Join Christopher Matthew Spencer for an in-depth discussion in this video Setting up a personal or business account, part of PayPal Essential Training.
- PayPal users can send and receive money for virtually any reason. My focus in this course is commerce, so we'll set up a PayPal business account with an emphasis on using it for selling products and services. Personal accounts do look slightly simplified as compared to a business account. If you're shopping online, and you're sending and receiving money between friends and family members, a personal account will do. If you're doing any sort of business online, you'll need a business account. Both types are very easy to open. In order to do business with a PayPal account, you'll also want to accept credit card payments, and you'll want to gain access to the tools that are offered with a business account.
Both account types allow you to fund payments using a PayPal balance, a bank account, a credit or a debit card. So let's take a deeper look. A business account is ideally suited for you if you're running a business, and you'd like to accept PayPal when you're selling online. You can also accept payments in person. This account type allows you to accept credit and debit cards. You can also use this account seamlessly with eBay. An added bonus is access to a PayPal debit card that you can use to spend your PayPal funds.
This is very convenient because there's no cost for using the debit card, and it has a MasterCard logo. Business accounts are recommended for merchants of all types. This account allows you to display your company name to customers, accept debit cards, accept credit cards, and accept bank account payments. You'll gain access to valuable tools, such as Express Checkout, and you can allow up to 200 employees to have different levels of access to your account that you control. Just like a bank account, your PayPal balance is FDIC insured for up to $100,000.
Business accounts permit you to set up subscriptions and recurring payments with your customers. They also allow you to send bulk payments to hundreds of people at one time. To get started, click on the signup link on the top right-hand side of the site. Here you'll be presented with two options. We'll be opening a business account, so I'll go ahead and click on that choice. You now have two additional choices. If you'd like a free account, PayPal Payments Standard is your best choice. PayPal Payments Pro allows you to accept cards over the phone, by fax, or through the mail and to customize the checkout look and feel for your customers.
It comes with a reasonable monthly fee. However, for my purposes, I'm good with the free account. I don't currently need to accept phone payments, and the majority of my customers pay through eBay anyway. So a custom checkout experience isn't an extra value for me. Go ahead and enter your email address. Complete the captcha and then click next. Be sure to select a password that's easy for you to remember, but it's hard for anyone to guess. Be sure you enter only real information here.
Then click agree and continue. You can read over the agreements and policies, and when you're done, click agree and continue. Next you'll need to explain the nature of your business to PayPal for statistical purposes. Enter in all the details requested. Then enter in your taxpayer ID number, and then go ahead and enter in your website and click continue. You now have to verify your identity in compliance with the Patriot Act. This is a mandatory security feature for all financial institutions.
My new account is now ready to receive money, so I'm going to go ahead and answer these questions and explain to PayPal how my business will receive money: on my website with online invoicing, on eBay, and in person. And then I'm going to click continue. I'm going to go ahead and sign up for the PayPal Here card reader because I'd like to accept cards in person using the PayPal card reader which slides credit cards and debit cards.
Go ahead and review or update your business information and enter your tax ID number and then click continue. Go ahead and enter your mobile number and confirm your personal information. In this screen, PayPal will identify you using a third party company, and you'll need to answer some questions to make sure that you are who you say you are. And then click continue. In this next screen, PayPal will ask you if you'd like to use a PayPal MasterCard.
I recommend ordering the debit card now. Now I have to go back to my email and check for a confirmation code, which I'll fill in right now. Copy and paste the confirmation code from your email and then activate your account. If you'd like to send yourself a link to download the PayPal Here app, you can do that in this step. Now that I've finished these basic steps for signing up, I'm going to go back to the PayPal website, and I'm going to finish my business setup. You'll need to sign in for the first time.
Now let's discuss how to access the account setup. Since this is the first time I'm logging in to my brand new business account, I'm presented with some tool tips in these little bubbles that you see here, and I'm going to go ahead and dismiss them and go right to setup. Notice this icon up here. I'm going to click on that, and then I'm going to click on my name. And you'll notice from here, you can make changes to your profile. The left side has four sections plus quick links. Go ahead and explore these sections on your own.
The business information section contains your essential contact information. It's important to keep this current. Of particular interest here is the email section. Outside of eBay, if someone wants to pay you, they'll use your email address to send the payment. You can also add or remove multiple email addresses at any time. The My money link is where you manage bank accounts, cards on file, and pre-approved payments. Pre-approved payments are authorizations you've given to others to charge your PayPal balance.
Under My settings you can tweak your settings and set up notifications. It's also where your business account holders can grant limited access to employees. My selling tools takes a deeper dive into your PayPal account. I encourage you to check out the information here on your own. While I've still got some housekeeping chores to do, I'm going to do that on my own time. We're going to come back to the banking stuff in the next movie. To ensure the security of your account, you also might want to take a look here, under My business info, and add some security questions to enhance the security of your account.
That completes the core items needed to get started. This account is now ready to receive money.
The course then covers making payments, sending invoices, setting up payment buttons, running reports, and refunding payments with PayPal. It also shows how to use the PayPal Mobile app as well as the PayPal Here credit card reader for face-to-face purchases and as a point-of-sale system for retailers. Lastly, Christopher Matthew explores PayPal shipping as well as tips for avoiding transaction disputes and accepting donations for nonprofits.
- Setting up an account
- Understanding PayPal protection for buyers and sellers
- Sending money
- Sending payments
- Requesting money
- Connecting PayPal to ecommerce sites
- Searching transactions
- Adding and withdrawing funds
- Using PayPal Mobile
- Using PayPal Here's point-of-sale solution with a card reader
- Shipping packages through the post office and UPS with PayPal
- Avoiding transaction disputes