If you know someone that doesn’t already have a PayPal account then PayPal want to bung you £5 for getting them to open an sign up.
PayPal’s “Invite Friends” feature allows you to invite people you know to sign up for a PayPal account (you’ll find it in the mobile app by clicking the setting icon). You’ll get a personal referrers link to send to friends via email or social media. The rules say that you’re not allowed to post your referrers link publicly for people who aren’t your personal friends to use. You also have to disclose that if the recipient opens an account and makes a qualifying purchase that you’ll get rewarded as well as them.
You’re not going to make your fortune from this promotion. There’s a lifetime maximum of fifty quid to be earned so you’re limited to ten friends signing up… mind you, I’m struggling to think of just one person I know that doesn’t already have a PayPal account. My nephew’s not old enough to have a bank account so won’t be getting me a fiver. Do you know anyone that doesn’t have a PayPal account?
PayPal Merchant Rate (fee discount) reminder
While we’re talking about getting money from PayPal, don’t forget that they have a Merchant Rate (which you have to apply for) which will give you significant savings on the fees that you pay. Rather than 3.4% plus 20p per transaction, you could be paying as little as 1.9% plus 20p depending on your transaction volumes.
