel these benefits yourself.

Consider Rates as Your Trusted Partner

Now that you know how to create and how long it takes to set up a PayPal account to receive money, you should also know the exact exchange rates so as not to lose the money you receive. And we at Rates will gladly help you with that. 

Our comprehensive platform provides timely information on most currencies at your exact location, with options to choose the period of changes (daily, monthly, or yearly). You can easily compare every exchanger or bank in your city with our convenient graphs. 

Find the most profitable exchange rates now with Rates.fm!

FAQ

How do I create a PayPal account to receive money?

You need to go to the official PayPal website, create an account, verify your phone number and email address, and add your bank account. Then, you can start receiving money on your PayPal.

How do I set up a bank account with PayPal to receive money?

After you create your profile, you need to go to the Wallet tab and link your bank account/card to your profile. All you have to do is enter the relevant information and verify it.

How do I create a new PayPal account?

To create a new PayPal account, you need to go to the official website and click the Sign Up button. Then select the type of account, enter your current email address, fill in personal information, and create a strong, reliable password. That's it! However, to start receiving money, you still need to verify your email and phone number and link your bank account