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How to Open a PayPal Account

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PayPal is an online payment system that was largely used for transactions on eBay in its early days. Now it's one of the largest online payment services and one of the easiest ways to send and receive money from friends and family or for your business. If you're new to PayPal, signing up for an account is easy. Follow these steps to get started.

Types of PayPal Accounts

PayPal offers two types of accounts: personal and business. Personal accounts are ideal for people who just need to send or receive money from friends and family on occasion. These are suitable for splitting a bill at a restaurant, sending a gift or making personal purchases online. If you're an online merchant or handle electronic payments for your business, a business account might be a better choice. With a business account, you can operate under a business name rather than your name, accept debit/credit card payments for a low fee and access other PayPal products to make operating your business simple.

Register With PayPal

Signing up for a PayPal account is free. Simply navigate to the website and click "Sign Up for Free." You'll have to enter the required information, including your legal name, address, phone number and email address. You'll also have to create a password to protect your account. Since PayPal will contain sensitive payment information, make sure you choose a strong password that meets the recommended criteria.

Agree to the Terms and Conditions

Once you've read over the terms and conditions, you must acknowledge and agree to them. If you do, PayPal will send an email asking you to confirm your email address. Follow the link in the email, login to your account using the credentials you just entered and you're ready to start using PayPal. Log in at any time to check your account for money sent to you.

Add Credit Card Information

Until you add payment information, you can only accept payments via PayPal. The easiest way to send payments is by entering a credit card. PayPal uses military-strength encryption to protect your account, so you can rest easy knowing your credit card information is safe. You can register up to four credit cards, and select one to be your primary payment method.

Verify Your PayPal Account

Having a verified PayPal account shows people sending or receiving money from you that you've passed all of the security checks. It gives you access to a number of other perks, including a higher level of security and the ability to spend up to $10,000 in a single transaction.

To verify your PayPal account, you'll have to add your bank account information. It takes a few days to verify your account. After entering your information, PayPal sends two small deposits to the account. Once you receive them, you enter the amounts on the PayPal site. Alternatively, you can verify your account by applying and getting approved for a PayPal credit card.