How to Setup a Paypal Account for Your Business

Setting up a simple and secure online payment option is essential if you are into eCommerce. This enables your business to take payments for products or services while providing a convenient alternative for your customers.

Whether you are starting a new business or looking to expand your payment options, opening a PayPal account for your venture can provide numerous benefits.

Just follow these easy steps and flow, and you will be ready to take payments for goods or services rendered.

Requirements To Setup PayPal Business Account

Before heading to PayPal’s website to sign up for an account, you need to gather the following details first:

• Name and the complete address of the PayPal account owner. Mostly, the information would be from the business owner.
• Email address of the business owner. This should be an active email address as this needs to be verified.
• You also need to submit the business name and address.
• Business’ customer service or customer support contact details.
• Banking details like bank name, bank account number, and bank routing number.

Once you have all these information, follow the steps below:

• Go to PayPal’s website
• From there, click the SIGN UP button
• Select BUSINESS ACCOUNT from the options and hit NEXT
• Enter the email address you would like to use to sign up or login. Make sure to use an email account that is not associated with any personal PayPal account. It is best to create an email address solely for the purpose. Using an email linked to a personal account leads to account closure.
• Click CONTINUE once the email address is provided
• The next page will ask you to enter details related to the business. Fill out the business contact field (first and last name of the business owner). Other details needed include legal business name, business contact number, and business address.
• Do not forget to tick the button below to confirm you have read, agreed, and understood PayPal’s delivery policy. One ticked, proceed to the rest of the needed information about the business.
• The next phase is to select the appropriate option for the business type. Is it a sole proprietorship, partnership, corporation, NGO or Non-profit Organization, or government organization? Depending on your response, you may be asked for other specifics like the products or services your business provides, monthly sales, Employer Identification Number, and website (optional). Then, click CONTINUE.
• You will then be asked to provide your personal information. You need to provide the last 4 digits of your Social Security Number, date of birth, and home address. These details are not to be used to perform credit checks but to keep the account secure.
• Wait for a verification email from PayPal to confirm your email address. This is sent to the email address you used to set up the account. The email contains the verification link.
• Then, provide your banking details. Use your personal bank account if you do not or have not set up a business account yet. Complete this step and PayPal another verification email for your banking information. The process takes about 3-5 business days, so keep an eye on your email for the final steps to complete your account setup.

If you are high risk, you are at risk of PayPal terminating your account. If PayPal does terminate your account, there are steps to get your high risk PayPal account reinstated.

Be sure to know the difference between a high risk account and a normal business account.