If you’re using PayPal for your personal use, you probably don’t need a business account. You might even use it to split dinner bills with your friends. But if you plan to accept online payments, you’ll need a PayPal business account for the tools and loan options that are available for businesses. Here are three benefits of having a business account:
First, create a new email for your business. Make sure it’s unique and unrelated to another account. You’ll also need to provide a business name, Tax ID or Social Security number, and a physical address. You can’t use a PO Box, so be sure to have a street address. If you’re not a business owner, you can still apply for a PayPal business account.
A PayPal business account is free to create. You will have to pay transaction fees, but you won’t pay any monthly fees for it. Unless you plan on making large amounts of money with PayPal, it’s wise to have two bank accounts, one for business and one for personal use. That way, you can track payments more easily, complete taxes, and gauge the growth of your business. PayPal business accounts require the same information as a personal account: email address, contact information, and bank account. A dedicated business bank account is strongly recommended, but not necessary.
After deciding whether or not you’re ready to start accepting online payments, you’ll need a PayPal business account. This account allows you to accept payments in your store, accept online payments, and send invoices. You can even set up recurring payments, accept payments online, and accept credit cards and debit cards in your store. You can also connect to online marketplaces with your PayPal business account.