Whether you are starting a new business or you already own one, then you can set up a PayPal business account. This is absolutely necessary if you are accepting payments, expanding the payment options you offer, and managing daily sales online with a standard or high-risk merchant account.
You can easily open a PayPal business account by following this step-by-step process. You will be amazed at how easy it is to add a payment button to your website, send invoices, and create a shareable link on your own.
Setting Up a PayPal Business Account
- On the PayPal homepage, click the ‘Sign Up’ button on the top right.
- Choose Business Account and then click ‘Next’.
- Enter your email address and then click ‘Next’.
- Create a login ID and password and then enter your business contact information.
- You can input some information about your business such as the employer ID number and your social security number if you are the sole proprietor.
- Enter your website address and then click ‘Continue’.
- To verify your identity, prepare for additional questions regarding personal information.
- An email will be sent to you to verify the information you have submitted.
Unless there was an issue with the information you submitted, your account should be ready for use if you have followed these steps.
While this payment system offers many features similar to a bank, PayPal cannot serve as your bank account and therefore cannot offer all the financial services a traditional bank can provide. That being said, you can absolutely link your PayPal account to a business bank account to help you manage your funds.
Linking Bank Account Information
After you have set up your PayPal Business account, it’s time to link a bank account so you can transfer your funds. In order to link the business bank account to your PayPal business account, the following information is required:
- PayPal Business account username and password
- Name of the bank, routing number, and bank account number
- Username and password for online banking
How to Link Your Bank to Your Paypal Business Account
- Log into your PayPal Business account.
- Click the ‘Money’ button on top of the page.
- Click the ‘Link a new bank’ option.
- Choose the bank you want to link. If you can’t find your bank in the list provided, click on the ‘Don’t see your bank?’ button at the bottom of the page.
- Some banks will link in an instant with your online banking information. Other banks will require you to enter the information manually.
- Click ‘Agree and Link’.
Note that PayPal will make two small deposits into your bank account within 3 days after successfully linking your bank account information.
After verifying the deposits in your bank account, follow these steps.
- Log into your account
- Click the ‘Money’ button on top of the page
- ‘Confirm’ the bank account by clicking the link
- Enter the two deposits made to your account in the exact corresponding amounts made.
- Click the ‘Submit’ button.
Now that you have set up a PayPal business account, you can not only be able to create and send invoices, but you can share the link via social media, email, or even text.