How to Open & Setup a PayPal Account
You can open and set up either a personal or business (merchant) account. As you saw on the fee structure, it is free for either one. Many people think there is fee to setup a business account, but there is no charge. You will need to provide your name, address, phone number and email address. You will also need to create a password and select a security question. You can choose your pet's name, city of birth, etc. You will need to accept the terms of the user agreement and privacy policy. You will then get an email in which you click the link to confirm your account.
Provide Your Checking Account and/or Credit Card
You also have to add a credit card number to your PayPal account if you want to pay for anything with a credit card or plan to sell on eBay. If you don’t have a credit card or would like to occasionally pay for things directly from your bank account you have to register your checking account. If you are setting up a business account, you will be asked to do both.
To register your credit card, you’ll have to input the name on the card, the expiration date, and the card verification number which is the three-digit number on the back of the card, imprinted next to the last few digits of the card number in the area where you provide your signature. PayPal also asks you to give them your billing address.
For your bank account to get verified, PayPal must be able to confirm that your bank account belongs to you. If you bank online, you can usually confirm your account in a few minutes. When PayPal has the information it needs, it makes two small deposits into that account. After a few days or so, call your bank or check your account online and find out the amount of these two deposits. When you have the amounts, sign on to the PayPal website with your password, and type the amounts in the appropriate place.
Once you are verified with PayPal, there are some benefits as an online business owner. For instance, you are presented as a professional and give out the image as a honest buyer or seller. Verified status shows other PayPal members that you have passed PayPal's security checks. It increases your credibility.
Great job, Steph!