Doing business globally has become very easy because of the advent of the internet.
Nowadays, you can be at the corner in one part of the world and get paid without hassle, thanks to online payment gateways.
There are so many online gateways in the world now, and more are being created every blessed day; the only difference is the rate at which they are being trusted, enough to be used and also be made as a mode of payment and this where a payment gateway company like Paypal outshines all the others.
Paypal is one of the widely used modes of payment worldwide, and this has made it stand out among all others; talking about accepting payments globally, you should think of Paypal.
I wrote an article on various payment gateways, and I recommend you read it here to gain more clarification.
One downside about Paypal is that their services do not extend to significant parts of the world, such as third world countries in Africa such as Nigeria, I tried to ask them why they don’t operate here in Nigeria, and one response they keep giving is the fact that the financial laws in Nigeria don’t comply with their standards, this is a sad thing to hear because we have more digital entrepreneurs in Nigeria sourcing for opportunities overseas. One of the only ways to get paid is via Paypal.
This has discouraged so many aspiring entrepreneurs from making money online.
So many Nigerians have tried other ways around this, but it does not seem to work. In this article, I will be showing you how to manoeuvre your way around getting a PayPal account that receives funds and sends funds.
What Is Paypal?
PayPal is an American fintech company that operates a worldwide online payments system that supports online money transfers from various parts of the world.
Paypal operates as a payment processor for various websites that deal with payments, such as auction websites or even E-commerce websites.
Paypal is presently used and trusted by many small and giant businesses such as Facebook and many other small online stores globally.
Why You Should Make Use of PayPal
There are so many online payment solutions out there, and as stated in the introduction section above, more and more are being created every day. Still, the difference in all these solutions remains that some are being trusted more than others, and this is where PayPal shines.
Here are very few reasons why you should make use of PayPal.
1. Paypal is global.
Most of the standard online payment gateways that you get to see worldwide are restricted and confined to a specific geographical location, which makes it very hard to gain trust in another geographical location where the financial laws are different.
Doing business with Paypal is quite different and unique because, with Paypal, your business is widely accepted across the borders of every nation all over the world.
2. Most Online Affiliate Companies Make Payments using Paypal.
If you are not too new to starting an online business, you will discover that most online business around usually prefers settling payment via Paypal.
Online business models such as affiliate marketing, pay-per-click advertising and major freelancing websites prefer the use of Paypal to settle their payments.
If you are interested in learning affiliate marketing, here is an article I recommend you read to help you get started.
3. Paypal is seamless, secure and safe.
Another important reason Paypal is prefered amongst all other payment gateway is the level of seamlessness and security attached to its ecosystem.
When accepting payments with PayPal, you would be required to verify with a valid means of identity when you reach a payment threshold.
Checking out with PayPal is also one of the very smoothest experiences when surfing online; the pain of having to enter a 16-digit number attached to your debit card has made it very problematic for online entrepreneurs, but with Paypal, all you need to do is to enter your registered Paypal email with funds, and that settles it.
Essential Requirements Needed To Open a PayPal Account That Receives Funds In Nigeria.
Getting started with PayPal is easy; all you need is.
1. A Valid Email address.
To monitor all your transactions and receive funds via PayPal, you will need a valid email address; the email provided would be used to receive funds and monitor transactions.
2. International Passport.
An international passport would also be needed to verify your identity upon signing up with Paypal; also, from time to time, when your cross a payment threshold, you would be asked to provide a valid means of identification, in which an international passport is better equipped.
3. A Debit Card or Credit Card.
A debit card is needed upon creating a PayPal account to be able to verify your PayPal account and accept payments into your local bank account.
You would be asked to verify your PayPal account by inputting a credit or a debit card; taking this action would attract a cost of $1.99 on your local bank account that would be refunded just two weeks after you might have been verified.
Please note that failure to go through this procedure would restrict your account from being able to receive funds.
4. A website.
Having a website to open a Paypal account that received money is not a critical criterion. However, it can go a long way in validating your business; you would be asked to fill it alongside your Paypal registration form, but you can ignore it.
Here is an article to help you create your blog or website.
How To Create a PayPal Account That Receives Funds In Nigeria.
This section will focus more on restricted countries that are not allowed to receive funds with PayPal, such as Nigeria. Still, if you are in first-world countries such as the US, UK, Australia, Canada and some very few African, and South American countries, then you should be able to follow up with this section.
1. Login To The Paypal official Website.
To make Paypal more secure, it has certain restrictions for some countries worldwide, so if you want to know if Paypal is accepted in your country, you should click the link.
The bottom line is that Nigerians are not allowed to receive money with Paypal but can make use of it to make payments.
In this case, what is best recommended is to sign up via Lesotho.
Lesotho is an African country that supports Paypal; you can do this by clicking the link below.
The ls stands for Lesotho.
