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.
How Does PayPal Work?
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.
How to create a PayPal Business Account?
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.
PayPal Business Account Sign Up Procedure
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:
- One needs to access the official PayPal Website, i.e. paypal.com.
- The homepage will open, locate the Sign-Up button.
- Now, tap the ‘Sign Up’ button.
- Sign Up page will open, here you need to choose either Individual Account or Business Account.
- Select the business account and click on the Next button.
- Enter your valid e-mail address and tap the Next.
- Set up a login ID and password of your choice.
- Provide your business contact details.
- Tap on ‘Agree and Continue‘ after reading the privacy policy, user agreement and electronic communication delivery policy carefully.
- Provide information about your business- submit your employer ID number or enter the social security number (if you are a sole proprietor).
- Now, enter your e-commerce website and tap the continue button.
- PayPal will ask for some additional information to verify the identity of the users.
- An e-mail will be sent on the registered ID to verify the information.
- The business account is ready to use.
PayPal Business Account Login Guide
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:
- Visit the official website on your device and click on the Login button.
- Enter your registered e-mail ID or mobile number and click on the Next button.
- You need to enter the password or code sent on the mobile number/e-mail ID.
- PayPal Account dashboard will open where you can use different payment services.
- Tap the Sign Up button if not registered yet and complete the process
PayPal Business Account VS Personal: Which is better?
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:
PayPal Personal Account
- As per PayPal, a personal account is recommended for individuals who wish to transfer or receive money.
- One who wants to shop online and pay online.
- Payments for the splitting of dinner bills, rental fees and other payments.
- Users can also receive payments online directly on their Wallet or account.
- There is no fee for sending or receiving money online. However, there is a currency conversion fee.
PayPal Business Account
- PayPal for business account is meant for merchants who want to receive payments online.
- Merchants who are looking for a payment service provider platform can use a Business account as it is the best option.
- The business account offers access to 200 employees to access your account and customer issues for faster redressal.
- You can send or receive invoices for the purchase.
- You can simply place a payment link on your website and use it as an e-commerce portal.
- You have to pay a certain charge on receiving payments with the business account.
PayPal Business vs Personal: Fees
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 |
FAQ'S :
What are the PayPal business account fees for domestic and international transactions?
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.
Can I set up a PayPal Business Account free of cost?
Yes, there are no charges for opening a Business account. However, you have to pay the transaction fees for receiving payments online.
How do I set up a business account on PayPal as a freelancer?
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.
What is the PayPal Business Account phone number or support number?
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.
Can I switch PayPal Business Account to personal?
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.
Can you manage your PayPal Business Account?
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.