PayPal is probably the most trusted and efficient payment service provider in the world today. It has over 200 million active users who carry out millions of payment transactions. In order to enjoy the numerous benefits of PayPal, you’ll need to sign up for a PayPal account. PayPal offers two main types of accounts to meet all of your needs. You can sign up for a Personal or PayPal Business account.
PayPal Business account is the type PayPal account designed for online merchants or businesses who operate under a group or company name. It allows you to accept credit card, debit card, and bank account payments for a low fee. There are a number of things that you can do with a PayPal Business account. You can sign up for PayPal products and services that meet your business needs, including PayPal Checkout.
PayPal Personal vs PayPal Business Account
The major difference between Personal and Business account lies on what you can do with each of them. It’s a fact that all PayPal accounts allow you to send and receive payments but there are limits.
Basically, Personal account is for individuals who want to make purchases and send money to family and friends. It’s ideal for shared expenses such as splitting of lunch bills or rental charges. Most casual sellers or non-businesses who wish to get paid online will find a Personal account very useful. You can use it to send money as a gift or pay for items online.
The PayPal Business account is solely for merchants who operate under a group or a brand name. It allows you to set up a separate email address for the handling of all your customer service issues. A business account gives up to 200 employees limited access to your account.
How to Sign Up for a PayPal Business Account
Here are the steps you can use to quickly sign up for a Business account:
- On the web browser of your device, type: www.paypal.com and hit the enter button. This will take you to the homepage.
- Click on “Sign Up” at the top lefthand corner of the page.
- On the next page, select Business Account and click Next. When the page loads, you’ll see three (3) options (Pro, Standard, and Express) that you can choose from.
- Select PayPal Payment “Standard” business account which will allow you to accept credit and debit cards, PayPal and PayPal Credit on your website.
- Enter your email address and click Next
- Create your Login ID and Password
- Enter your business contact information
- Then, click “Agree and Continue”
- Next, answer the question: “Tell us more about your business”. Select from the drop-down menu, the option that best describes your business.
- Enter your employer ID number or if you’re a sole proprietor, enter your social security number.
- Then, enter your website address if you have one.
- Click “Continue”
- Provide some additional personal information that will be used to verify your identity.
- Click “Submit”. PayPal will send you an email to verify your information. Then, you’re fully setup and your account is ready for use.
How to Change the Name on Your PayPal Business Account
The steps are as follows:
- Log into your PayPal account
- Click the Profile icon beside “Log out” and select Profile and settings.
- Under the “My business info” section, click Change next to “Name”.
- Select the reason you are changing your business name.
- Click Continue to complete the instructions. Note that you may be required to upload some documentation depending on the type of name change you’re requesting.
Does PayPal allow Multiple Accounts?
Yes. PayPal allows you to have one Personal account and one Business account. Note that each account must have its own email address and financial information. You can add debit or credit cards, and bank accounts to your PayPal account.