2. Select Account Type.
The next step would be to sign up as a business and not as an individual; please choose a business account and not an individual account.
3. Enter Your Email Address
Enter your email in this section and continue from here; please make sure to enter a valid email that would be used to accept payments from all over the world.
4. Enter Your Business Details.
At this point, you would be presented with a form that allows you to fill in some personal info and some business details, which includes your legal first name, last name and email address and also your full address as shown below, make sure not to have any false information, and for Nigerian users make sure to sign up with the accurate information.
5. Select Your Identity Type.
The following section allows you to enter valid birth details; please make sure it matches your international passport.
The next step would be to choose your identity type which the use of an international passport is more prefered.
Enter your passport number and sign up; that is it.
6. Login To Your Account.
After you have concluded the previous stage, the next step will redirect you to the Paypal dashboard that accepts payments and here is how it is below.
7. Verify Your Email and Link and your debit card.
The final step would be to verify your Paypal account by entering your debit or credit card details in your Paypal dashboard.
This step would attract a fine of $1, which would be deducted and sent back into your bank account. Also, note that you input your debit or credit card details. After this, a verification pin will be sent to you.
The verification pin would be then used to verify your Paypal account, after which you can now begin to accept funds from any third-party platform. Funds can be withdrawn to your local bank account or used to shop on a third-party website.
How To Make Money With Your Paypal Account.
There are so many reasons why most people choose to own a Paypal account; one of them lies in the fact that it can be used to accept payment from all parts of the world without restriction; PayPal stands tall among all other payment processing companies online.
If you need to explore more online payment processing software for your local business, here is an article I recommend you read to help you get started.
In this section, I will be elaborating more on how you can utilise your PayPal account to its full potential.
1. Start a Blog.
Starting a blog is one income stream that can make you lots of money; you can even make use of PayPal to accept payments for services rendered on your blog; let’s say you offer SEO, Web design kind of services that can be incorporated alongside your blog, and Paypal can serve as a medium of payment, and trust me when clients see that your accept PayPal as an effective form of payment they are going to do business with you.
I wrote an article on how you can start a blog and make money with it; click the link below to get started now.
2. Sell eBooks.
Selling eBooks is a significant income source for online business owners; one of the considerable advantages of starting an online business is the leverage it brings; you can sit in a remote African country and still make a lot of money just by selling kinds of stuff to people from other parts of the world.
No doubt that they are so many creative writers all over the globe, but they desire to reach a larger audience, and one way to do this is to subscribe to PayPal to receive payments.
If your business model is tied around sales of eBooks, then PayPal can serve as a perfect medium to transact all your sales without border restriction.
Here is an article I recommend you read to help you get started with eBook publishing from start to finish.
3. Subscribe to affiliate marketing.
Affiliate marketing is one of the primary reasons most people seek to own a Paypal account; most affiliate marketing business models usually utilise PayPal as a payment medium. One primary reason is that it is seamless and comes with no stress.
Affiliate marketing can bring you a lot of income with the right strategies; if the only reason why you think you need a PayPal account is the fact that you need to accept Payment from a partner to single affiliate business, then I feel you need to explore more options.
These are more reasons why I wrote this article on scaling your affiliate marketing business and making money with it.
4. Start an eCommerce Business.
Most business owners have merchandise that needs to be sold abroad. One significant way this can be accomplished is by integrating Paypal as a form of payment to attract international buyers.
I wrote an article on how you can start and scale your eCommerce Business model; click the link below to get started.
This is another aspect of an online business model that can help you make excellent money; over the years, we have seen a lot of young entrepreneurs successfully emerge as millionaires all from freelancing; popular freelancing platforms like Fiverr, and Upwork have been a significant influence in helping young people make money.
As huge as these platforms are, they need a proper form of accepting and disbursing payments, and one medium they use is PayPal.
As a freelancer, to make sure that you receive payment seamlessly, you need to subscribe to the use of PayPal.
I wrote an article on getting started with Freelancing platforms like Fiverr, and I recommend you read it and click the link to get started immediately.
Now that you already know how to set up PayPal to accept funds from foreign affiliates, here is an article to help you start an online business of your choice.
After mentioning all these ideas above, do you feel I have not said one that resonates with your passion? I wrote an article on various forms of online business that you can start and make money as quick as possible, make sure to click the link below to get started.
Are you a woman in need of business Ideas? Here is an article I recommend you read to help you get started with business Ideas to choose from.
Marketing is an essential tool in the success of any business; I wrote so many articles in this blog on how to become successful online with effective digital marketing strategies; the link dropped below are some pieces I recommend you try to read before leaving this blog.
- How To Grow Your Business On Facebook
- How To Grow Your Business On Instagram
- Learn How To Do SEO The Right Way
- 20+ Best Social Media Marketing Tools You Should Know