Paypal offers a Paypal business account that those who want to transact business on Paypal have to create. Small business owners and merchants who are on the go can use their Paypal business account to do much more than they would have done without a Paypal account.
With your business account via the Paypal business app, you can track sales, send invoices as well as manage money for merchants with businesses of all sizes.
Before you can think of transacting business on Paypal, you must first create an account. It is this business account that will help transact business with your customers and merchants alike.
However before I go ahead to show you how to create a Paypal business account, I will like to outline the different benefits you stand to gain by operating a business account.
This is to help you know what you are getting in on before you make the final decision of creating a PayPal business account.
Paypal Business Fees
Transacting a business on Paypal with your Paypal business account is not free. Paypal charges you for transacting business. However, there is no standard fee as different scenarios determine how you are charged by Paypal and how much you are charged.
This may depend on the country you are transacting business from as well as the type of transaction you are making.
To know the fees Paypal charges for the kind of business you are transacting, visit the Paypal website for more information.
Paypal Business Account Benefits
Here are some juicy benefits that comes with a Paypal business account:
- Accept multiple types of payments with a single paypal account and you can get started in minutes.
- You can securely accept credit and Visa Debit card payments without a monthly fee.
- Your buyers do not need to have a Paypal account to buy with you.
- Get paid faster with Online Invoicing and Paypal Checkout.
- Sell securely with Paypal Seller Protection.
- Sell around the world and accept all major credit cards.
- Receive payments via your website, apps, or email.
- No set up or monthly fees.
PayPal Business Account Requirements
To open a paypal business account, you will need the following:
- A valid email address
- Customer service information
- Business address as well as phone number.
- Bank name
- Business or personal bank account number.
- Bank routing number.
How to Create a Paypal Business Account
You are required to choose the type of business account that fits your needs first as different levels of account, comes with different features and charges.
- Tap on ‘Sign Up’ option, then choose the option to create a business account.
- Choose the business account package that suits your needs.
- Enter the email address you want paypal business account to be linked to.
- You will be prompted by Paypal to choose a login and password, and to key in the basic details of your business including the registered address.
- Fill out some information about the type of business you operate, and the actual or anticipated turnover.
- Enter your Employer Identification Number (EIN), also known as the Federal Employer Identification Number (FEIN) or the Federal Tax Identification Number.
- You will get a prompt asking you to key in your social security number and date of birth, to enable paypal confirm your identity.
Paypal Business makes transacting your business more secure, faster and more profitable.