Personal Account

[sharon2we]

A person wants to pay me back money owed and asked me to set up a paypal account.  What information should I provide to that indivudal  for money to be deposited in that account.  Is there any security to ensure funds in my account will not be pulled out of this account.   How does it work for someone to deposit funds in my debit/card account. 

[snowshoe]

If you don't plan to sell anything, then setting up a Personal Account is fine.  Personal Accounts are intended for people who want to shop online or use the Send Money feature, either for receiving funds or sending.

Make sure that you "verify" your account, else you will have to deal with limits and holds on your money.  As for receiving money from someone, all you need to do is provide them with your email address (same one you used to setup your account with).

When someone sends you money, the funds are deposited into your PayPal Account Balance.  You can either keep the money there or you have the option to withdraw to a bank account or request a paper check.

[sharon2we]

Do you have to use a credit card if you just want to set up a Paypal Account for money to be deposited in your account.  And if you do how is the money tracked for a paper trail

[snowshoe]

As previously stated, if want to verify your account, you need a bank account.  Credit cards are normally used as an additional proof of ID and act as a backup funding source however, to verify your account and remove your limits, doing so takes a bank account or a PayPal Product.   As for a paper trail, it's all digital as all transactions are documented in your Account Transaction History.

This is from PayPal's own FAQs:

PayPal's FAQs state: To Verify your PayPal account, just link your bank account to your PayPal account or be approved for PayPal Smart Connect or the PayPal Plus MasterCard®. (Note, the PayPal Plus MasterCard was introduced in 2001.  In 2011 the name was changed to the PayPal Extras MasterCard.)