Last Updated on December 31, 2021 by rida
If you have never used PayPal, you will find this account provider to be the answer, if not the solution, you need for receiving payments from all over the world. You can link PayPal to your bank account and receive PayPal payment in a matter of seconds in one of a number of currencies. Therefore, you need to know more about the steps for signing up for this easy and convenient-to-use payment provider.
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How Do I Sign Up for a PayPal Account?
Signing up for PayPal is an easy process. You will also find it to be user-friendly. After you click the “sign up” button, you only need to provide your contact information and the email address for accepting and receiving PayPal payments.
You will also need to link a bank account that PayPal can verify. To manually confirm your bank account, PayPal will send 2 payments that you will need to verify. Once you do this, you are good to go, and can start receiving or making payments in your PayPal account.
When you have a PayPal account, you can sign up for a business account or personal account. You will need to add the bank account if you set up a PayPal business account. Again, this will enable you to receive payments, transfer payments, and keep track of your business banking with PayPal online.
With PayPal, you can –
- Accept and make global payments
- Accept point of sale transactions with a card reader
- Create a stable and reliable income by receiving subscription payments
- Pay vendors on your mobile phone while on-the-go
The PayPal business debit card allows you to spend money in your PayPal account while receiving cash back on the purchases you make. You can also send payouts to multiple vendors simultaneously. Life becomes much easier when you use the features PayPal offers its business customers.
Why Is PayPal Asking for My SSN?
Many people, who sign up for PayPal, ask the following, “Why Is PayPal asking for my SSN?” Because you usually link your bank with your PayPal account, you do need to provide a social security number to access, withdraw, and receive funds.
However, that is not the only reason that PayPal asks for your social security number or SSN. The payment provider also needs the number for the credit and sales information recorded on its sites.
That is because the U.S. Internal Revenue Service (IRS) mandates that PayPal send some businesses an IRS form 1099. Th
ese businesses normally sell at least $20,000 in sales or record at least 200 transactions. To make sure it can provide this data to the IRS, PayPal must ask for a PayPal customer’s SSN. PayPal is merely complying to the rules established by the IRS when it asks for an enrollee’s SSN.
Can I Trust PayPal with My SSN?
Because PayPal is one of the largest payment providers and processors in the world, you do not have to worry about providing your SSN. PayPal ties the number to the information it provides to the U.S. IRS, so you can feel confident about giving your number to the third-party payment processor.
A Final Overview
PayPal makes it easier to receive and provide payments for businesses anywhere in the world. Signing up for a PayPal account is fast and painless, so using PayPal is a good move to make.
Once more, to sign up for a PayPal business accountS, you will need to provide your contact name, an email address for receiving and disbursing funds, and your social security number.
You will also need to have a bank account to which you can link your PayPal account. Having the bank account is needed if you want to pay people, receive payments, and invoice customers.