As PayPal service is now extended to the Nigeria market, Residents in the country could now have and operate verified PayPal account Nigeria. Are you a business owner, individual seller or online shopper? And you have been wondering how you can register and run a secured, verified PayPal account. You in are the right spot.
In this article, I highlight all what you need to sign up, own a verified and operate a PayPal account in Nigeria. Just follow me as I unveil all the information below:
- What is PayPal?
- What are the benefits of PayPal as online payment solution
- PayPal countries
- How to set up a PayPal account in Nigeria
- PayPal verification process
- PayPal limitation for Nigerians
- PayPal security issues
First and foremost, What is PayPal and how does it works? This might be necessary for those who don’t know PayPal or haven’t used the service in the past.
What is PayPal?
PayPal is simple, easy and secured online payment service. It was established in 1998 by eBay Inc. to offer top-standard payment solution that meets the global digital revolution. The advent of PayPal payment service has made life easier for both online buyers and sellers.
As at present, PayPal has more than 150 million active registered users in 203 countries with more than 100 various currencies in exchange by business owners and buyers. One great reasons why PayPal has gained the largest part of online transaction is its buyers and sellers protection policy.
Benefits of PayPal as online payment solution
What are the benefits of using PayPal service over other online payment platforms?
There are many reasons you can consider as either a buyer or seller or both to choose PayPal as your payment system. Let look at these:
PayPal is simple, easy and fast. It involves easy sign up process. With PayPal payment option, you don’t have to fill long form in the checking out process while purchasing items online. All you have to do is to enter your PayPal email address and password. You can as well make payment with your credit card/debit card without necessarily fill in all the information though PayPal.
It is fast. There is no need for writing paper or printed check to make payment with your bank account. No clearing time is required neither before the transaction is completed. No clearing agents/house is required. Once the payment is authorised, the recipient get the money delivered instantly. It is as fast and easy as sending email.
PayPal is cost-effective. PayPal registration is free. You don’t need to pay any amount before you get a functional account. Not only this, you don’t incur any fee when you are making purchase no matter how huge your purchase might be. That is, ease of payment, overly free for buyers. You only have to pay very low transaction/service charge when you’re receiving money via PayPal.
PayPal security measure: PayPal has put in place a number of security measures to address fraud issues that are pertinent with internet business and marketing. You overcome the risk in sharing financial information by online shoppers. There is more on this below.
PayPal in Nigeria among other Countries
PayPal company has extended its service to cater for more markets in the global e-business. This opened an increase opportunity for commercial activities and enhances payment convenience for both merchants and buyers.
The market with service extension has granted Nigerians and people from nine other countries the ability to sign up for a PayPal account in their respective countries and make payment to millions of websites across the internet. These new market include European markets, African markets and south America.
- European Market – Belarus, Macedonia, Moldova, Montenegro and Monaco.
- African Market – Nigeria, Cameroon, Ivory Coast & Zimbabwe
- South America: Paraguay
These 10 new market brings the total numbers of markets served by PayPal to 203.
How to set up a PayPal account in Nigeria
When you’ve decided to set up PayPal account, it is important you choose the right type of account. You have an options from these PayPal accounts:
- PayPal personal account: This is the right account if you are a buyer. With this account, you can shop securely on eBay as well as other online merchant stores with your linked credit/debit card and/or your linked bank account. You can also send and receive money from other PayPal users on your PayPal or bank account through PayPal.
- PayPal premier account: The account is your perfect fit if you combine as online buyers and sellers. In addition to the features of Paypal personal account, you can accept credit, debit card and bank payment through set-up shopping cart at comparably small fee.
- PayPal business account: Do you have a register business? And you want to operate PayPal account as a business entity. this account is perfect for you. In addition to the features of personal and premier account above, you can transact with your business name.
PayPal Sign-Up process PayPal allows individuals to own one personal account, one premier or business account. You however need a unique email address, credit or debit card and bank account for each of the registered account. Just follow this step to sign-up for PayPal account:
- Type in “PayPal.com”: When the page opens, ensure you have “https//www.paypal.com/” at the beginning of the address in your address bar. What follows this depends on your IP i.e. the country IP you’re using to access the PayPal website. If you’re accessing PayPal website from Nigeria, you’re likely to have “https://www.paypal.com/ng/webapps/mpp/home” in your address bar.
- Click on sign-up button: The “sign-up” button is at the top right corner of the page and in close proximity with the “login button”.
- Select your country: If you’re browsing with home IP without proxy or VPN, you’ll find your country name pre-selected for you. See to confirm.
- Choose account type: Select which account type you wish to open. You have two options there “Personal and Business”. If you want to open premier account, choose personal account. If you want business type, get handy the basic information about the business.
- Enter your account information: This includes your email address, password, date of birth, names, address, city, state, postal code, phone number. Also put your credit card information here if you want to link your credit card with your PayPal account. Your password must be at least 8 characters. Use different characters in your password to make a strong one.
- Click “agree and create my account”: Enter the character when prompted for security purpose.
