PayPal is one of the world’s most well-known online payment service providers (PSPs). A PayPal business account enables new and existing businesses to accept and process credit card payments, debit card payments, and other payment methods in over 25 currencies and from over 200 countries. Rivals Square and Stripe operate by collecting a tiny percentage of every transaction done on their site.
It’s also quite simple for your customers to use a PayPal business account to check out and make transactions. They do not need to have a PayPal account to shop (they may do so as a guest), and they can pay using any of the following methods, both online and in-person:
- Debit cards
- Credit cards
- PayPal credit
Debit cards and Credit cards accepted by PayPal business accounts
- American Express
- Diner’s Club
Private label cards and procurement cards, such as those from department stores, are not accepted. Non-Visa or Mastercard debit cards that need a numeric password are also not accepted.
Paypal was bought by eBay in its early days, and it’s often considered to be one of the most reliable PSP solutions for e-commerce firms. It integrates with hundreds of commerce systems, including bespoke online stores like WooCommerce and Magento as well as specialised online markets like eBay and Swappa.
PayPal Here, which includes a mobile app and a range of card readers, is available with a PayPal business account.
Over the years, the PSP has expanded its services to include everything from a launch kit for newbies to shipping assistance for those who need to deliver products, as well as lending options for veterans looking to advance their careers and reporting for those who want to better understand where they’re succeeding and where they can improve.
Types of PayPal Business Accounts
PayPal Payments Standard: There is no monthly maintenance cost for this basic PayPal business account, and account users can accept all of PayPal’s payment methods (except for payments made via phone, fax, or virtual terminal). It also comes with all of the regular PayPal business account features, such as toll-free phone assistance and easier PCI compliance.
PayPal Payments Standard is a great choice for new businesses as well as those who prefer a simple checkout option on their website or through their e-commerce platform provider. Customers are sent to PayPal’s website to make their payment and then redirected to the business’s website.
PayPal Payments Pro: PayPal Payments Pro is a step up from the standard account, with all of the benefits of the basic account plus the option to take payments through phone, fax, or virtual terminal.
This account also provides owners full control over their checkout pages, making it ideal for anyone looking to take their e-commerce site to the next level. When making a payment, customers never leave the company’s website.
This service, unlike PayPal Payments Standard, has a $30 monthly maintenance cost.
PayPal Business Account Merchant Services
Aside from payment processing, a PayPal business account offers a variety of other features. Some of these are available in the accounts listed above, such as invoicing and PayPal debit card eligibility, but others need an extra application or development effort.
PayPal Checkout adds Smart Payment Buttons to your e-commerce site that allows users to buy your goods and services with one click, bypassing a tedious order process that involves long, complicated forms. PayPal then provides you with the customer’s contact information and shipping address, if appropriate.
PayPal offers working capital and business loans. One of the most serious issues that a growing company confronts is cash flow. The PSP makes it very easy for businesses with a PayPal business account to acquire the money they need to continue developing with PayPal Business Loans and Working Capital.
The main distinction between the two is that PayPal Business Loans offers loans ranging from $5,000 to $500,000, while PayPal Working Capital offers loans ranging from $1,000 to $300,000. You must pass a credit check and have been in business for at least nine months with at least $42,000 in revenue to be eligible for a PayPal Business Loan. If your payback periods are between 13 and 52 weeks, you can establish a fixed rate.
PayPal Marketing Solutions is a service provided by PayPal. PayPal Marketing Solutions is included with PayPal Payments Standard and Pro accounts, just like the complementary invoicing, shipping, and debit card options. This useful set of features includes information on how frequently your consumers shop, how much they spend, and how they engage with your checkout process. All you have to do to enable this service is copy and paste a piece of code onto your website.