Financial Information
This article describes your PayPal account’s financial information settings.
Credit Cards
The Credit Card section of your Profile allows you to manage the credit cards associated with your PayPal account. You can add multiple credit cards to your account, but one credit card will always be flagged as the primary card to be used. Each credit card may go through a confirmation process, called the Expanded Use Enrollment Process, in order to validate that you are in fact the owner of the card. The Expanded Use Enrollment Process involves making a
small charge to your credit card and including a four-digit Expanded Use number that will appear on your statement. If you have online access to your credit card account, you should be able to view this charge and retrieve the Expanded Use number within three or four business days. If you don’t have online access, you have to wait for your next paper statement to come in the mail.
This section of your Profile also lets you specify if you want to require someone to log in before using one of your credit card numbers to pay. Some sellers let you check out and pay with PayPal without logging in to your PayPal account, but this is an extra layer of security PayPal offers to make sure that only you use your credit card number to check out.
Bank Accounts
The Bank Accounts section of your Profile allows you to manage the bank accounts associated with your PayPal account. You can add multiple bank accounts to your account, but one bank account will always be flagged as the primary bank account to be used. For each account, you specify the bank name, whether it is a checking or savings account, the bank routing number, and the account number.
Whenever you add a new bank account, PayPal takes specific steps to confirm that you are the owner of the bank account. PayPal accomplishes this by its unique “random deposit” process. PayPal will put two random deposits, each between $0.01 and $0.99, into your account within two to three days of you entering in the bank account information. Once you receive these deposits, you confirm the bank account by logging in to your PayPal account
and entering the amounts of the deposits. Once your bank account is confirmed through this method, you can use it to add and withdraw funds to and from your PayPal account.
Currency Balances
PayPal offers support for 17 currencies, listed previously in the “Currencies” section. Your PayPal account can have a separate balance for each type of supported currency. While it is not required to have a balance in Euros to make a transaction with a user whose primary currency is Euros, you have the option to maintain a separate balance just for Euro-based transactions. The Currency Balances section of your Profile allows you to open and close balances in multiple currencies, as well as transfer funds between currencies. Be aware that PayPal does charge an exchange rate fee for transferring between currencies.
Gift Certificates and Reward Vouchers
If you have a Premier or Business account, PayPal allows you to create gift certificates to offer on your website. It’s free to create PayPal gift certificates, and this is a great way to help increase sales on your website. It’s extremely easy to create a gift certificate, and you can customize it in numerous ways to make it unique to your website.
Through the Gift Certificates and Reward Vouchers section of your Profile, you can create gift certificates as well as view a report to see which gift certificates have been redeemed and which have not. PayPal offers a form that allows you to configure the gift certificate you would like to create, including options such as the currency and amount of the gift certificate, as well as settings that control the appearance of the gift certificate, such as its color and button style.
Then PayPal generates some HTML code for you to copy and paste into your website to easily make your gift certificates available for new customers.
Preapproved Payments PayPal offers select businesses the option to create flexible billing arrangements with their customers. These arrangements involve the creation of a billing agreement between the business and a customer that, once accepted, allows the business to bill the customer’s PayPal account on an as-needed basis. One example of this is Apple iTunes. If you are an iTunes customer, you can choose PayPal as your payment option and accept the iTunes Billing Agreement.
Then Apple can take money from your PayPal account as you shop for music with iTunes, and you do not need to log in to your PayPal account to approve every purchase.
The Preapproved Payments section of your Profile lists the companies with which you have billing agreements established. In this section, you can view the billing agreements you have with each company, edit the funding sources you use with each agreement, and cancel an agreement at any time if you no longer wish to maintain the billing agreement with the company.
If you want to offer a Preapproved Payments arrangement on your own website, you must contact a PayPal account manager to see if you qualify for this feature.
PayPal Monthly Billing
The PayPal Monthly Billing section of your Profile lists the agreements you have with PayPal that allow PayPal to bill you on a monthly basis. Currently, the only agreement that qualifies for this is the monthly fee that PayPal charges for use of the Direct Payment credit card processing API, which is included as part of Website Payments Pro. That fee is currently $20 per month, and it can be canceled by accessing this section of your Profile. If you do not have any monthly billing arrangements with PayPal, this section will not appear in your Profile.
