3 Steps To Activate Your PayPal Business Account

Feb 20 2020 | PayPal editorial staff

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Now that you’re done signing up for your PayPal Business Account, you just need to link and verify your account to start receiving payments from your customers, and withdraw funds from Hong Kong without a limitRead on for a guide on the 3 steps to take to activate your business account. 


Step 1: Confirm Your Email Address 
After you’ve signed up for an account, you’ll receive an email in your inbox. Click on the email to confirm that we have your correct email address.  



Step 2Add A Bank Account
To receive payments from your PayPal Business Account, you’ll need to link your PayPal Business account with a valid bank accountAll you need to do is provide bank details like your Bank Name, Account Number, Bank Code and Branch Code, and make sure the name used for your bank account corresponds to the one used for your PayPal account. 


Step 3: Verify Your Bank Account 
Once you’ve added your bank account, we’ll make two deposits between $0.01 to $0.99 HKD that should be reflected within a few business days. When you see these deposits, verify your bank account by logging in to your PayPal Business Account, entering the two amountsand clicking “Confirm”. After that’s done, you’re ready to do business and receive payments.  



 
The contents of this site are provided for informational purposes only. You should always obtain independent, professional accounting, financial, and legal advice before making any business decision.

Frequently asked questions.

Yes. Once you've confirmed your email address and your PayPal account is activated, you can start receiving payments without being verified.

However, we encourage you to verify your account for added security to your account and to gain more trust with your sellers and buyers.

More customers in Hong Kong will now be asked to confirm their identity when they log into their PayPal account. Known as two-factor authentication, this measure helps reduce unauthorised use of PayPal accounts.
 
Two-factor authentication uses a combination of two factors to confirm a user's identity. In addition to your password (something you know), we'll use a second factor to confirm your identity, for example, a possession factor (something you have such as your device) or an inherence factor (something you are such as your fingerprint).

Q1. What changes will I see when using PayPal?
Most of the time you'll log in to your PayPal account by entering your email address and your PayPal password as usual. We may then ask you to confirm your identity. You'll have the option to enter a one-time passcode which we will send by SMS to the phone number you've registered with us; or via a phone call; or via email; or via the PayPal App. The process is easy to follow and can be completed in seconds.

Q2. What do I need to do?
Check that your current telephone (mobile and/or landline) number is correct in your PayPal account Profile. If we need to ask you for a one-time passcode we can send it by SMS to your mobile phone number or via a phone call.
 
For easy authentication, you can also download the PayPal app. If we need to confirm your identity, you can open the PayPal App to provide confirmation.

Q3. When will I need to enter this code? Do I need to do it every time I log in or pay?
Most of the time, we'll be able to confirm your identity using the PayPal password you’ve typed and the device you're using (if it’s one of your usual devices). From time to time, a one-time passcode or authentication via the PayPal app may be required to log in, however this won't apply when you're in the process of making a payment.

Q4. Where can I get this additional code? Isn’t it the same as my PayPal password? 
No, the one-time passcode isn't the same as your PayPal password. We'll send you a one-time passcode by SMS, via a phone call, or via email each time we need a stronger verification of your identity. It’s important that you keep your phone details up to date in your PayPal account Profile to make sure this can work.
 
For easier authentication, download the PayPal app. If we need to confirm your identity, you can open the PayPal App to provide confirmation without a one-time passcode.

Q5. I’ve already enabled 2-step verification on my PayPal account, will I see changes? 
If you have already enabled 2-step verification on your PayPal account, you won't see any changes when logging into your account. However, if you decide to disable 2-step verification, please make sure you have an up-to-date phone number in your Profile before you do so.

Q6. I don’t have a mobile or direct landline number to link to my PayPal account. Is there another way to verify my identity when logging in? 
PayPal offers multiple options to confirm your identity, including sending you an email. Alternatively, you can use an authenticator app by activating the 2-step verification in your PayPal account.

Q7. What is an Authenticator App? 
An Authenticator App generates a one-time passcode that you can use to sign in along with your password when you log in. To use an authenticator app, you first need to enable 2-step verification in your PayPal account. After you download the authenticator app to your phone or desktop, scan the QR code displayed to link it with your PayPal account. Once set up, the authenticator app will provide a one-time passcode that changes periodically.

Q8. How can I complete the security check?
You can add an extra layer of security to your PayPal account by enabling 2-step verification for login. Once this feature is activated, we’ll send you a unique, random 6-digit access code each time you try to log in. Simply enter this code to access your account.

There are two ways to set up 2-step verification. You can use an authenticator app (like Google Authenticator and Microsoft Authenticator), or you can ask us to send text messages to your mobile phone.

Here's how to set up 2-step verification for your PayPal account:
  1. Go to Your Profile.
  2. Click Update next to "2-step verification".
  3. Follow the prompts to link your phone or an authenticator app.
Here's how to add your Hong Kong or US bank account to your PayPal account:
  1. Click Pay & Get Paid at the top of the page.
  2. Click Banks and Cards.
  3. Click Link a new bank account under 'Bank accounts'.
  4. Select the country or region of your bank, and fill out the rest of the form.
  5. Follow the instructions.
You can link up to 8 bank accounts to your PayPal account. Each bank account can only be linked to one PayPal account at a time.

After the bank account is linked, you can confirm this bank account.

Note:
  • Confirming a Hong Kong bank account is optional. The confirmation is to help you make sure your added the correct bank details to your PayPal account.
  • You can top up with or withdraw money from an unconfirmed Hong Kong bank account.
The contents of this site are provided for informational purposes only. The information in this article does not constitute legal, financial, IT, business or investment advice of any kind and is not a substitute for any professional advice. You should always obtain independent, professional accounting, financial, IT and legal advice before making any business decision.