Paypal Philippines 101: Things You Need To Know About Paypal

This three-part series aims to give a brief background on Paypal, its features and benefits and how you can get verified here in the Philippines. On the first installment, let’s look into what Paypal is, what you can do with it and why you should consider having one in the first place.

Paypal Defined.

Paypal is an e-commerce business that allows payments and money transfers to be made through the internet. In simple terms, it is one of the most preferred payment methods over the web.

Five (5) Things You Can Do With Paypal.

1. Shop online. Buy practically anything with just a simple click.
2. Pay bills. Settle your monthly bills at the comfort of your home.  
3. Get paid. Earn cash and get paid from anywhere in the world.
4. Transfer money. Send and receive money here and abroad.
5. Start an e-commerce business. Expand your business and satisfy your clients by providing online services.

Four (4) Reasons Why You Should Open A Philippine Paypal Account.

1. It’s secure. Your financial detail is never released. You can shop on Ebay without having to input your credit card information. All you need to type is your email address.
2. Fast and easy. No need to go to a shopping center just to purchase your favorite book or gadget. Order them in the net and have them delivered right to your doorstep.
3. Affordable. Compared to other merchants, Paypal offers low fees upon doing a transaction. No annual membership nor processing charges. Shoppers can enjoy the service at no extra cost.
4. Global. You can make international money transfer to over 190 countries worldwide. Paypal saves you a trip from your financial service office and having to visit the nearest shopping mall in the Philippines just to send remittances to your loved ones.

Three (3) Basic Things You Need To Know About Paypal.

1. Paypal requirements.

·         valid email address

·         valid credit or debit card

·         valid bank account

2. Type of Accounts. You can either have a Personal, Premiere and Business accounts.

·         Personal. For personal payments and online purchases

·         Premiere. For casual sellers or non-businesses who wish to get paid over the web

·         Business. For merchants who operate under a company group.

3. Ways to get verified. Here in the Philippines, you can get verified in two ways.

·        Via Union Bank EON card

·        Via BPI ePrepaid MasterCard