This article describes your PayPal account’s financial information settings.
Credit Cards
The Credit Card section of your Profile allows you to manage the credit cards associated with your PayPal account. You can add multiple credit cards to your account, but one credit card will always be flagged as the primary card to be used. Each credit card may go through a confirmation process, called the Expanded Use Enrollment Process, in order to validate that you are in fact the owner of the card. The Expanded Use Enrollment Process involves making a
small charge to your credit card and including a four-digit Expanded Use number that will appear on your statement. If you have online access to your credit card account, you should be able to view this charge and retrieve the Expanded Use number within three or four business days. If you don’t have online access, you have to wait for your next paper statement to come in the mail.
This section of your Profile also lets you specify if you want to require someone to log in before using one of your credit card numbers to pay. Some sellers let you check out and pay with PayPal without logging in to your PayPal account, but this is an extra layer of security PayPal offers to make sure that only you use your credit card number to check out.
Bank Accounts
The Bank Accounts section of your Profile allows you to manage the bank accounts associated with your PayPal account. You can add multiple bank accounts to your account, but one bank account will always be flagged as the primary bank account to be used. For each account, you specify the bank name, whether it is a checking or savings account, the bank routing number, and the account number.
Whenever you add a new bank account, PayPal takes specific steps to confirm that you are the owner of the bank account. PayPal accomplishes this by its unique “random deposit” process. PayPal will put two random deposits, each between $0.01 and $0.99, into your account within two to three days of you entering in the bank account information. Once you receive these deposits, you confirm the bank account by logging in to your PayPal account
and entering the amounts of the deposits. Once your bank account is confirmed through this method, you can use it to add and withdraw funds to and from your PayPal account.
Currency Balances
PayPal offers support for 17 currencies, listed previously in the “Currencies” section. Your PayPal account can have a separate balance for each type of supported currency. While it is not required to have a balance in Euros to make a transaction with a user whose primary currency is Euros, you have the option to maintain a separate balance just for Euro-based transactions. The Currency Balances section of your Profile allows you to open and close balances in multiple currencies, as well as transfer funds between currencies. Be aware that PayPal does charge an exchange rate fee for transferring between currencies.
Gift Certificates and Reward Vouchers
If you have a Premier or Business account, PayPal allows you to create gift certificates to offer on your website. It’s free to create PayPal gift certificates, and this is a great way to help increase sales on your website. It’s extremely easy to create a gift certificate, and you can customize it in numerous ways to make it unique to your website.
Through the Gift Certificates and Reward Vouchers section of your Profile, you can create gift certificates as well as view a report to see which gift certificates have been redeemed and which have not. PayPal offers a form that allows you to configure the gift certificate you would like to create, including options such as the currency and amount of the gift certificate, as well as settings that control the appearance of the gift certificate, such as its color and button style.
Then PayPal generates some HTML code for you to copy and paste into your website to easily make your gift certificates available for new customers.
Preapproved Payments PayPal offers select businesses the option to create flexible billing arrangements with their customers. These arrangements involve the creation of a billing agreement between the business and a customer that, once accepted, allows the business to bill the customer’s PayPal account on an as-needed basis. One example of this is Apple iTunes. If you are an iTunes customer, you can choose PayPal as your payment option and accept the iTunes Billing Agreement.
Then Apple can take money from your PayPal account as you shop for music with iTunes, and you do not need to log in to your PayPal account to approve every purchase.
The Preapproved Payments section of your Profile lists the companies with which you have billing agreements established. In this section, you can view the billing agreements you have with each company, edit the funding sources you use with each agreement, and cancel an agreement at any time if you no longer wish to maintain the billing agreement with the company.
If you want to offer a Preapproved Payments arrangement on your own website, you must contact a PayPal account manager to see if you qualify for this feature.
PayPal Monthly Billing
The PayPal Monthly Billing section of your Profile lists the agreements you have with PayPal that allow PayPal to bill you on a monthly basis. Currently, the only agreement that qualifies for this is the monthly fee that PayPal charges for use of the Direct Payment credit card processing API, which is included as part of Website Payments Pro. That fee is currently $20 per month, and it can be canceled by accessing this section of your Profile. If you do not have any monthly billing arrangements with PayPal, this section will not appear in your Profile.
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