PayPal is a payment service provider platform that enables businesses and individuals to receive and send payments digitally. The payment services of PayPal are available globally. PayPal business is spread worldwide, and there are approximately 325 million active users on this payment platform. Users can open two types of accounts on this payment platform, i.e. Individual accounts and Business accounts.
In this article, we are discussing the PayPal Business account and its benefits. PayPal Account empowers the businesses or vendors who want to deal in online payment systems. Setting up a PayPal business account lets people access payments online for sales. Users can receive payments from all over the world in the desired currency.
The company has made technological solutions for all payments needs. Using financial services with PayPal is affordable, secure, and convenient. There is no charge for joining PayPal. However, one may need to pay for different services. Here you can check the crucial information about how one can set up a business account.
Whether you are a beginner or a seasoned vendor, PayPal is the complete solution for all your payment needs. Expand your business or startups with PayPal. Over the years, PayPal has won the trust of merchants as it enables them to receive payments seamlessly.
When innovation meets the technology, PayPal-like products emerge. Hence, those who are looking for an online payment solution should go with Business Account. Simply set up an account, and link it with your account. You can also create a payment link for receiving payments. Share your PayPal payment link with the users or customers to allow them to send payments using that payment link.
The Business Account offers a complete all-around solution for business and simplifies payment processing and ensures secure transactions of payments. Users can enable a payment link on their commerce website to receive payments online without any additional transaction fees. The best thing about a PayPal account is it allows users to accept payments in multiple currencies.
To open a business account on the PayPal platform, users have to complete the sign-up process. One needs to provide a mobile number, e-mail ID and mailing address etc. Link a bank account for receiving payments directly in the account. Business Account for PayPal consists of a sign-up and sign-in process.
The step by steps guide for the opening of a PayPal business account is given below. Complete the sign-up process as per the instructions given:
After completing the sign-up process successfully, one needs to follow the login steps. Go through the instructions below to sign in to the PayPal account:
The users are open to creating a personal or business account with PayPal. However, it is important to understand the basic difference and features of both accounts. Users can receive and send payments with both accounts easily. Read the following information to know more about Both Personal VS Business Account:
The PayPal Business and Personal Account fee structure is as under:
|PayPal Pricing Plan||PayPal Business||PayPal Personal|
|Fee for domestic online payments||2.89% of transaction amount + fixed fee depending on currency²||No fee (if there’s no conversion)¹|
|Fee for an international online transaction with an international card or account||4% currency conversion fee + 1.5 % international transaction fee + fixed fee depending on currency²||4% currency conversion fee + 1.5 % international transaction fee + fixed fee depending on currency¹|
|Domestic in-store payment fee||2.7%²||N/A|
|International in-store payment fee||4.2%²||N/A|
The fee structure of the business account for the platform is given above. However, the fee depends on the transaction amount and currency conversion. Hence, it may vary from one country to another. Users can visit the official PayPal website to check Complete information about the PayPal fee structure for business accounts.
Yes, there are no charges for opening a Business account. However, you have to pay the transaction fees for receiving payments online.
Business Account for freelancers enables users to receive payments for selling goods and services online. You need to set up a business account as per the instructions given above and start your business with PayPal.
Those who are seeking a phone number or support number on a Business account should go to support. Tap the help button on the homepage and contact customer support.
Yes, you can downgrade your PayPal Account. Contact customer support on PayPal. Send an e-mail to PayPal giving the reasons for switching PayPal Business to the personal account. You will receive a reply from PayPal support.
Yes, everyone who has a PayPal account irrespective of personal, or business, can manage the account. Login to your account and manage your contact, e-mail ID, PAN, Bank Account and business details, etc. Add or remove your bank account at any time.