As a merchant looking for activation of their PayPal Business account, its business set-up, processing, PayPal business fees, and torn between availing Premier or Business account, we’re here to give you a quick guide on how to upgrade or set up a PayPal Business account for your company.
Paypal in the Philippines have been a common form of online means of availing products or receiving payments from our customers.
As one would say, one of the best tips about online business is that you can use your PayPal business account to get payments instead of meeting the customer personally wherein you have to consider the traffic, effort, and fare that’s not really business wise.
Why we need to upgrade PayPal from personal to premier/business account?
Business in all its forms, may it be individual, sole proprietorship, partnership, private company, public, non-profit organization, or government and even those business that doesn’t have business permit yet may avail this vital business account from PayPal.
But why should you upgrade o even create a PayPal business account?
The thing is PayPal business account can help you in various ways you might never know. First, let’s walk you on the two types of account that can help you decide on what kind of account you’d like to have.
There are two major accounts that you may want to choose from PayPal, that is Premier and Business.
Premier Accounts are for those individuals that have high transaction volume and accept credit card payments. On the other hand, Business Accounts, enable companies or group name to accept low payments from customers that doesn’t have PayPal.
Benefits of Premier and Business Accounts
Through Premier and Business Accounts, you can do the following;
- Send money to anyone with an email address
- Request money from anyone with an email address
- Accept PayPal directly from your auction listing
- Accept payments on your website
- Send and receive international payments
- Download your account history into a spreadsheet or Quicken
- Accept unlimited credit card payments
- Multiple Logins for employees of a company
- Access 7 day-a-week customer service call center
- You can have multiple business accounts, just ensure that these accounts are link to different bank accounts or credit cards.
- There are no monthly fees for any of these created business accounts.
- You’ll just need to pay $35 monthly for these accounts, and
- Utilize Website Payment Pro where in you can link your PayPal to a shopping card and charge credit cards without asking your customer to go to PayPal.
But there’s also an account for personal use, if you’re interested. This type of account can be used when you want to shop on eBay or on other merchant websites using credit card, debit card, or bank account. You can also receive and send money from your relatives and friends, and accept debit, credit card and bank account payments for low fee when you sell some of your own products on eBay or your personal website.
How much is the PayPal business account fees?
PayPal charges no monthly fee for your business account, you’ll just have to pay after you made a sale and the currency conversion fee shall be applied to overseas payments.
- Selling is 4.4% + $0.30 USD per sale, or lower.
- Sell on website, through invoice or email payments – 4.4% + $0.30 USD
- Selling on eBay – 3.9% + $0.30 USD
- International sales – A currency conversion fee may apply.
- Discount for Merchants – You may avail discounted merchant rates when you meet a qualifying calendar monthly sales volume and keep your account in good standing order.
Quick Ways to upgrade my PayPal Personal Account to a Business Account?
To upgrade your current PayPal Personal Account to a Business or Premier Account:
- Go to https://www.paypal.com/UPGRADE and log in to your PayPal account
- Click the Upgrade Now button at the bottom of the page.
- The next page will allow you to choose a personal Premier Account or a Business Account. Simply select which type of account you would like, and click the Continue button.
- If you have selected a Business Account, you will be asked to enter your Business Information and click Submit.
Alternative Steps to Upgrade Your PayPal Account to Business Account?
Go to your Settings.
Click Upgrade to a Business account.
Enter your business information and click Agree and Continue.
Step 1. On the left side you will see the Upgrade to a Business account
Step 2. Choose What is the type of the business.
Individual, Sole proprietorship, Partnership, Private company, Public company, Non-profit organisation, Goverment entry.
Step 3. Tick How do you want to manage your business account. It’s free to create your business account. You’ll only pay a fee to get paid for good and services.
A. Ugrade my current account to a business account – Combine your personal and business transaction. Use the same email address you use now to log in.
B. Create a new business account – Keep your personal and business transaction separate. Use a different email address to log in.
Step 4. Provide Business Name, Phone Number, Address and Your Primary currency.
Step 5. About your business Category: Arts crafts, and collectibles; Baby; Beauty and fragrances; Books and magazines; Business to business; Clothing, accessories, and services; Education; Electronics and telecom; Entertaiment and media; Financial services and products; Food retail and service; Gifts and flowers; Goverment; Health and personal care; Home and garden; Pets and animals; Religion and spiritualy (for profit).
Step 6. Provide information about the owner, Nationality, Date of birth, home address and identity document (Passport, Driver’s license and National ID)
Step 7. After which, you can now set up your payments.
PayPal Business Accounts will enable you to have transactions under a company or group name, while the Premier Accounts will allow you to have transactions under your personal name.
The fees and features for Premier and Business Accounts are the same.