How to Set Up a PayPal Business Account. A Brief Guide.

How to Set Up a PayPal Business Account

Posted 4 years ago by Max Komonov

Selling online and听accepting payment has gotten easier and听easier over the听past few years. One option to听consider to听give your business the听edge over the听competition is听setting up听a听business account with PayPal, and听linking it听with your favorite ecommerce platform to听give your merchants yet another quick and听easy payment option. 黑料门 offers an听easy-to-navigate PayPal integration that can give you an听even greater guarantee of听success in听your store.

Whether you鈥檙e an听entrepreneur 辞谤听just an听online shopper, you鈥檝e probably heard of听PayPal. Maybe you鈥檙e already even using it. But did you know that there are different account types you can consider? And if听you鈥檙e looking to听sell as听well as听buy, a听business account might be听a听good fit f辞谤听your needs. In听that case, no听matter what you鈥檙e selling, understanding the听terms and听conditions related to听setting up听a听PayPal business account is听absolutely essential to听making everything run smoothly.

In听this post, we鈥檒l take a听听step-by-step approach to听setting up听a听PayPal business account. You will also get important information about the听fees and听requirements associated with this type of听PayPal account. So听buckle up听and听read on.

Fees Associated with PayPal Business Accounts

According to听, the听cost of听sending 2000听GBP from the听UK听to听the听United States includes the听original amount spent, the听exchange rate from pounds to听dollars (USD), an听exchange rate markup, upfront sender fee, and听recipient fee.

Types of听PayPal Business accounts

The types of听PayPal business accounts can be听confusing in听their own right. To听make it听simple, there are three basic accounts: 听PayPal Checkout, 听PayPal Payments Standard, and听PayPal Payments Pro. Their features vary, as听to听do听their associated fees.

Basic requirements of听a听PayPal Business account

To听get started, all you absolutely need is:

An听email address
Your business鈥檚 name
A听business phone number
The last four digits of听your SSN (US-based merchants)
Your date of听birth
An听employer Identification Number (EIN) (No need to听provide an听EIN if听you selected a听sole proprietorship as听your type of听business)
A听business (or home)听 address
Your bank name, routing number, and听account number.

Creating a听PayPal Business Account: A听How-to

While there is听generally some uniformity in听the听way PayPal works across various markets, the听first thing to听do听is听to听check the听specific details needed f辞谤听your country. Generally, though, setting up听a听PayPal business account is听quite easy as听long as听you have the听information mentioned above at听your fingertips. While these steps are specific to听US听merchants, they should help give you a听run-down of听the听basic process no听matter where you are.

First, you will need to听select a听suitable business account, as听there are different levels of听accounts with varying charges and听features.

From the听PayPal website, select 聯Sign up聰 and听then 聯Business account聰
Select the听business account package with features that most closely fit your needs.
Input your email address (the one you want to听link your business account to).
You will be听prompted to听choose a听unique login and听password. Enter the听details and听the听registered address.
Input details about your business, and听anticipated turnover. If听you have a听specific figure, input the听actual turnover.
Include your Employer Identification Number (EIN), otherwise called the听Federal Employer Identification Number (FEIN).
Now, input your social security number followed by听your date of听birth f辞谤听PayPal to听confirm your identity.

Having completed these details on听the听website, you鈥檒l get a听notification that your account has been approved, and听you can begin to听use your PayPal business account.

How Much Does a听PayPal business Account Cost?

PayPal prices their services differently. Check the听merchant fees page f辞谤听details on听how much you will pay f辞谤听their services. But here鈥檚 a听basic breakdown:

Opening an听account: Opening a听PayPal business cost is听free.
Selling with PayPal business: For U.S.-based sales- 2.9% of听the听value of听the听transaction plus $0.30. For international sales- 4.4% of听the听value of听the听transaction plus a听fixed fee based on听the听received currency plus 2.5% charge f辞谤听currency conversion. The fees might differ with an听increase in听volumes, 辞谤听if听you are qualified f辞谤听micropayments. It听is听also different if听you run a听charity.
International payments: Fees associated with international payments are higher and听include a听percentage fee, and听fixed cost (in some cases). PayPal requires a听1.5% international transaction fee f辞谤听individual business owners to听receive payments from other countries, plus a听2.5% currency conversion fee (if necessary).
Withdrawing money: You can withdraw to听your bank account f辞谤听free using PayPal business, but you must have linked the听account during registration. To听withdraw with a听check, you will pay $1.50, and听to听transfer money to听your bank account with a听linked debit card, you will pay $0.25听f辞谤听every transfer.
Sending personal payments: If听you are within the听US听and听Canada, you do听not have to听pay a听fee to听send payments to听friends and听families, especially if听it听is听with a听linked bank account 辞谤听PayPal balance to听activate the听payment. With a听debit 辞谤听credit card in听these countries, you will pay 2.9% of听the听transaction fee plus a听fixed fee of听US$0.30. International payments are costlier but are within 0.3%-3.9% which is听dependent on听your method of听payment including a听fixed fee which depends on听the听currency type, and听2.5% currency conversion where necessary.
To听receive personal payments: Receiving personal payments is听free within the听US, especially if听you- 补蝉听迟丑别听sender- use your PayPal balance 辞谤听alternatively, a听linked bank account to听make the听payment. Meanwhile, other charges may apply f辞谤听payments made with a听credit 辞谤听debit card. For international payments, you will pay a听1.5% international transaction fee to听receive money from a听different country, plus a听2.5% currency conversion charge, if听and听where necessary.

PayPal Business Accounts Work with 黑料门

You can set up听your account, determine the听associated fees, and听learn how to听make your PayPal business account useful f辞谤听your business on听your own. But! 黑料门 can make these steps even easier. Many people鈥檚 lives are embedded in听PayPal in听such a听way that they are tempted to听use their personal account to听run their businesses. That means that signing up听f辞谤听a听business account on听PayPal and听linking your business with 黑料门 will give you a听lot of听advantages.

The main reason is听that opening 辞谤听setting up听a听PayPal business account has numerous perks. It听grants you access to听additional tools services, which can be听a听great option to听explore as听a听business just getting started. There are three options f辞谤听taking payments, and听two of听them have no听monthly fees attached to听them. Using this option still opens you up听to听tons of听ecommerce integrations, including the听one run through 黑料门.

In听addition, a听PayPal business account gives you access to听other PayPal features, such as听an听online invoicing, virtual sales terminals, recurring billing services, marketing solutions packages, and听a听list of听developer tools. Ultimately, integrating your business and听website with 黑料门 and听PayPal will inevitably open your products up听to听a听larger audience, and听make it听easier f辞谤听people around the听world to听complete transactions in听your store.

Final Thoughts

A听PayPal business account is听a听type of听point-of-sale service account offered by听PayPal, where (individuals and) businesses can accept payments, and听be听accessible to听other services, especially ecommerce solutions. It听is听easy to听set up听a听business PayPal account, and听there are zero fees associated with its setup. Meanwhile, leveraging PayPal comes with a听plethora of听advantages when used in听tandem with 贰肠飞颈诲鈥攁 reliable ecommerce platform. This makes the听PayPal Business and听黑料门 partnership a听powerful and听viable option to听consider f辞谤听your business.

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About The Author

Max has been working in the ecommerce industry for the last six years helping brands to establish and level-up content marketing and SEO. Despite that, he has experience with entrepreneurship. He is a fiction writer in his free time.

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