PayPal is one of the best means to transact money online. If you run a website or blog or you earn money by freelancing, then the PayPal business account is most important for you.
You can also receive money from other countries by creating an account on PayPal.
If you are new to PayPal and willing to create an account on it, rest assured, we will tell you the whole procedure in very simple terms.
PayPal Wiki
PayPal is a widely used online payment platform that enables individuals and businesses to send and receive money electronically.
It serves as a digital alternative to traditional paper-based methods of payments like checks and money orders.
| Trade Name | PayPal Holdings, Inc. |
| Founded in | December 1998 |
| Founders | Elon Musk, Ken Howery, Max Levchin, Luke Nosek, Yu Pan, Peter Thiel |
| Industry Type | Financial Technology |
| Products | Credit Cards, Send/Receive money |
| Headquarters | San Jose, California, U.S. |
| Area Served | Worldwide |
| Website | paypal.com |
PayPal provides a secure and convenient way for people to make online purchases, send money to friends and family, and conduct business transactions without the need for physical cash or credit cards.
Using PayPal you can receive payments from different countries in different currencies then PayPal converts that currency into the domestic currency (currency of your country) and transfers it to your bank account.
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Because of its smooth operation and convenience, PayPal is very popular among people. Basically, people use PayPal to receive payments from other countries.
What is needed to create a Paypal business account?
To create a business account on PayPal, you will need the following things.
- An e-mail ID
- Mobile Number
- Business information (business name, physical address, and phone number)
- Bank Account Details
- Tax ID or Social Security Number
- Business website (optional)
How to create a Paypal business account?
Follow the steps below to create your business account on PayPal and receive money in the currency of another country and convert it to the currency of your country automatically.
- First, go to the PayPal website.
- Click on the Sign up button
- On the next page, you will be prompted to select the type of account. Choose a Business account option and click on Get Started button
- Enter basic information about your business, such as your business name, email address, and password for your PayPal account, and then click the Agree and Create Account button.
- Fill out additional details about your business, such as its legal structure, industry, and contact information.
- PayPal will send you a verification email to the address you provided. Click on the verification link in the email to confirm your email address.
- Now Add a Business Bank Account to your PayPal account. This is where your funds will be deposited and withdrawn. You’ll need to provide your bank’s routing number and account number.
- Verify your identity by providing personal identification documents. This could include a driver’s license, passport, or other forms of identification.
- Read and agree to PayPal’s terms and conditions for business accounts.
- Set up Payment Processing options, such as integrating PayPal buttons into your website or setting up invoicing.
How to link a Bank account with a PayPal Business account?
Follow the steps given below to link your bank account with your PayPal account –
- Log in your PayPal Bussiness Account
- Click on Finance and then Click Banks & Cards under the Wallet Section
- Now select the “Link a new bank account” option under banks
- Select and log into your external bank account
- Now click on the “link your bank” button.
- Choose the type of account you want to link – it’s typically a “Bank Account.” Enter Bank Information for example: the Bank’s routing number, Bank account number, Account type etc. Within two business days, PayPal will make two small test deposits to your bank account.
- Now log in again to your PayPal Bussiness Account, select Banks & Cards
- Click on your bank account option
- Select the Confirm Now option and then enter the two test deposit amounts you received
- Now, click on Confirm Your Bank to finish linking your bank.
Demerits of PayPal Bussiness Account
While a PayPal Business account offers numerous benefits, there are also some potential drawbacks or limitations to consider. Based on my personal experience, here are some drawbacks of using a PayPal Business account:
- Fees: PayPal charges high fees for certain transactions, including receiving payments, currency conversion, and international transactions. These fees can add up, especially for businesses with a high volume of transactions.
- Hold on Funds: PayPal has been known to place holds on funds for various reasons, such as a sudden increase in sales, high-value transactions, or unusual activity. This can impact your cash flow, particularly if you rely on timely access to funds.
- Limited Customer Service: Reaching PayPal’s customer service is difficult. During critical issues sometimes we don’t get timely and effective assistance.
- Currency Conversion Rates: PayPal imposes higher currency conversion rates on international transactions than other dedicated currency exchange platforms.
