Step by step guide on how to set up PayPal business account
PayPal has become an indispensable part of our lives as it makes online payments simpler. It is a common mode through which customers make payments online or in-store.
This is why businesses should utilize this advantage and set up their PayPal business account. Though personal PayPal accounts are common, business owners are unclear about how to set up PayPal business accounts.
Get started with PayPal business account setup today and peak your sales.
Customers’ payment habits are constantly changing. Adapting to this change and bringing forward convenient, fast, and safe payment options is the need of the hour. If you want to get started, a PayPal business account setup is the way to go.
PayPal business accounts come with features that can help in accepting payments seamlessly. In the case of online payments, PayPal can be integrated with many eCommerce platforms.
Your local and international customers can choose PayPal as a payment mode and pay. For offline and POS payments, merchants can get access to many POS integration options.
Or they can obtain PayPal’s innovative solution, ‘Zettle,’ to swipe and accept payments. This is how setting up PayPal business accounts can be beneficial for your business.
It doesn’t take a lot to kickstart the PayPal business account setup process. Gather the details and documents below for opening PayPal business accounts.
Name and address of the PayPal account owner - If it’s a sole proprietorship, the business owner’s name is acceptable.
Account owner’s email address - The business email address of the account owner to receive updates and use as login credentials. You will need to verify your account before you log in.
Legal business name - The name matches the business name in the registration documents.
Employer identification number
SSN number - Only the last four digits are required.
Bank name - The provider of your business bank account where the accepted money will be deposited.
Bank account number
Bank routing number - You can find this at the bottom of the check next to the account number and check number. This routing number will help in identifying banks/financial institutions when a payment gets initiated.
To know what PayPal business account setup works for your small business read about the types of PayPal accounts available for you.
This checkout account is best for eCommerce businesses that want to give a smooth payment experience to their customers. Once you opt for this, you can add PayPal checkout as an option of payment in the checkout section.
How PayPal checkout works
Customers can add products to carts and move to the checkout step. Here, they will receive an option to log in to their PayPal account and make payment.
But they won’t be taken out of the eCommerce app/website. Customers can pay instantly and securely with this and get back to the shopping app.
How to set PayPal business accounts - checkout type?
You can add a PayPal checkout account in two ways
1. Log in to your PayPal business account and opt for PayPal checkout as an option. If your website is already integrated and has the PayPal setup, you can do this directly. It doesn’t require programming knowledge.
2. Perform API integration to integrate the PayPal checkout option with your website. You need programming skills to do this.
To run your business smoothly and attract more customers, you need to have all-in-one payment systems that accept payments from anywhere. You can receive payments online, offline, and on the go.
What makes PayPal payments advanced stand apart is that it lets you receive payments quickly and easily. You can either deposit it into your bank account, use it directly from the PayPal wallet or receive a PayPal-issued debit card.
By connecting the card reader with your phone, you can turn it into a mobile payment system. PayPal payments advanced streamlines your payments and gives every option that customers might need to make payments.
How to setup PayPal business accounts - advanced?
1. Many eCommerce marketplaces already have PayPal advanced configured to their system.
2. You can just add that as a payment option from settings and fill in your merchant and bank details.
3. If your provider doesn’t have this as an option, you need to integrate PayPal business advanced and set up hosted pages from your PayPal account. This is a lengthy technical process and needs coding skills.
Detailed instructions are provided on the PayPal developer site.
PayPal payments pro is suitable for large organizations that handle payments on a high scale. The business can receive payments online, via fax, and even by mail.
This package has everything you need to receive instant payments from your customers all over the world. It costs $ 30/month to use this type of account.
Some catchy features of this are,
• You can receive payments from credit and debit cards
• The improved mobile app experience
• Customers won’t leave the app during the payment process
• Receive payments in different currencies
• Virtual terminals for card payments through phone
• Payment gateway
How to set up PayPal business accounts - payments pro?
1. If you already have the basic PayPal business account setup, you can upgrade that to advanced by contacting customer support.
2. When prompted, provide your banking information.
3. Fill in the payments pro application and get approval.
4. Once your application is approved, you can start using payments advanced.
PayPal payments pro is already available and integrated with many websites and eCommerce applications. In a few steps, you can add this as a payment option to the checkout process.
Setting up PayPal business accounts only takes a few minutes. You can sign up for free and later upgrade to a package that suits your needs.
