How to Accept an EFT Electronic Check With PayPal
PayPal is an e-commerce business that allows you to send payments to online merchants, including other PayPal accounts, and receive money for services performed or goods sold. You can receive money through PayPal in a variety of ways, including debit card payment, PayPal funds transfer or from an electronic check.
An electronic check is like a paper check, except the funds are transferred electronically into your PayPal account. You need take no extra steps to be eligible to receive electronic check payments.
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Instructions
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Visit PayPal's home page (see Resources) and click "Sign Up."
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Select "Premier" or "Business" as your account type. These accounts are associated with receiving funds, such as an electronic check.
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Fill in your basic information, such as your e-mail address, phone number, state, city, address, ZIP code and date of birth. Click "Agree and Create Account." Your account page will appear on the next page.
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Hover over "Profile" and click "Add or Edit Bank Account." Choose whether you want to link your savings account or checking account. Enter your banking routing and account numbers. Your bank's routing number is the left-hand string of numbers on the bottom of your check. The account number is the middle string of numbers.
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Click "Continue." PayPal will deposit 20 to 30 cents into your bank account to verify the account, typically within 48 hours. After your bank account is verified, you can begin transferring money to and from PayPal.
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Give your PayPal address to the person who wishes to send you an electronic check. The person can then send you the electronic check for the disclosed amount. The money will show up to in your account within seven days of its being sent. You can then transfer the money to your bank account or keep the money in your PayPal account for future purchases.
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Tips & Warnings
It's not necessary to disclose your PayPal account if you're receiving an electronic check from an item posted on eBay, as the buyer can send the check to your PayPal by clicking the PayPal payment option.
The deposited 20 to 30 cents is yours to keep; PayPal will not withdraw it back out of your bank account.
A Premier account is for people who regularly make purchases and sell items. A business account is for merchants or companies that move large amounts of inventory.
References
Resources
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