Once you sign up for Paypal, you will notice that there are several options for you. There are three to consider initially.
- Verify the account.
- Paypal Debit Card
- Paypal Credit Card
Verifying the Paypal account requires that you submit a Credit Card (or Debit Card) account number and a Checking Account. There is a verification process on the Checking account. Paypal will make a deposit of a few cents into the account. When you receive the deposit, you complete the form on the Paypal site stating the amount that was deposited.
I joined Paypal so long ago that people were still skeptical about using online services. What I did at that time, being the skeptic, and what you may want to consider, is opening a separate checking account and depositing a few dollars in it. At the same time request a debit card linked to the new account.
In the long run, opening a new checking account was a good idea in many ways. It became my “business account”.
The Paypal Debit Card is a good idea. I’m not sure if there is a waiting period for new Paypal account holders before being eligible for it. But, once you are eligible, you should probably ask for one.
There are several reasons to have the debit card. It works just like any other debit card attached to a checking account. You can use it at an ATM to retrieve money from your Paypal account. When you have an account balance you can use the debit card for “business” purchases. It will assist with keeping track of expenses.
The Paypal Credit Card is up to you. If you wish to apply for another credit card, that’s up to you. I don’t suggest it if you are thinking of using it for your new “business”. Credit cards are too easy to use and too easy to lose track of. Use the Paypal Debit Card instead with your new business. With it you are spending money you have earned.
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