You can get a PayPal business account and give your customers a safe and convenient method to pay for your products and services. However, what are the Requirements for a PayPal Business Account? A business account, just like the name sounds, is not designed for everyone but for a particular set of people.
These are people who are into business. There is a provision for a personal account where you can send or receive money for personal purposes. Most especially when you want to transfer or receive money from your family and friends
Requirements for PayPal Business Account
The business account platform is mainly for business individuals or merchants. However, this article will reveal what you need or require to own a business account and also what you stand to benefit from it.
To talk about owning a particular account, you need to know what that account is meant for, then check within yourself if you really need the account. The major thing you need to become a PayPal business account owner is to be a merchant. The account is set so that business owners or merchants will benefit from it.
The following are the steps you need to take to create a PayPal business account.
- You must be business personnel.
- Have an email address.
- Provide your legal first and last name.
- Have a name for your business name.
- You need to provide your business phone number, business address, city/town, and postal code.
Now that you know the Requirements for a PayPal Business Account, what about the benefits?
Benefits of a PayPal Business Account
Below are the benefits of a PayPal business account.
- Merchants can easily access the money paid by their customers, not minding the distance.
- It is very easy to use. You don’t need a helping hand when you want to manage your account.
- There are no hidden charges with this account. Thus, there is nothing like a setup fee, cancellation fee, statement fee, or withdrawal fee.
- It gives your customers a convenient payment method with an outstanding experience. What do I mean by that? Customers can pay you without the need for a PayPal account.
- Users can also send and request money from friends and family.
- Ability to make purchases online and in-store.
- There is an active recurring and subscription item tab with this account.
- There is no limit to which you can create an item or product button.
- With the “my saved button” feature, Users can be able to save the button code on their account.
- With this account, you can create an email URL text link.
- There are options for creating a task table or shipping method.
- Merchants can monitor inventory or profit and loss using the tracking service.
- Your customers can see your business name and your business email address.
- Merchants can use a business name as the name on their account and also register for PayPal products that meet their business needs.
Listed above are some of the benefits of a PayPal business account.
How to Create a Successful PayPal Account for Your Business
Follow the steps below accordingly to create a PayPal business account.
- Go to your device browser, then search for www.paypal.com.
- Locate on the page and tap on the “sign up” tab.
- Click on the “create a business account” widget beneath and make sure you choose your region.
- Provide your email address and hit “Next”.
- Enter the desired password for the account and follow the onscreen instructions given to you afterwards.
That is how you can create a successful PayPal business account with ease.
Frequently Asked Questions
What Documents Do I Need for PayPal Business?
For you to open a business account, you will need to provide your full legal name, email address, password, tax ID or social security number (SSN), business description, and business bank account details.
Can Anyone Make a PayPal Business Account?
Anyone can sign up – a credit check isn’t necessary. You merely need to link a bank account to receive funds from your transactions.
Can I Make a PayPal Business Account Without a Business?
You don’t need to have a registered business to open a PayPal Business Account if you choose to do business under your own name as a ‘Sole Proprietary’ company.
Why Does PayPal need my SSN?
PayPal uses your SSN as Part of their account verification process – to comply with local and global laws and keep customers and their money safe. If you don’t have a valid SSN – or if you simply want an alternative to PayPal – other services, likewise may be able to help.
How Much is a PayPal Business Account?
It’s free to sign up for an account. PayPal merchant account fees only apply to transactions – which means you only start paying when you start selling.
How Long Does PayPal Business Hold Funds?
Your funds are usually held for up to 21 days. However, there are several things you can do to expedite this timeline. You can also read their User Agreement for more information.
How Do I get my PayPal Account Verified?
For you to get verified, go to your account to add and confirm your bank account or, if you prefer, add and confirm your debit or credit card.
How Long Does it Take to Be Verified on PayPal?
Verification for a PayPal account will take around 2 to 3 days. If it takes longer than this, contact PayPal help in your country for more advice.
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