Why Do I Need To Link A Bank Account to PayPal if I'm Paying With A Credit Card?

You can set up a Paypal account to make purchases with a bank account, e-check, debit or credit card. To make larger purchases, you need to become “Paypal Verified”. If you are paying with a credit card, Paypal will ask you to link a bank account to your Paypal account to become “Paypal Verified”.

What does it mean to be Verified?

We encourage our members to become verified by confirming a bank account. Verification of identity increases customer trust because it creates a higher level of confidence that a person is who they say they are. When other PayPal users see that you are a Verified User, they know you have taken the steps to provide additional evidence of your identity. This creates confidence and a willingness to do business with you.

Verification provides an additional benefit: it lifts the withdrawal limit allowing you to withdraw more funds from your PayPal balance to your bank account.

Do I have to become Verified?

Once you have reached your sending limit with your PayPal account, you must become Verified to continue sending money with our service.

How does Verification benefit me?

Verification gives you more information about the people you transact with through PayPal, so that you can make more informed decisions. PayPal encourages members to become Verified to build trust in our community.

How Long Will The Bank Verification Process Take?

The bank verification process will only take you about 10-15 minutes to complete but is spread out over a few steps. This process is needed to make your account “Paypal Verified” and is very beneficial to help with anti fraud and security. Paypal is a secure site and will never share your bank account information. Even though you are linking a bank account to your Paypal account, you will still be able to choose your credit card as your preferred payment method.

How Do I Add A Bank Account?

Follow the prompt on your summary page to complete your Profile which will lead you through linking the bank account.

Or go the bottom left of your Summary page and click on "See how much you can send with Paypal" to follow the process to increase your sending limit.

Once you've added your bank account, you will watch for 2 small deposits (usually a few cents) from PayPal. This process takes between 2-4 business days. Check your bank account for these deposit amounts by calling your bank, or checking your printed or online bank statement. After those 2 small deposits show up, you enter the amounts into PayPal to show that you do own the account. Then any spending limits will be lifted. You can still use a credit card to pay for items/subscriptions, it's just a security feature that you have a verified backup source and to protect against fraud/money laundering/etc.

Is there an alternative to adding a bank account?


Two other options to get verified are to get approved for a PayPal Extras MasterCard® or PayPal Smart Connect.

Once your account is verified, Paypal will send a confirmation that looks something like this:

Your bank account has been confirmed


Dear XXX,
Congratulations, your bank account has been confirmed.
Now you can:
  • Make payments from your bank account.
  • Transfer money between your bank and your PayPal account.
  • Enjoy the benefits of being verified, including a higher spending limit.
Thank you for using PayPal.
Thanks,

PayPal
When you receive this confirmation notice, please send it to accounting@bestagentbusiness.com for our records.
If you have any questions, don't hesitate to email accounting@bestagentbusiness.com