PayPal is one of the most popular electronic payment systems that provides its users with the opportunity to buy and exchange financially with the rest of the world. Many online stores like eBay and Amazon have provided PayPal payments for their users. But the benefits of the PayPal account are not limited to purchasing and transferring funds. These are the most basic features of this payment system. PayPal offers a variety of global accounts of banking services beyond what is said. Considering the fact that PayPal has become the world’s largest online payment service, many business owners all around the world has been wondering to open a PayPal Business Account for their business transactions and financial purposes. Setting up a PayPal business account allows you to go through many features that may not be provided with a PayPal personal account. You do not need to pay charges and fees to set up a PayPal business account but you will have to afford fees for some of the features. On this article we will introduce the PayPal Business Account, how to set it up, and refer to the benefits of owning one with details.
PayPal account types
Before we start let us look through the different PayPal account types briefly. PayPal offers four different account including Personal, Premier, Business, or Student with different purposes. A personal account is exclusively designed for individual users who tend to buy and sell items on their own. As mentioned earlier business account and premier account is proper for business owners and brands with financial features. And finally a Student account as its name is showing allows parents to have control on their children expenses and student can request money from their parents for school supplies and other items. Once you have set up any of these accounts you have the option to change or upgrade it at any time. You also are able to have both a Personal account and a Premier or Business account at the same time.
Learn more about PayPal account types and their features
Feature of PayPal Business Account
Among all types of PayPal accounts, business accounts are more at the center of attention of businessmen and international trade activists. In case you own a business or brand then you can accept payments for goods and services through PayPal. You have the option to accept online payment via PayPal, and also in-store payments in your physical shops office. Mobile payments are also provided to business owners as well. Many people these days, especially on online shopping stores, prefer to pay using PayPal. PayPal would also give you the option of processing payments made with credit and debit cards so you can accept credit card payments while you do not have to accept PayPal as a payment option on your store.
PayPal will give you an internet payment portal for selling your products and services to the whole world. PayPal checkout button would be added to your online stores for easy checkouts for customers.
There are no monthly fees, setup fees, or cancellation fees and there are no minimum processing requirements.
Among the other benefits of a business account, you can insert the company logo and the name of the company on the Internet payment page.
There is also the possibility of connecting a bank account, a credit card or a debit card to a PayPal business account. If you have several partners in your business, PayPal has allowed you to connect multiple bank accounts to a business account.
In your business account, you can also transfer money to a large number of people in one click with one click. Mass payments are one of the most popular feature of this kind of account. This kind of transfer is used when you want to pay employees salaries, or you want to discount a large number of your customers.
The point to be noted about this type of account is withdrawal from ATMs. Business account holders can receive cash from their own devices.
Like other payment service providers, a monthly fee is deductible, but PayPal assures you that these costs are always fixed and no hidden fees are charged to you. PayPal account fees are predefined and clear. Security, popularity, account management, tracking transactions and clear fees are other factors that make PayPal business account stand out among other types of accounts.
How to set up PayPal business account?
Now that you know the features and advantages of PayPal business account, you can set it up by following the instruction below step by step.
- Go to PayPal.com website.
- Click on the “Sign Up” button in the upper right of the first screen.
- Select the type of account.
On the list of available account select the type you would like to open. We are going to set up “Business” account so choose it and click on ”Continue”.
- Set up a password, and click on ”Continue”.
Keep in mind to set up a secure password for your PayPal account to enhance your account’s safety.
- Enter the required information and tap on ”Agree and continue”.
You will need to introduce your business and provide address and contact information.
- Choose the type of your business.
You can choose from available types in different categories and subcategories.
- Enter the business owner information.
- Enter the Beneficial Owner information.
- Enter the extra required information about your business.
PayPal will ask you to provide more information about your business, enter them and click ”Continue”.
- Verify your email address.
In a few minutes, you will receive a verification message through your email address which is associated with your account. Click the link in the email to verify you email address. Enter your password, then click ”Confirm”.
Your signing up process is done and you can go through payment set up once you have logged in to your new account.
How to change the Personal Account to Business Account?
In case you have already owned a PayPal personal account and you want to change it to business account follow the instruction below step by step.
- Log in to your PayPal account.
- From the menu on the right, select ‘Upgrade to a business account’.
- On the appeared screen Click on the “Upgrade” option. Of course, you can also choose to set up a separate business account.
Is PayPal business account safe?
With growing usage of internet the risk of hacking information is increasing. You cannot ignore the risk of exposing your sensitive information while PayPal asks you to link your bank account to your PayPal account. This could let a simple PayPal employee, or even a hacker, to access your bank account. However PayPal is using the latest security algorithm to keep users information secure and private.
On the other hand PayPal has been popular to freeze accounts which can be annoying. There is no warning and no explanation at a moment you will see your account with all the balance is freezed without even knowing why. Your money would be out of reach until you resolve the issue.
Frequently Asked Questions about PayPal
Yes. There is no problem. However for each business account, a unique email is required.
No PayPal will not charge you to convert a type of account to another one and use its service.
Premier and business accounts are almost the same both used for business financial purposes. The main difference between these two accounts is that the business account must be registered by a company or business group, while the primer account can be registered by a person, group or company. It also allows multiple people to access an account only in PayPal account business.
To decide whether a PayPal business account is right for you, you need to gather enough information and learn about its services and of course fees. In case accepting and processing payments through PayPal will improve your business in any way then it can be a great choice. However there any many alternatives to PayPal with same and even more features and less fees that you can always choose.