Until 2014, Nigerians were banned from using PayPal to send or receive money, but nowadays you can make money with PayPal either through virtual transactions or direct receipts. Although PayPal is now open to Nigerians to send and receive money, the service still has some limitations because it is only PayPal business accounts that have unlimited operations in Nigeria. Information guides Nigeria
Thus, it is only Nigerians who own virtual businesses, internet entrepreneurs or Freelancers who have unlimited access to PayPal operations in Nigeria. However, if your goal is to do personal things like shopping online on Amazon, you can make do with a PayPal personal account which can only allow you to send but not receive money. jamb result
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What is PayPal?
PayPal is an online money paying and receiving service, based in the United States of America but extended to about 200 other countries around the world. PayPal serves as an electronic wallet which individuals could use to make virtual purchases, send and receive money without walking into any bank. Operators of PayPal account can either withdraw their money directly on the PayPal platform or through Payoneer. Make Money with PayPal
Types of PayPal Accounts
There are 2 types of accounts you can hold with PayPal namely:
1. Personal Account:
Personal account with PayPal is the type of account you can use to send money to family and friends or make personal purchases of small items such as books, lunch, gifts cards etc. You can operate a PayPal personal account in Nigeria without spending a dime as the service is free.
2. Business Account:
If you do or intend to engage in online business other than sending money or purchasing small items, a PayPal business account is what you need to meet your needs. A PayPal business account enables you to trade and carry out business transactions online from simple transfers to complex deals like doing business with online merchants. According to PayPal.com, you can do the following with a PayPal business account: NNPC recruitment
- Operate under a company or business name
- Accept debit cards, credit cards and bank account payments for a low fee
- Allow up to 200 of your employees to gain limited access to your account
- Sign up for PayPal products that meet your business needs
- Setup a separate email address for customer service purposes
Nevertheless, certain fees apply to every transactions carried out on a PayPal business account, especially if your operations is outside the U.S. Meanwhile, the fees differ from consumers to merchants. PayPal charges are also graded based on whether you operate a domestic or international account with PayPal. 10 Best Ideas to Make Money in the North
Generally if you buy items worth 1.00 – 25.00 USD, a fee of 0.5 USD will be charged from your account. If your purchases are between 200.00 USD and 1000.00 USD, a fee of 1.9% will be charged from your account by PayPal. That is cheap enough to encourage internet merchants to make PayPal their premier choice for digital transactions.
If you use your PayPal account to receive money, especially international donations, standard rates apply according to the currency used for the transaction.
How to Make Money with PayPal in Nigeria
There are steps to take if you want to make money with PayPal in Nigeria. Below are the surest steps to make money with PayPal:
1. Sign Up with PayPal: The first step to make money with PayPal in Nigeria is to visit the website and sign up with the service. Signing up with PayPal does not require a fortune or penny or much thinking as the service is free and simple. What is required to sign up with PayPal is just a working email address and password. Next is to add your cards i.e. debit, credit, master or Payoneer card details.
2. Choose the type of account you want to operate with PayPal i.e. personal or business account.
3. Fill the account opening forms with all the required details.
4. After filling the account opening form, a message will be sent to you via email. Check your mail and confirm the message. Then your account will be up and running.
Requirements to open a PayPal Account in Nigeria
To open and operate a PayPal account in Nigeria, you have to meet the following requirements:
For Personal Account:
- Your Legal name i.e. the name you use in your bank, documents and your birthday.
- Email address.
- Credit Card, Master or VISA Card. Debit cards such as Verve is not accepted.
- Your address.
Make sure all information provided are accurate.
For Business Account:
- A government issued or recognized valid means of identity such as International Passport, National Identity Card, Driver’s License or Voters Card.
- Your Legal name.
- Your business or corporation name. It has to be a registered business. name except for Freelancers.
- Your business details.
- Valid email address and a strong password. dollar to Naira rate
How to Send Money with PayPal
The following steps show how to send money via PayPal account:
- Login to your PayPal account.
- Click on the send payment button.
- Enter the detailed information of the recipient.
- Enter the amount you want to send and choose the payment method you want to use. Example, if you want to send money through a credit, debit or VISA card, indicate appropriately.
- Review the information you filled to ensure they are correct and click on send payment.
Payment through Invoice
If you are paying through invoice, you ask the recipient at this juncture to send you invoice and then click on pay.
Pre-approved Payment Method
This method is used when you have active payments to make but lack the time to do the fillings. Simply pre-approve payments for your subscriptions, Social Media ads etc. Why Manchester United are Called “The Red Devils”
How to Make Money with PayPal in Nigeria
You can make money with PayPal in Nigeria by receiving payments for the services you render or rewards you win by performing financially rewarding activities online. When your PayPal account is due for withdrawal, you follow the steps below to cash your money: JAMB CAPS
- Open a PayPal Business Account: you can only receive money with a PayPal business account in Nigeria.
- Set up Payment on Your Website: Click on the tool button and follow the onscreen information to set up payment to receive money from your clients.
- Send Invoice: when you have money to receive, you can send invoice to the prospective sender via your PayPal business account.
- Request for Funds: you can also request for funds with your PayPal business account.
- You can as well use your email to receive money from PayPal.
In this article, we have shown our esteemed readers how to make money with PayPal. We believe you have learned about what it takes i.e. the requirements to open PayPal account in Nigeria. The difference between PayPal personal account and business account has also been explained. While a PayPal personal account is to send money online, meaning you cannot make money with a personal account; PayPal business account is the online way to go if you intend to make money from the e-wallet service in Nigeria.
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