What is PayPal Business account?
PayPal is one of the well known online payment service providers. PayPal business account allow for credit card and debit card payment processing. In other words, your customer do not need to have PayPal account to make payment via PayPal.
Why I need a PayPal business account?
PayPal personal account just for you to make purchase online and send money to friends and family. You cannot accept different form of payment as you could with PayPal business account.
With a PayPal business account, your business can accept online payment for goods and services through PayPal. Beside payment processing, PayPal checkout button simplify the payment process with one click for customer to purchase your goods or services online. You can also offer subscription for your goods or services and it can integrate with most of the e-commerce providers in the market.
It is free and fast to create a basic PayPal business account. There are no monthly maintenance fees, setup fee as well as cancellation fees for PayPal business account. Only transaction fee is charged for receiving web payments only. Furthermore, you could register this business account under your company name which provide greater privacy when customer make a purchase.
Moreover, you can withdraw fund from PayPal account by linking your bank account with it. No withdrawal fee for RM400 and above while RM3 for withdrawal less than RM400.
Steps to create a PayPal business account
Visit PayPal website and click ‘Sign Up’ button at top right corner.
Select Business Account and click ‘Next’
Choose the place you wish to accept your online payment and estimated monthly sales volume from dropdown list and click ‘Next’.
Enter email address you want to set up your PayPal Business account and click Continue.
Next, enter your password and click Continue. Your password must be at least eight characters and contain at least one number and one symbol.
Now, enter your business details include business contact, business details, business address. Read through some policy or agreement document and click ‘Agree and Create Account’.
Then, choose your business type (individual / sole proprietorship, partnership, corporation, non profit organisation or government entity). Depending on your chosen business type, you may be asked for product or service keywords, website URL and business registration number. Choose country and the date business established. After done, click ‘Continue’.
Enter your personal information include date of birth, home address to set up your account and click ‘Submit’.
Your PayPal business account is setup and ready to use. You’ll be taken to a page to select features you wish to use in your account. For example, request or send money, send an invoice or offer PayPal Checkout on your website.
A confirmation email will be sent to your email address. Activate it to use the features in your account.
To change currency, click on the three vertical dots beside PayPal balance and select ‘Go to Money page’.
For example if I want to change primary currency to MYR, click ‘Make primary’ link below it.
Click ‘Make MYR Primary’ then click ‘Done’
MYR is now primary currency in your PayPal business account.