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 any 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.
To be honest with you Paypal is one of the widely used modes of payment all over the world, and this has made it stand out among all others, talking about accepting payments globally then you should think 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 major 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, and one of the only ways to get paid is via Paypal.
This has discouraged so many aspiring entrepreneurs to make money online.
So many Nigerians have tried other ways around this but it does not seem to work.
In this article, I am going to be showing you how to manoeuvre your way around getting a PayPal account that received funds and send 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 kind of websites that deals with payments such as auction websites or even E-commerce websites.
Paypal is presently used and trusted by so 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, but the difference in all these solutions just remains the fact that some are being trusted than the other 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 common online payment gateways that you get to see all over the world are restricted and confined to a certain geographical location and this 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 Payment using Paypal.
If you are not too new to starting an online business, you would discover that the majority of 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 using 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 vital reason why Paypal is prefered amongst all other payment gateway is because of the level of seamlessness, security that is being 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 experience when surfing online, the pain of having to enter a 16-digit number attached to your debit card has made it very worrisome for online entrepreneurs, but with Paypal, all you need to do is to enter your registered Paypal email with funds and that settles it.
Basic 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 are going to need a valid email address, mind you 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 provided.
3. A Debit Card or Credit Card.
A debit card would is needed upon creating a PayPal account to be able to verify your PayPal account and to accept payments into your local bank account.
You would be asked to verify your PayPal account by inputting a credit or a debit card, mind you that 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 compulsory criterion, but 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 as well ignore.
Here is an article to help you get started with creating your own blog or website.
How To Create a PayPal Account That Receives Funds In Nigeria.
This section is going to focus more on restricted countries that are not allowed to receive funds with PayPal, such as Nigeria, but if you are on first world countries such as the US, UK, Australia, Canada and some very few African, 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 some certain restrictions to some countries all over the world, so if you want to know if Paypal is accepted in your country then you should click the link.
The bottom line is, 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 to do 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 an individual, please make sure to choose a business account and not an individual account.
3. Enter Your Personal Email Address
Enter your personal 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 include any false information, and for Nigerian users make sure to sign up with the accurate information.
5. Select Your Identity Type.
The next section allows you to enter valid birth details, please make sure that 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 might have concluded on the previous stage, the next stage would 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.
Mind you that this step would attract a fine of $1, which would be deducted and sent bank into your bank account.
Also, note that after this you input your debit or credit card details a verification pin would 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.
Now that you already know how to set-up PayPal to accept funds from foreign affiliates then here is an article to help you get started with starting an online business of your choice.