- Hi guys, Neil Waterhouse.
This week's video is about how to set up a PayPal account
from scratch including how to send, receive,
and transfer money.
But before I get started,
make sure you hit the subscribe button
to the no fluff, ad free channel
that puts out weekly videos teaching step-by-step
how anyone can build a seven-digit online business
from their home using eBay and Amazon
and using less than $100.
So let's launch straight into it.
You can set up a new PayPal account on either your computer
or you can use a smart device like your phone or a tablet,
it all works very similar.
For this demonstration, I'm going to use a computer.
However, the steps are very similar for both.
The first step is to go to paypal.com
and click sign up.
Next, you need to decide whether to set up
for a personal PayPal account or a business PayPal account.
Now don't get too bogged down here if you're new.
You can always upgrade from a personal account
to a business account at any time down the track,
just like how with eBay, you can also upgrade at any time
from a personal eBay account to a business account.
If you're setting up this PayPal account
to just buy and sell a few things every now and then,
a personal account is probably all that you need.
If you're building an online business,
then you're more than likely want to set up
a business PayPal account.
But like I mentioned before,
you can always down the track at any time
change from a personal PayPal account
to a business account when you're ready.
Personally, these days for our eBay and website businesses,
I only use business PayPal accounts.
But, you know, when I started out 20 odd years ago,
all my PayPal accounts were personal.
And then over time we converted them all
to business accounts.
But this demonstration I'll set up
a personal PayPal account.
To do that, click on the blue, "Sign Up Now" button,
now enter your phone number, have a note at the top left,
you can choose your country for your phone number
just in case PayPal did not recognize
what country you're in.
Now, PayPal will SMS you a confirmation code
to confirm your mobile phone number.
When you receive the SMS with the confirmation number,
enter that confirmation number into the next page
then click the blue "Next" button.
Now, by the way, if you don't have a phone number,
a cell different phone, for example,
in that country that you want to set up on,
I've got another video showing you how to get around that.
And I'll put a link above the screen and below.
Okay, now next, enter your email address,
your first name, middle name,
surname and then your password.
You'll need to enter your password twice,
so PayPal can confirm there are no typos in your password.
Once you've entered your details,
click the blue "Next" button.
Next, enter your date of birth and your address.
Then click the "Agree and create" button.
Next, click the PayPal logo at the top left,
which will take you to the PayPal home page.
On the PayPal home page, you can see three blue boxes
which need to be actioned for PayPal to verify you.
The first box asks you to link your credit card to PayPal.
By linking your credit card to PayPal,
this allows you to purchase items using your PayPal account
if your PayPal balance is less than the cost of the item.
If you try to purchase something
which costs more than your PayPal balance,
PayPal will ask you if you wish PayPal to debit the balance
from your debit or credit card or whatever you set up.
If you building an online business from your home,
and you want to use PayPal to pay for inventory,
I would highly recommend that the credit card
that you attach to PayPal is a card
that gives you frequent flyer points for free
for every dollar that you spend.
You get these frequent flyer points for free,
and if you have an online dropship business,
turning over six or seven digits a year,
you can easily rack up literally hundreds of thousands
of frequent flyer points.
And these frequent flyer points can be converted
to vouchers of popular stores
to purchase things like computers, iPads,
iPhones, televisions, et cetera.
I'm not going to get into the frequent flyer strategy
in this video, as I've done that in a previous week's video.
But if you missed it, again,
I'll put a link on the screen and below.
The next blue box is asking you
to confirm your email address.
This of course is very important for PayPal
to help verify your identity.
Like with all banks and financial institutions,
verification is very important and you need to action
whatever steps requires a verification.
The next blue box it's for PayPal
to verify your bank account.
What happens here is once you enter
in your bank account name and your account number,
PayPal will put some small payments into your bank account.
Now, just for clarification here,
PayPal puts these small amounts into your bank account.
They do not take any money out of your bank account.
These payments that PayPal put
into your bank account are only small,
normally less than $1 for each payment.
Now to complete the bank verification,
you'll need to wait a few days
until those payments show in your bank account.
And then you log back into your new PayPal account
and enter those amounts.
Are, you know, 11 cents or 32 cents
or 15 cents or whatever they are.
And once you've done that, you're done,
you've set up a brand new verified PayPal account.
Next, I want to show you the other features
of PayPal that we use regularly.
Now, PayPal like most programs
has a gazillion options and features.
However, like most software, the 80-20 rule comes into play.
And you only need to know less than 20%
of PayPal features to be able to use
over 80% of its capabilities.
In fact, there's more like the 95-5 rule
that is you need to know less than 5% of PayPal's features
to get over 95% of its capability.
Over the last 20 odd years of using PayPal,
99% of the time, we only use four of PayPal's features.
These four features are transfer money
from PayPal It's your bank account.
Send money from PayPal to other people,
to pay overseas virtual assistants,
and also we use the options to receive
and send money to people and businesses.
I'll quickly go through all four of these features now.
The first is how to transfer money
from your PayPal account to your bank account.
If you're regularly selling items on eBay,
your PayPal balance will quickly grow
and you'll at some stage,
want to transfer some or all the money to your bank account.
To do this, from the PayPal home page,
click on the blue "Transfer Money" button.
Now PayPal asked you, how quickly do you want your money?
Do you want to transfer quickly or standard?
We normally just click the standard.
Next PayPal shows you which bank account
the funder will transfer to, and this of course
is the bank account that you set up earlier.
You can also link an additional bank account here
as well if you want to.
Next to enter the amount you wish to transfer,
for this demonstration, I'll transfer $1,000.
Next PayPal will show you a review for the transfer,
and then if you're happy with the review,
click the blue button and now PayPal will transfer the funds
and will show you a confirmation page.
That's all you have to do to transfer money from PayPal
to your account, to your bank account of your choice.
Next I'll show you how to send or request money
to or from anybody all over the world.
On a personal level, you can use this feature
to send and receive money from family and friends.
On a business level, you can send and receive money
from clients and customers
and you can also send money to purchase inventory.
And also if you have low cost overseas virtual assistants
working for you, you can use this feature to pay them.
If you want to know more about how and where
to get low-cost virtual assistants,
who you can build your online business for you
from $1 an hour, I'll again, put another link
to another free previous week's video
on the screen down below.
Now to send money or request money from PayPal,
go to the PayPal homepage
and click on the "Money" hyperlink.
Next, click on the "Send or Receive Money" hyperlink.
From here, it's just a matter of clicking on the "Send" tab
or the 'Receive" tab and then entering in the name,
email address, or phone numbers or the personal business
that you wish to send or receive money to or from.
The next feature that we use
is how to send somebody an invoice in PayPal.
Sending somebody an invoice is essentially the same thing
as requesting money from somebody.
However, sending an invoice looks a lot more professional.
To send an invoice from PayPal,
again, from the home page, click on the "Money" hyperlink
then click on the "Send/ Receive Money" hyperlink,
then click on "Request."
Then you will "Create an invoice."
On this page, you can enter the details of your client
and you can also add your own logo
to give that invoice the, you know, the professional look.
I had this video helped you
with how to set up a PayPal account.
Please leave me a comment below
and make sure you hit the subscribe button to the no fluff,
ad-free free channel that puts out weekly videos
teaching step-by-step how anyone
can build a seven-digit online business
from their home using eBay and Amazon,
and using less than $100.
Until next week, stay safe.
Lease more, sell more, this is Neil Waterhouse.