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The Freelance Pinoy's Guide to Online Payments The Freelance Pinoy’s Guide to Online Payments How to set up and withdraw payments from PayPal and oDesk Local Funds Transfer By Stef Gonzaga, The Freelance Pinoy http://thefreelancepinoy.com The Freelance Pinoy’s Guide to Online Payments by Stef Gonzaga, The Freelance Pinoy Copyright © 2012 by Stef Gonzaga, thefreelancepinoy.com Published in Manila, Philippines. First edition, revised. Disclaimer The book and the information presented are for instructional purposes only. Neither The Freelance Pinoy nor the author is paid or affiliated in any way with PayPal Inc., oDesk.com, or the Philippine banks mentioned in the guide. Screenshots, names, addresses, telephone numbers, and bank account numbers found in the book are fictitious and solely for illustration. Table of Contents Introduction 1 PayPal Verification: The Why and the How 2-10 From PayPal to Your Bank Account 11-16 Local Funds Transfer: Making oDesk Payments Super Easy 17-22 Local Funds Transfer: The Withdrawal Process 23-27 The Next Step 28 About The Freelance Pinoy 29 Introduction One of the most common questions the TFP blog received since its launch in 2010 is how to set up payment options, particularly PayPal and oDesk’s Local Funds Transfer. Many of those who asked are still new to freelancing, not as tech savvy, and are not familiar with the process of setting up these payment methods. This problem evidently posed as a hindrance for them—particularly oDesk contractors—because how then would they be able to receive payments from their clients? I’ve put together this free PDF for freelancers and oDesk contractors entitled The Freelance Pinoy’s Guide to Online Payments. In it are step-by-step instructions, requirements, and up-to-date screenshots to show you exactly • How to verify your PayPal account, • How to link your verified PayPal account to a bank account for easy withdrawals, and • How to set up Local Funds Transfer and withdraw your oDesk funds successfully to your bank account. I hope that this guidebook will help answer and address your questions and concerns regarding these two payment methods, and will enable you to move forward and finally focus on what’s important: landing work, finding clients, and earning income as a freelancer. Happy freelancing! Stephanie “Stef” Gonzaga The Freelance Pinoy http://thefreelancepinoy.com/ 1 PayPal Verification: The Why and the How Creating a PayPal account is the easy first step. Just visit http://paypal.com/, provide the necessary information, and you’re done. The roadblock is what comes afterwards—verifying your PayPal account. It is in this chapter that you will learn what PayPal verification is and how to verify your PayPal account. The verification process is a set of key security checks that the user must comply to be able to send or withdraw money from PayPal. For Philippine PayPal users, the verification process is required to withdraw your PayPal funds to either a Philippine bank account or your Visa® debit/credit card.1 An unverified PayPal account would have the “Unverified” status and a Sending and Withdrawal limit. If you complete the verification process, your account would then be labeled as Verified and your limits raised. !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 1 https://www.paypal.com/ph/cgi-bin/webscr?cmd=_show-limits&req_from=view_limits 2 To be clear, you can use your PayPal account even without undergoing verification. But to withdraw PayPal funds to your bank account, the verification process is a must. There’s no other way around it. Here’s the good news though: it’s really an easy 5-step process, no technical knowledge required. Once you’ve verified your PayPal account, you can receive and withdraw payments of different currencies to your Philippine bank account as many times as needed. Requirements Before you begin the verification process, you must have the following: 1. A registered PayPal account under the same name as that of your chosen Philippine bank account. Example: If you opened a BPI Express Savings account under the name Jody Maria Mandaluyong, your PayPal account should be registered exactly under Jody Maria Mandaluyong. Once you’ve registered a PayPal account, you will not be able to change your PayPal account name. You will have to request a name change to do so. 2. An active MasterCard or Visa® credit card or debit card. Credit card – n. A plastic card issued by a bank, business, etc., for the purchase of goods or services on credit. 