PayPal business account proposes additional choices and features that are not available on personal accounts.
This includes multiple methods of accepting payments and integration with e-commerce websites among others.
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Established in 1998 as Confinity, PayPal is the world’s number one online money transfer platform and is used by millions of people worldwide to send and receive money.
It became officially available to residents of Nigeria since July 2014 but with some restrictions.
If you are someone who sells products or services online, PayPal is an easy and secure way of getting paid for your work.
It offers two different account types; PayPal for your personal use (Personal and Premier), and PayPal for your business (PayPal Business Account).
To sign up is free and each account type offers different features and capabilities.
To decide if a PayPal business account is right for you, it’s worth understanding the terms and conditions – especially if you intend to use your account to buy and sell abroad.
Though you can accept payments via a personal account, but creating a PayPal Business account is the best bet for those who are full-time contractors or selling items often.
PayPal Business Account Features
- Accept credit card, debit card, and bank account payments for a low fee
- Manage Users and allows you to give distinct access rights to each of your employees
- Website Payment Pro (allows you to link PayPal to a shopping cart and charge credit cards without taking your customer to PayPal).
- Virtual terminal (may be handy if you run live events or work with offline clients).
Below is a comprehensive guide on how to create and verify a Nigerian Business PayPal account
How to Open a Nigerian PayPal Business Account
- Firstly, visit https://www.paypal.com and click “Sign up.” You will be automatically redirected to the country you are trying to connect from.
- Then, click the menu on the homepage header and select” signup“
- Select “ng” initial for Nigeria and click “business account” in the new window and click “Continue“.
- On the first form page, fill in your Email address (doesn’t have to be Gmail or yahoo. It could also be @yourcompanyname).
- Create and confirm a password.
- After filling your email address and password, click on Continue:
- Clicking continue button loads the second page of the form. On the second form page, fill in all the personal information required such as names, date of birth, address, and phone number.
- Also when filling in your address, ensure that it matches the same address details you filled when you opened a bank account
- It takes you to a page where you fill in your debit card details
- Type in your card number, expiry date and the last three digits behind your debit card
- Lastly, visit your email account and click on verify
- Hurray! Your account is set up
Check whether it’s working by sending $5 to anyone or to your PayPal account abroad (if you have one)
Your evidence should be to get debited in naira together with an alert from your local bank.
Cheers, you now have a Nigerian Business PayPal account. But that is not all…
This new Nigerian business PayPal account will not just receive PayPal like that …
You are not permitted to accept payment unless through a website.
That’s the major limitation on Nigeria business PayPal while personal might not be able to receive at all whether through websites or not.
Whenever someone wants to send money to you, the sender will automatically see this error message in his/her PayPal dashboard. And I quote:
This recipient accepts PayPal payments only through their website. To complete this payment, please go to their website and follow their instructions, or email the recipient for instructions.
Account Sign Up: How to Connect a Card to Your Business PayPal Account
After effectively creating your PayPal account, the next step is to connect it with your MasterCard or other supported cards.
You can connect more than one card to your account. To do this, follow the simple steps below…
- Firstly, login into your Internet banking account using your password and token
- Then, choose the “PayPal wallet” in the main tab and then, click “create PayPal wallet” on the drop-down menu.
- After that, select which cards you wish to link to your PayPal account and which card will be the default card. Try using one card for simple reconciliation
- Click the button on your online token and confirm consequently
- Then, create a password in the pop-up window that appears
- Click on “Agree and create account”.
- Visit your registered email account with the bank which confirms that you have created a PayPal account.
That’s it! You are done.
Limitations of PayPal Business Account in Nigeria
PayPal is an American service. The best user experience with this payment system is accessible to residents of the USA.
Automatically in Nigeria, you are not allowed to receive payment unless through a website. That’s the major limitation on Nigeria business payPal