PayPal is one of the payment options where merchants can receive payment instantly by customers via-debit or credit card. Here is a step-by-step guide to help guide you to create a PayPal Account.
- Go to PayPal.
- Select the country you are operating in.
- Click 'Sign up now'.
- Select 'Receive payments with PayPal' account, then select 'Get Started'.
- Fill in your preferred (Business or Personal) email address. You will be using this email for your PayPal account login so do remember which email address you use. Click 'Next'.
- Fill in your personal details. After this is done, select 'Agree and Continue'.
- Select your 'Business Type'.
- Select your 'Business Category' & 'Sub Business'. Next, select 'Continue'.
- Fill in you 'Date of birth' and 'IC number'. Then, select 'Submit'.
- You have successfully created a PayPal account. The next step is to 'Set up Payments'.
- Do complete all the 'Account set up' requirements.
- Additional to that, reach out to PayPal Customer Service to get your PayPal account verified. Here are the documents needed for account verification:
• Proof of Business Registration
• Photo ID (NRIC, Passport, Driving License etc.) of the PayPal account holder and all the authorized parties (in the letter of authorization – provided by PayPal)
• Proof of Billing address, dated within the last 6 months (e.g. company’s bank statement, utility bill, etc)
• Proof of Bank account linked to the PayPal account (a voided check or bank statement dated within the last 6 months)
• Letter of authorization (provided by PayPal) – with organization company stamp and letterhead (Not necessary if the company is a sole proprietorship)
Although there are many steps required to complete the PayPal account set up, do understand that these steps are necessary to protect both the merchant and their customer from online credit card fraud, just like how banks require extensive paperwork when you create a corporate banking account. A PayPal Business account is the equivalent of your online corporate banking account.