What is PayPal?
PayPal is a payment service that enables you to accept payments, pay for goods and services and send or receive money anywhere in the world without revealing your full financial information. PayPal is the safer, easier way to pay and get paid online.
How does PayPal work?
- A buyer and a seller (merchant) each have a PayPal account. Where the buyer doesn’t have a PayPal account, they may still be able to pay a seller via PayPal, directly using their card.
- A buyer links their debit or credit card to their PayPal account.
- When purchasing from a merchant who accepts PayPal, PayPal debits the amount from the buyer’s PayPal balance or from the payment method linked to the buyer’s PayPal account and credits the merchant’s PayPal account without sharing the buyer’s full financial information.
- The merchant can then reuse their balance or withdraw the funds to their local bank account, if available. In Kenya, merchants can withdraw their funds to their qualifying Equity bank account via the Equity bank withdraw service.
What can you do with a PayPal account?
- Transfer a payment to another PayPal account holder
- Receive online payments into your PayPal account from customers across the globe.
- Perform local and cross border transactions more safely and more securely almost anywhere at any time, no need to stand in queues and fill out loads of paperwork.
Why use PayPal for your business?
- Because many international customers prefer using PayPal.
- You get to offer your customers a globally accepted payment method used by over 188 million active accounts in 203 countries and markets.
- PayPal makes it easy for customers because they don’t need to re-enter card details every time they buy.
- Accepts 25 global currencies and multiple payment methods e.g. credit cards, debit cards, local payment methods etc.
- Quick set up and integration into your website.
- Affordable transaction fees.
- Advanced security features to protect the buyer and seller, reducing transactional fraud and risk.
How to create a new PayPal account
- Create a PayPal account at paypal.com
- Click on ‘Sign Up’ at the top right hand side of the screen
- From the ‘country or region’ dropdown list, select ‘Kenya’
- Under ‘language’ pick your preferred language
- Select either a personal or business PayPal account
- Click on the ‘open an account’ button
- Complete the required information and create your account
- Your PayPal account identifier will be the email address you used when completing the PayPal sign up process
- Once you have successfully created your PayPal account you will need to verify the account
Please Note: To open a business account you will need to provide information such as your business name, business address and type of business.
How to verify your PayPal Account
- You will need a debit card (ATM card) or credit card to verify your PayPal account.
- Log onto your PayPal account and click on Get Verified.
- When you enter your debit or credit card details, these will link to your PayPal account.
- Once you have linked your card, complete the verification process.
- PayPal will debit a small amount from your account. (The amount will be refunded once the verification process has been completed).
- In the statement reference for this transaction there will be a four digit security code that you will need to enter on your PayPal account in order to complete the verification process.
- The code may take up to 5 days to reflect or you can contact your bank’s card division to get this code.