One of the first things you should do when creating a new PayPal is verifying the account. What exactly is that, though, and how do you go about doing it? We’ll take a look at that here.
What is PayPal Verification?
Like any other online service, pretty much anybody can jump on a site and create a new account. How do you know if this person is reputable? How do you know if they really are who they say they are? This may not be very important with most online activities, but in the world of payment processing and moving money in general this is vital. PayPal verification adds an additional layer of security by verifying that the user is indeed who they say they are.
How to Verify PayPal Account
To verify a PayPal account, one must simply add a bank account to their PayPal account through the PayPal account profile.
- Login to your PayPal account.
- Click the Profile link to enter your account profile.
- Under My Money, click to Update / Add a bank account.
- Enter the required information to add the bank account to PayPal.
Once the bank account is added to a PayPal account the verification process can begin. Depending on your banking institution, this can be done in a couple of different ways.
- Automatic verification by logging into online banking.
- If your bank provides online banking, PayPal’s system will allow you to login to the bank account to instantly verify it with PayPal.
- This is the recommended method of bank verification if applicable.
- Deposit and manual verification.
- PayPal will deposit two small transactions to your bank account.
- After 2 – 3 days when these transactions appear, you return to PayPal to enter the amounts that they deposited.
These two methods verify that the bank account actually belongs to the PayPal account holder, which is an important step towards authenticating users and protecting both merchants and consumers online.
How Does PayPal Account Verification Help?
To create bank account, one must provide valid identification credentials to the bank including:
- Government Issued Photo ID
- Social Security Number
- Street Address and General Contact Information
If that same person then verifies that they have direct access to the account, PayPal and users of the PayPal platform can rest easier knowing that these additional authentication steps have been taken by the banking system, and the odds of the user faking their identification reduce drastically.