PayPal estimated that there were 377 million active accounts worldwide as of early 2021. Many people use their personal PayPal accounts to conduct business because PayPal has become so ingrained in their lives. This step-by-step guide will explain to you how PayPal business account. I promise that this is a very easy process.
What Is PayPal Business Account?
In addition to allowing you to accept payments, a PayPal business account also grants you access to eCommerce and POS integrations, online invoicing, a virtual terminal, recurring billing, and other features. A PayPal business account can be created quickly and easily, and there are no ongoing costs.
How To Make PayPal Business Account?
Setting up a PayPal business account has very few criteria. The following are required:
- An email address
- A business phone number
- Your legal business name; if it's a sole proprietorship, it can be your own name.
-Your SSN's last four digits
- Your Employer Identification Number (EIN) — you are not need to give an EIN if you select individual/sole proprietorship as your business type.
- Your name, account number, and routing number for your bank;
- Your date of birth;
- Your residential address;
This will be enough to start selling, but after you really start taking payments and making money, PayPal can ask for more information, such as bank statements. Be prepared to submit any information PayPal may need. Third-party processors like PayPal and Square are Infamous for their rigorous monitoring of merchants, which can result in holds or terminations at the first suggestion of difficulty.
On PayPal's page, click the "Sign Up" option in the top right corner. If you already have a personal PayPal account open, PayPal will prompt you to either sign out and create a new business account using a different email address, OR delete your current PayPal account and create a new business account using the email address that was previously linked to your old PayPal account. I'm assuming the majority of you will choose the first choice.
You will then be asked to submit some information about your company. Enter the legal name of your business contact, along with the name, address, and phone number of your company.
Next, you'll be asked to specify the nature of your company. You will have the following choices to make: a person or a sole proprietorship; a partnership; a corporation;
You'll next be asked to provide further details about your company. Your expected monthly sales, your website (if you have one), and the ability to win a PayPal Business Debit Mastercard will all be requested of you. After you have received at at least $250 in payments, you may also be given the opportunity to win one.
More personal information will then be requested, including your date of birth, home address, and the last four digits of your SSN. You now have a PayPal business account if you followed the above instructions. Now you are all-set! So, now You know how to make PayPal business account.
