PayPal’s service enables anyone around the world to pay, send money, and accept payments, additionally, data encryption and anti-fraud technology to help keep your information secure, reducing the risk of online fraud.
Due the the absence of a locally based alternative within the Caribbean which is capable of carrying out all of these high utility functions, a number of readers have requested the process for registration be broken down here.
Firstly, in order to verify your PayPal account you will require a Visa or Credit card, within Barbados your most viable option is the First Caribbean Debit Visa card which can be obtained at no cost at your closest bank.
Alternatively, some persons choose to open accounts using External Banks*, as this allows for balances to be stored in USD, avoiding BDS exchange rate fees.
Once you’ve confirmed your verification bank you need to use the Barbadian Paypal link to register given here:
Where you will be given the option to sign up as either a Personal or Business account, choose which ever best fits your use.
Next, complete the registration form with the relevant Billing Address details and in the case that your zip code is unknown, us BB11000
Finally, submit your application and proceed to connect your previously chosen bank card to your account.
PayPal will email when your account has been verified and you can begin invoicing clients for amounts due via email, which they can then instantly PAY using any card of their choice OR PayPal account.
Ideally, a locally made alternative operating solely in BDS (and then potentially EC) would revolutionize payments within our region, the only progress being made currently towards this goal can be accredited to the Overstock owned, MMoney solution. However, the ability to accept international Visa/Mastercard transactions remains an unachieved dream of all local entities.
If you’d like to get an idea of what your PayPal transaction fees may look like check out this estimator.