Once you start working online, you will want a method to send and receive payments. You can usually pay online with your credit or debit card, but to receive money, you must use a service like PayPal.
In 2017, PayPal launched its local operations in India. They made it very simple for Indians to shop online in other countries.
PayPal allows you to create two types of accounts: individual accounts and business accounts. Individual accounts allow you to transfer payments and shop globally, whilst business accounts allow you to make and receive payments worldwide.
So, depending on your requirements, you can open an Individual or a Business account. If you accept online payments through freelance or advertising network, Then opening business account by choosing individual option is suffecient.
Remember that most of the online earning networks pay via PayPal, therefore you must have a PayPal account to receive payments from international sites.
Before you begin creating an account with PayPal, ensure that your name matches the name on your PAN and Adhaar Card for successful KYC verification. If there is a difference, try to resolve it before creating an account.
How to Open a PayPal Individual Account
- Visit Paypal.com
- Click Sign Up Button and Choose Individual Account Option
- Enter your phone number and confirm with an OTP.
- Enter your email address and create a password.
- Fill in your name and address.
- Enter your credit/debit card information to link it to PayPal.
- Verify the OTP sent to your registered email address and mobile phone number.
- Click on the go to your account
- Verify your mobile phone number and email address by clicking on the appropriate buttons.
- Now add your bank account to start creating international payments.
You can shop worldwide if you register an individual account. You can receive payments from online businesses, and do a lot more with it.
If you have a significant volume of transactions and already have a business in your country with the essential business documents, you can choose a Business Account.
How to Create a PayPal Business Account
- Visit paypal.com
- Choose Business Account
- Select your desired payment method from the drop-down menu. Select "On marketplaces or freelancer platforms."
- Choose the amount of your company's annual sales volume. Most consumers can select '0 to 250K USD' because they are just getting started with PayPal or their internet businesses.
- Click Next, enter your Email ID, and set a password for your PayPal account
- After inputting your password, you must define your company using selections from the dropdown menu. Individual, sole sole trader, partnership, corporation, and government entity are all options.
- Depending on your selected business, you must fill in the details and offer information about your business.
- E.g If you select 'Individual' as your Business Type, you must provide your personal PAN data, a purpose code, and phrases describing your business.
- Choose a CC statement name that will show on all of your customers' card statements. You can write your first name or the name of your company.
- Click the Submit button. A box appears in which you must provide further information about your company. Enter the owner's name, contact information, and address. Because there is no option to select INR as the primary currency, Indians must use the default USD.
- Choose what you want to sell and how you want to market it.
- On the following page, click the Start Setup button. You're nearly done setting up your account.
- Scroll down to confirm your information. Confirm your email address by clicking the button. Then choose Edit. Enter your your address, and PayPal will send you an activation email. A new page will be shown. To validate your email, enter your PayPal password.
- You are redirected to your PayPal account after clicking the confirm button. Pay & Get Paid should be selected. Under the bank account section, select "link a new account."
- Enter your IFSC code and account number, then click on the bank account link.
- Within 3-5 days, you will get two tiny payments of less than 1.50 INR in your bank account. After receiving the money, log in to your PayPal account, choose Bank Account as your payment method, and enter the amount received from PayPal.
- To link a card, scroll down and select link a new card.
- Enter your card details and confirm with the OTP provided to your registered mobile number.
- Now Your Paypal account is ready
Paypal account is useful in many ways since it is accepted internationally, and for many freelancers in India, it is the best method for receiving money from foreign companies.
You can open an individual or business account, and if you change your mind, you can contact PayPal to modify your account type.