What it means to be verified?
Verifying your PayPal account means that you've confirmed your identity with the PayPal. Doing this obviously increases your account's security as well as expands the sending and withdrawal limits on your account. You also avail the benefit of listing items in other markets with an enhanced trust of your potential customers of your legitimacy.
The verification process differs from country to country. For instance, in US, a member becomes verified after adding and confirming a bank account with the PayPal, however in Germany, one will have to complete a bank transfer or Expanded Use Process to complete the verification process.
Why PayPal encourages its members to get verified?
PayPal likes to have its customers verified to enhance the trust and safety within the community. As the financial institutions screen their account holders, the PayPal's verification Process adds another layer of security when it comes to paying to parties that you don't know.
Do I have to become verified?
In order to withdraw money from your PayPal account or make payments of more than $500.00 USD, you have to become verified.
Want to get your PayPal account Verified?
Following is the step-by-step instruction on how to get your account verified with PayPal.
(To view the instructograph in full size, click here )
How does it benefit me?
When you verify your PayPal account, a lot of sending and withdrawal restrictions are lifted from your account. Other people are also able to find more information about you as they transact with you on PayPal and vice-versa. The ultimate goal, in the end, is obviously to maximize the safety and trust within the community.
How to take advantage of the PayPal's verification process?
Clearly you get the benefit of increased security with decreased fraud risks, when paying to parties you don't know. You can find out the Verification Status of a PayPal user in the following ways:
1. When receiving a Payment
First you have to login to your account. After logging-in, go to the My Account tab, and click on the History subtab. Go to the payment you'd like to check and select the status link, (for instance, Pending) in the Status column. You'll be directed to a payment details page. Next to the sender's name, you'll be able to see the person's Verification status, as either Verified or Unverified.
2. When sending a Payment
At the time of sending a payment, you're provided with a reputation link, in which you can see the recipient's status as either Verified or Unverified.