2 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 2 http://goo.gl/lGbQh 3 BPI Express Credit BDO MasterCard Gold Debit card – n. A plastic card that enables the holder to withdraw money or to have the cost of purchases charged directly to the holder's bank account.3 Tip: A tried-and-tested alternative to a credit card is the According to PayPal, your can use an ATM BPI e-Prepaid MasterCard debit card provided that it has a Visa or (http://bpicards.com/Cards/Prepa 4 MasterCard logo on it. I’ve tried this a idDetails/37). It costs PhP 500 to couple of times with a BDO debit card, but apply, PhP500 to renew every to no avail. To be 100% sure that PayPal two years, and you don’t have to will accept your card, go for a credit card. present income-related documents to be qualified. Unionbank EON Card, a popular debit card of choice. !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 3 http://wordnetweb.princeton.edu/perl/webwn?s=debit%20card 4 Quoted from the Add a Credit or Debit Card page: “Debit Cards (also called check cards, ATM cards, or banking cards) are accepted if they have a Visa or MasterCard logo.” 4 Payoneer debit card exclusive for oDesk.com. 3. Your latest credit card statement or online access to your credit/debit account/s. Example: For BPI credit card holders, they can enroll to BPI Express Online (http://bpiexpressonline.com/), an online banking system where all savings, current, credit, and even e-prepaid accounts can be viewed online. Other banks with online access: BDO (https://www.clg.bdo.com.ph/en/) and Unionbank EON (http://goo.gl/c6vN3). Again, make sure that you have all of the above to complete the PayPal verification process successfully. If you are not sure as to which credit card or debit card to apply for, contact your bank of choice for more information. Tutorial Here are the steps to successfully verify your PayPal account. For the sake of consistency, let’s use a credit card for the tutorial: 1. With your credit card on hand, log in to your PayPal account and hover your cursor over Profile. Select Add/Edit Credit Card. 5 2. Click on the gray Add a Card button. 3. Select the Card Type (e.g. Visa, MasterCard, American Express), enter your card number, the card’s Expiration Date, and the Card Verification Number, which is the last three digits printed on the back of your card. 4. Once you have added the credit card to your account, click on the Confirm My Card link to start the verification process. 6 *** Let’s stop here for a moment. At this point, you’re about to initiate the PayPal verification process. It basically requires confirmation that the credit or debit card you’ve added to your account is yours. Not your grandma’s, not some stranger’s credit card you found on the pavement, but yours alone. To do this, PayPal will deduct PhP 100 (~USD 1.95) from your balance to generate the 4-digit code called the EXPUSE (Expanded Use) number. The EXPUSE number will be visible in your statement of account, which you will enter into the final verification form to complete the process. If you have online access to your statement of account, the PayPal EXPUSE number would appear immediately or in a few hours. Once you are able to see the EXPUSE number, you can then continue with the verification process. 5. Retrieve the PayPal EXPUSE number from your credit card statement, or from your list of transactions viewable online. 7 A sample of a PayPal EXPUSE number displayed in a credit card statement. 6. Log in to your PayPal account and click on the Verify my Credit Card link located in the Notifications box on the right side of the PayPal Overview. 7. Enter your unique 4-digit EXPUSE number in the textbox under “Enter PayPal code (4 numbers).” These are the four numbers right after PP*. Example: PP*4653 8. Click on the gold Confirm Card button and wait for PayPal to confirm that you are a verified PayPal member. You should see this very welcoming message if you’ve completed the verification process correctly. 8 Once you have reached the end of the verification process, PayPal will automatically refund the PhP 100 (~USD 1.95) to your PayPal account. Congratulations! You are now verified—both sending and withdrawal limits lifted—and ready to continue on the next step. Takeaway Tips: • Use a Visa or MasterCard credit or debit card when verifying your PayPal account. A credit card is the more reliable option. • PayPal does not consider local ATM debit cards with only a Bancnet, Expressnet, or Cirrus logo as qualified debit cards. • PayPal deducts PhP 100 (~USD 1.95) to generate the 4-digit EXPUSE (Expanded Use) number. • The EXPUSE number will reflect in your next card statement of account. Depending on your bank of choice, you will either receive this as a printed copy in the mail or you can access it through your online banking system. 9 • Make sure to add a billing address to your PayPal account. Go to Profile » Add/Edit Street Address, add your billing address, and select it from the dropdown menu after adding your credit card or debit card details in the Add a Credit or Debit Card page.
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