- That is all. Your account is created.
PayPal Verification Process
Three stages are involved in PayPal verification.
- Email confirmation
- Linking credit card and/or bank account
- Card confirmation
On your account dashboard, click on “get verified to initiate the verification process.
Email Confirmation: You also need to confirm your email address. From your account dashboard, lick on “confirm email”. A confirmation message is sent to your email address with your mail confirmation number and confirmation link. Sometimes, you don’t have confirmation link in the email sent to you. Login to your account and enter the confirmation number appropriately.
Security question: The next thing is your security question. Once your email address is confirmed, PayPal requests for security questions. this is vital in case your account is compromised or you forget your account password. Choose the two questions and provide the answers. PayPal will ask you the questions in case you forget your password. make sure you provide the answer you can easily provided without spelling error.
Linking credit/debit card: If you’ve provided your credit card information on the sign up stage, this might not be necessary. Otherwise, PayPal presents you a page where you can provide your credit card information. Insert your name, card type (Visa, Master cards, American Express, Discover), card number, expiry date and security code. i.e. card verification code (CVC). If you’re using visa card and have activated verify by visa code (VbV), you might need to provide this as well.
1.95 USD PayPal refundable charge: The last action stage of the verification process is the 1.95 USD charge that PayPal executes on your credit card to make sure the card is yours. PayPal refunds the money within 24 hours. Check your card transaction detail or request for statement from your card issuer to get the transaction ID. Go back to your account and provide PayPal with the transaction ID and your account is verified.
PayPal Limitation for Nigerians
This resource is incomplete without mentioning this. PayPal in Nigeria and these other countries stated above isn’t without limitation. Some PayPal service aren’t available for the residents of these countries and you have to know this limitation and see if you really need to go for PayPal now.
Linking bank account: As at the time I’m writing this post, This PayPal service isn’t available for residents of Nigeria, Belarus, Macedonia, Moldova, Montenegro, Monaco, Cameroon, Ivory Coast, Zimbabwe and Paraguay who has just been included in its list of eligible countries. They are limited to credit/debit card linking to get their account verified. This isn’t much of concern since the latter is enough to get a verified account.
Peer-to-peer account transactions: This is the transfer of money from one PayPal account owner to another PayPal account owner in these countries. This is a setback for operating PayPal account. We hope the service will be included soon to ease matter for receiving money through PayPal. For how long are we going to continue as a consuming users.
PayPal Security issues
Even though PayPal is a secure payment system, online transaction with the payment service isn’t without its own risk. That is why you have to be cautious and protect yourself from being a victim of cyber crime. You can avoid these by playing safe and following all the security measures put in place by PayPal to protect its users.
- Unique password: You might be tempted to use the email password for your PayPal account password. Your PayPal password might be sufficient to fraud or steal money from your PayPal account. Knowing your PayPal and Email account make its very easy for your account to be hijacked. Use a unique password for each account.
- Avoid phishing website, ensure you type Paypal.com: whenever you need to check or do anything with your account. Always ensure you access your account by typing-in the official PayPal web address. This should be “paypal.com or www.paypal.com”. When you get to the website, check your browser address bar and make sure you see “https://www.paypal.com” before you put your account information. The emphasis here is the “https” with s. This prevents you from inserting your account information on phishing websites established purposely to fraud PayPal users. Such sites are designed to mimic the PayPal website and can hardly be differentiated except with that secured “https”. With this, it should be clear that accessing your account through links either from your mail or otherwise is a great risk for your account. Never follow any link to your PayPal account. Yahoo has a great resources here on how to identify a phishing website.
- Unique bank account: Don’t link your life account with your PayPal account. This is to limit your risk and the amount you lose in case your PayPal account is compromised. Get a separate bank account to be linked to your PayPal account. Note that bank account linking isn’t available in Nigeria as at present. We hope this service will be available to PayPal users in Nigeria very soon.
- Monitor your transaction: There is a need to track your online transaction. how much you spend, payment received? And your account balance. Take a careful look at this figure to ascertain that all online transaction with your account are actually carried out by you. When you notice any strange change, your account might be compromised. The earlier you get to know the better. Don’t overlook small figure variation. some hacker might have the thought to be eating your account in a small proportion over a long time without you knowing.
- Use personal computer: Avoid the use of public computers such as the one on cyber cafe to access your account. This might put your password and other account information at risk. On your personal computer, make sure you have an effective antivirus to protect your account information from spammer who take advantage of unsecured network.
- check verification status: Aside from the risk from third-party whom you probably don’t transact with, protect yourself and dollars you spend from second party fraud. Some online surfers take advantage of the ability to surf the internet anonymously. They sell and/or promote substandard products. Transact only with verified users so that refund can easily be claimed through PayPal users protection and refund policy. This is much easier if the party/merchant in question runs a verified PayPal account.
PayPal in Nigeria, we expect full service without limitation. Have you any clue? Tell us your experience with Paypal service now and prior to the extension to Nigerians and the other countries. Nice to hear your voice in the comment.
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