How to Set Up a PayPal Account
PayPal used to be a somewhat techie thing for people who bought online, but as the Internet has evolved more and more people see PayPal as a must. For both making money, and for buying online, PayPal is often an absolute must, and this article will show you step by step how to set up a PayPal account from scratch.
Things You'll Need
- Checking account number
- Checking account routing number (on any check)
- Internet connection to sign up online
Hit the "SIGN UP" button.
Now decide what kind of account you need: personal, premier, or business. If you are only buying, you want personal, if you are going to buy and sell (or receive money - like from writing online)you want premier, and business is self explanatory.
Sign up with the e-mail address you want to use for all transactions, and fill out all the necessary personal information (phone, address, etc.)
Choose a password. It should be easy enough for you to remember, but not so easy that anyone could easily hack it.
Have your checking account information ready to link to your PayPal. This is what allows you to put money into, or take money out of, your checking account freely. You also have the ability to attach your PayPal account to a credit card, as well, but this doesn't work nearly as well if you're going to be receiving money via PayPal.
Take the time to actually read the user agreement. This isn't just legal mumbo jumbo, but there's actually really good information in here that you will want to know about your account. When you're done, hit "Accept."
Wait for the confirmation e-mail to activate your account, and enjoy!
Tips & Warnings
- Go with the PayPal money market account. It's easy interest money. In hard economic times, usually 1.2-2.5%, in good times I've seen it paying as high as 5% interest on your money.
- Read the terms of service. It's a really easy to understand and well written TOS that gives a lot of information you'll want to be aware of.
- Read PayPal's information on "phising" e-mails, and never open an e-mail that looks suspicious.
- On credit card via PayPal purchases, be aware that PayPal will always use your actual PayPal balance first before going to a credit or debit card.
- Be aware you must be 18 or older to open a PayPal account
- Personal accounts have a withdrawl limit of $500, so if you are going to sell or write online, make sure to get a premier account