Paypal, the highest online payment gateway in the world has just made it possible for Nigerians to receive money online using its platform.
I will also be using images to help you understand how to set up this Paypal account yourself in less than 3 minutes and start receiving money with as soon as possible.
But before then, let me briefly tell you what Paypal is all about and why this new development is one of the best things happening to Nigerians right now.
What is PayPal?
Paypal is an online payment gateway that is widely used for making financial transactions on the internet. With Paypal you can easily pay for goods and services on the internet.
Apart from using it as a means of making payments, you can also use it as a means of receiving money from almost any part of the world.
Thousands of websites, like Facebook, Fiverr, Twitter, GoDaddy, Namecheap, and so on, use Paypal as one of their major payment method.
SO WHY IS THIS CURRENT DEVELOPMENT FROM PAYPAL A BIG NEWS FOR NIGERIANS?
Let me explain.
For many years, receiving money online in Nigeria was a huge pain. This is largely because of the restriction placed on Nigeria and some other countries like Bangladesh, Iraq, Iran, and Ivory Coast by Paypal.
This restriction made it impossible for these countries to fully utilize the services of Paypal. In Nigeria’s case, it was possible to make payments with PayPal but impossible to receive.
This limitation greatly affected individuals and business owners as several people resorted to PayPal alternatives as a means of receiving money online in Nigeria.
However, despite other alternatives being almost as good as Paypal, many Nigerians still hoped for the day they can be able to carry out transactions using Paypal.
The reason PayPal is always preferred above every other alternative includes.
- Paypal is the single most trusted online method of making financial transactions in the world. It is to the online world what First Bank of Nigeria (FBN) is to Nigerians.
- Paypal is accepted on almost all the major e-commerce websites in the world.
- Paypal has the largest number of customers from all over the world when compared to other alternatives.
- Making transactions with Paypal is fast, simple and highly secured.
- Freelancing websites like Fiverr use it as a means of paying freelancers.
These and many more reasons are why PayPal is the number 1 payment gateway in every Nigerian wish list.
HOW DO YOU START RECEIVING MONEY WITH PAYPAL IN NIGERIA?
You can start receiving money online in Nigeria today using what is known as Paypal Business Account.
Wait a minute! Before you close this page on seeing the words “Business Account” thinking it’s not what you need, let me briefly explain what that Paypal Business Account means and how you can start using it to receive money even as an individual.
You see, PayPal offers two types of accounts for online transactions through their website.
The first account is the Individual Account. This account is for personal transactions on the Internet. It is mostly used by people who want to make transactions using their own names.
However, the problem with the individual account is that it works best for people who are not currently living in Nigeria or any of the countries I mentioned earlier.
You can open it in Nigeria but you cannot use it to receive money presently. You can only make payments with it.
In the second type of account below, I explained how individuals can still receive money with Paypal.
The second type of account you can open even as an individual with PayPal is the Business Account. This type of account is opened using a business name.
It is mostly used by business owners or people who manage it. Whether you operate an online or offline business, this type of account is for you.
With this type of PayPal account, you can presently receive money online in Nigeria. Keep reading to learn how to set up this account in less than 3 minutes!
HOW TO SET UP THE PAYPAL BUSINESS ACCOUNT
First, you will need to create an email address for your business if you don’t have one already. It will be best if you use the same business name you will be using in the PayPal account to create the email.
Example, [email protected]. Where “Lily Fast Foods” is the business name and “example.com” is the email provider.
After creating an email address, preferably a Gmail or a custom email address, open your browser and log on to www.paypal.com. You will be redirected to their Nigerian website, where you will see something like this.
Click on “Open a Business Account”. It will take you to the next page, where you will be required to enter an email address, just like in the image below.
Enter the email address you created earlier for your business or the one you had previously. Click submit after that.
You will be taken to the next step, where you will be asked to enter information about yourself and your business.
Once you are done filling in all the information required, agree to their terms and click “continue”.
Keep following the instructions on the screen till you are required to confirm your email address from the instructions sent to it. Go to your email address and do that immediately.
After confirming your email address, you will see something like this below.
That means your PayPal Business Account is ready to receive money immediately from any part of the world.
You can link up your credit/debit cards later with your Paypal Business account from your dashboard.
That is all about how to set up a Paypal Business Account and receive money online with it here in Nigeria.
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