On the business signup page, enter your business email address and initiate the signup process.
This email should belong to the account owner or the person who takes care of the accounts receivable department, as they will use this in the future to log in every time.
Type the username and password that you will use to identify and access the account.
Choose the type of PayPal business account setup you want from their list of accounts. Also, select merchant services and other features you need.
Gather your business-related data like complete business address and zip code, and phone number. It will also prompt you to enter the legal business name.
Agree to the user agreement, privacy statement, and e-Communication delivery policies to proceed with setting up PayPal business accounts.
Type in your employee identification number to help PayPal verify if you are a registered business.
PayPal will send you a confirmation link to your registered email address. Once you finish the verification process, you will be able to log in with your username/email address and password and access your account.
Opening PayPal business accounts is the easiest way to organize your accounts receivable. Reasons, why they should be a part of your business are,
Though PayPal has pro and advanced types of accounts, it also lets businesses use the PayPal business account for free.
Other than the negligible transaction fees for domestic and international payments, the business won't have to pay monthly fees. This feature comes in very handy for small businesses as they can take care of accounts receivable at no or little cost.
There is no setup fee charged while opening PayPal business accounts too. With the free account, businesses can get merchant services for free. They can also accept credit and debit card payments from buyers.
For every payment received, PayPal cuts down 2.9% of the commission to process it through, which is comparatively very low.
The steps on how to setup PayPal business accounts are already discussed above. It shows how simple it is to get started with this service. With minimal data on hand, you can start setting up PayPal business accounts.
There is no waiting time needed to start using their services. The steps are self-explanatory, and it takes less than 10 minutes to finish them. As the whole PayPal business account setup happens online, you can do it whenever and wherever you want.
PayPal business accounts are designed to help small businesses access premium features. To start with, they offer an all-in-one platform to receive payments from all modes and directions in one account.
But they aren’t mere payment platforms. You can also opt for their debit cards to withdraw received money from ATMs. They also furnish credit cards for small businesses to balance cash flow issues. (Note that their annual percentage rate is above 20%).
Merchant account providers usually check a lot and set barriers in a way that small merchants don’t qualify easily. PayPal isn’t one of them. Their requirements are a bare minimum, and any small merchant can smoothly get through.
They don’t look through your bank statements or credit scores. You can finish the PayPal business account setup just by providing the basic information and linking a bank account.
Customers still prefer checking out a product in bricks and mortar shops. To capture this wide market, a business must be willing to accept offline payments (not in cash) too.
You are allowed to have a separate solution to accept in-store payments. But when your payment provider covers both online and on-the-go payments, you can manage them all in one location.
By setting up business PayPal accounts, you can get virtual terminals to accept offline card payments. This way, you get to control your payments receivable in the best way while providing convenience to your customers.
A customer can pay online while picking up a product from the offline shop or vice versa.
It takes a whole team to run sales and revenue. PayPal lets you add more users and create user-level-based permissions. Once your team grows, you can add your employees to the account and screen what they can access.
Under the ‘manage users’ section, you can see who has access and their privileges listed.
PayPal is one of the prominent and pioneer payment solutions providers. Hence, they are already integrated with many eCommerce platforms designed to sell small business products.
Be it any category from travel to accessories to fashion, they are already available with major providers. You can start accepting payments through PayPal in a few clicks.
They are also available on global shopping websites like eBay, Shopify, and many more.
PayPal is not just for accounts receivable. Businesses use them for making domestic and cross-border vendor payments. But a small business needs accounts payable software that’s more intuitive and put outgoing payments in order.
Enter, Volopay! A smart and advanced accounting management software that’s cut out for current generation businesses. Volopay empowers you to make local and international transactions with diverse tools at a competitive cost.
Unlike PayPal or other payment systems, Volopay presents you tools you need to control your accounts payable and keep track of outgoing funds.
• Schedule and make vendor payments and never leave any bill unpaid or paid at the delay.
• Automated recurring payments are made possible with corporate credit cards.
• Open multi-currency accounts and transfer money to 150+ currencies at lower transaction costs.
• Provide corporate cards to employees to handle business expenses.
• Streamline your payments and keep track of them in real time.
• Make use of accounting integrations to connect Volopay with other applications and cut down manual work.
• Save time and simplify accounting together with an all-in-one accounting suite.