Saturday, May 8, 2010

Step 1 : Set Up Your PayPal Account and Join Amazon

PayPal in India and How To Get It Verified

Your first task is to sign up at PayPal. This is for receiving money from various programs. Though PayPal would not be needed always, I want you to sign up for this in case there is a program that does transfer money to PayPal accounts... plus, the next post I am going to write involves getting money using PayPal.

I had loads of doubts when I joined up for PayPal. One of them was what info do you have to give to programs for them to send money to PayPal? You just have to give/enter your email ID which you registered your PayPal account with for these programs to pay you. Using PayPal you can transfer your money directly to your bank account (this option is available only in India and some other countries. Lucky us! For others, there is an option of withdrawing money to your credit card/debit card). They will ask you to get your bank account verified once you enter the info. This is not required if you want to receive money from someone but remember if you want to buy something online using PayPal money or withdraw money to your bank account, you first need to get it verified. I tried a couple of times to buy stuff online using my PayPal money but failed coz I hadn't verified my bank account.

Verifying bank account is easy. PayPal sends two small (really small) amounts to your bank account and you have to enter these amounts after clicking 'Verify Bank Account' on the right side of your PayPal home page. After verifying, you can withdraw or send as much cash as you want. Remember to enter your FULL bank account number (not just those digits we use to access account locally), and IFSC Code (you will have to ask your bank this). The IFSC (Indian Financial System) code is a 11 digit code of the bank that I found was available even online if you search for it, but it's better if you just ask your bank directly about this.

Once you get money into your PayPal you can transfer amounts equal or greater than Rs. 7,000 for free. They charge a small fee for amounts lesser than this plus if you request a check. What sucks more is that you have to pay a small 'punishment' fee in case you enter the wrong details (wrong bank account number, wrong bank etc.) so be absolutely sure that the details you enter are correct.

When you're withdrawing to your bank account, money usually reaches within 3-5 days to your bank account. I get email plus sms notifications from my bank whenever the PayPal money reaches my bank account. It's such a relief considering you don't have to keep calling up your bank to get details. Yay to modern technology! :D

Join Paypal

Amazon Affiliate Program

I had talked about various affiliate programs that allow you to market their products. The most popular one (even if it offers low commission rates) is Amazon.

Most of the people trust Amazon, and are willing to buy stuff from there. As far as I know, Amazon even allows customers to return back stuff they are not satisfied with. Plus, there are truckloads and truckloads of stuff -- which is why every affiliate marketer should have an amazon affiliate account.

Signing is up is easy and free, and no you can't get money earned from this transferred to PayPal. You can use the money to buy stuff from Amazon or you can even get an Amazon check (which involves processing fees) delivered to you. PayPal is for other goodies which I will talk about soon.

Join Amazon Program.
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5 comments: on "Step 1 : Set Up Your PayPal Account and Join Amazon"

Bindhu Unny said...

Thanks for sharing, Dhanya. I'll tell a friend who has quit her job and started making handicraft items. :)

Nidz said...

grt post Dhans.. I have been pondering abt Paypal but didnt really knew it would be so useful thnks

paramveer said...

thanks a ton for the whole info........i was very curious abt this paypal thing!!! thx!

Bhanu said...

I have a basic question dhanya.
Of the three options available in paypal(personal accnt or Premier accnt or a business accnt) what should i choose..?

Dhanya said...

Choose the personal account if it's for personal usage or for small business related transactions (receiving money from friends etc.). Otherwise go for a business/premier account if you are going to use it for large scale business purposes.

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