How to Set Up a PayPal Business Account – Are you a businesswoman or man, and you need a business account that you can use to accept and make payments for the products and services you buy or sell online? A PayPal business account is a faster and safer way of sending money and making online payments. Set up a PayPal business account to pay for and receive money from your business partners.
A PayPal business account is a merchant account with PayPal that allows your business to accept payments for the services and products it sells. With a PayPal business account, you can integrate your system with PayPal’s payout system, which creates a system of smooth financial transactions.
It offers you more payment options and also keeps your payment data safe and secure. You can also create your own custom payment, order, or donation form with their drag-and-drop form builder. It makes it easy and fast for any business that is just getting started.
Why should I set up a PayPal business account?
While a PayPal personal account allows users to send and receive money, its limits on how many payment methods you can accept make it less appealing.
If you are a business owner or merchant and you want to use PayPal to receive payments, you should set up a business account to access more features. Below are reasons why you should set up a PayPal business account.
- Accept Online Payments: A PayPal business account allows you to accept payments online, making it easy for customers to pay for your products or services through PayPal’s secure payment platform. This can be a convenient option for e-commerce businesses and online freelancers.
- Multiple Payment Options: With a business account, you can accept various payment methods. The checkout feature allows your customers to pay the way they want. You can accept credit and debit cards, bank transfers, Apple Pay, Google Pay, and PayPal balances. This can help you cater to a broader customer base.
- Professional Image: Having a dedicated business account on PayPal can give your business a more professional image. Customers may have more confidence in making payments to a recognized business account compared to a personal account.
- Get paid securely: A business account comes with AI-powered security tools that let you track transactions and protect your clients’ information.
- Customizable Invoices: PayPal business accounts allow you to create and send professional invoices to your customers, making it easier to manage your finances and track payments.
- Integration with E-commerce Platforms: If you run an e-commerce store, PayPal can integrate seamlessly with many popular e-commerce platforms, simplifying the checkout process for your customers.
- Access to Business Tools: PayPal offers a range of business tools and features, including reporting and analytics, fraud protection, and options for managing employee accounts and permissions.
What Do I Need to Set Up a PayPal Business Account?
To sign up for an account on any platform, what you basically need is an email address and a strong password. But to set up a PayPal business account, there are some details you need to provide, apart from an email address and password. Here is what you need below:
- A business name
- Contact details
- The currency you want to send and receive payments in
- Tax ID or social security number
- Bank account
Once you have everything listed above, along with the basic details, you can proceed to create a PayPal business account.
How to Create a PayPal Business Account
If you already have a PayPal personal account and you want to keep using it, then you must use a different email address to set up a PayPal business account. Follow the guidelines below to open a PayPal business account.
- Visit PayPal’s business account sign-up page.
- Enter your legal first and last name with your email address.
- Create a password for your account. The password must be between 8 and 20 characters, and it must include an upper- and lower-case letter and a number or symbol.
- Click on the ‘’Agree and Create Account’’ button.
- Read the information displayed on the next page and click on the ‘’Let’s Go!’’ button.
- Select what best describes your business and tap ‘’Next’’.
- Now enter your business name. You can choose to use your first and last name by checking the box.
- Also, enter your date of birth, street address, city, state, zip code, and tax ID number [SSN preferably].
- Then click on the ‘’Agree and Submit’’ button.
- On the next window, select the primary currency for your business, the products or services your business offers, and your monthly sales.
- Select ‘’Yes’’ or ‘’No’’ whether or not you have a business website. If you select yes, an empty field will be provided for you to enter your business website.
- Enter your business phone number and contact information. If your business contact information is the same as your residential address, check the ‘’Use your residential address’’ box.
- Click the ‘’Next’’ button.
- On the next page, enter your customer support email and customer support phone number in their respective fields.
Follow the on-screen instructions to completely set up your account. Once you’re done, you can start using PayPal business account tools such as sharing listings on social media, business insurance by Aon, fast, touch-free payments with QR codes, and many more.
FAQs
What is the difference Between PayPal Personal and Business Account?
Basically, both your personal and business PayPal accounts allow you to send and receive payments anywhere in the world. However, there are slight differences between them in terms of the features they offer.
A PayPal personal account is typically for casual sellers or those who want to shop online or send and receive personal payments, while a PayPal business account is for business owners or merchants who want to accept online card payments.
What Does It Cost to Create a PayPal Business Account?
Creating a PayPal business account is free. You only pay certain fees when you make transactions on your account. Each PayPal account is limited to one email address, meaning if you have already used an email address to create a personal account, you must use a new email to set up a business account.
Can I upgrade from a personal Account to a Business Account?
In the meantime, PayPal allows users to switch from a personal account to a business account and vice versa. If you’re using a personal account, you can upgrade your account by navigating to Settings in your account. Then tap ‘’Upgrade to a Business Account’’ and follow the onscreen prompts.
Mind you, you can only downgrade your PayPal business account to a personal account once. However, you cannot downgrade a business account to a personal account yourself. If you want to downgrade your business account, you can contact PayPal to assist you with the downgrade process.