Whether you’re looking for a new business idea, want to turn your favourite hobby into a legitimate business idea or already have an established business that you want to grow and expand, figuring out how you can get paid in a quick, easy, hassle-free, and affordable way is often an important operational problem that both new and experienced business owners will need to solve. Processing online payments is especially crucial, with over half of people now paying their bills online and online sales taking over offline sales for the first time back in 2019. eCommerce has seriously changed the way that people buy and sell a range of good and services and has made permanent changes to the way that we do business online, with a range of solutions to make taking and processing payments easier than ever. PayPal is one of the pioneers of the online payments space, and like most people, you may have already used it to make an online payment.
What is a PayPal Business Account?
PayPal is one of the most popular and well-known online payment service providers around the world. Signing up for a PayPal business account makes it quicker and easier for businesses that are just getting started and those who are more established when it comes to accepting and processing both debit and credit card payments. PayPal operates in over twenty-five currencies from more than two hundred countries. Similar to their competitors, PayPal takes a small percentage of the transactions that are made using the platform.
When you have a PayPal business account, it is easy for your customers to check out and make purchases, even if they do not have a PayPal account themselves, as there is the option to shop as a guest. Customers can choose to pay with a range of payments including debit cards, credit cards, PayPal, and PayPal credit.
Features Your Business Gets With PayPal
There are many features that you can enjoy for your business when you sign up for a PayPal merchant account, including real money PayPal withdrawals, for both your business and personal transactions, like if you decide to play at an online casino. Check out Online Casinos to find out more about using e-wallets like PayPal for playing. Some of the best PayPal business account features include:
PayPal Checkout
This feature adds Smart Payment buttons to your website that allow your customers to purchase goods or services with just one click rather than going through a lengthy checkout process with long and complicated forms. Since customers who have a PayPal account will have already provided information such as their contact information and shipping address to PayPal when they signed up, PayPal will pass this information on to you if needed.
PayPal Working Capital and Business Loans
For many growing businesses, cash flow can be one of the main issues that they face. PayPal Working Capital and Business Loans makes it easier for companies that have a PayPal merchant account to get the funds that they need for business growth and expansion. Both of these options are a way to get fast access to cash for your business, with some being approved as soon as the next working day. They are also easier to borrow compared to formal routes like banks which can take weeks or even months with credit checks and piles of paperwork. To qualify for a business loan, your business will need to be at least nine months old, and you will need to pass a credit check. There is also a minimum revenue requirement. On the other hand, working capital has lower barriers to entry, although you will need to have had the PayPal business account for at least ninety days.
PayPal Marketing
PayPal also offers Marketing Solutions, which is a useful suite of features that come as standard alongside the complimentary shipping, invoicing, and debit card options that you will get with your account. These features provide you with useful insights into how often your customers are shopping, how much they spend, and the ways that they interact with the checkout experience. All you need to do is copy and paste a single line of code to your website to enable this feature.
More PayPal Business Account Benefits
Before you decide whether or not PayPal is going to be a useful financial account for your business, it’s worth looking into some of the main benefits. These include:
No Monthly Payments
One of the main reasons why PayPal is still a popular option despite all the competition is that the standard merchant account does not have any monthly maintenance charges. There is no cost to sign up and you can immediately start accessing all the services offered. You’ll only be charged a percentage of each transaction when you actually start doing business.
Fast Setup
You can get up and running with a PayPal merchant account for your business in as little as fifteen minutes. They offer a completely digital registration process that allows you to go through the easy and quick steps to sign up whenever is most convenient for you.
Flexible Payment Acceptance
Another huge benefit of using PayPal is that it’s very flexible in terms of accepting payments. Customers can pay with a range of different currencies making it easier for your business to go global and they can use a range of methods including credit and debit cards, PayPal, and PayPal credit, even if they don’t have their own PayPal account.
Easy eCommerce Integration
You can easily sync your PayPal merchant account with hundreds of different shopping cards and eCommerce solutions. Most of the major eCommerce providers and some of the smaller options will have a simple admin option to select PayPal integration, and all you need to do is enter your login details to link your account and start accepting payments with PayPal right away.
When it comes to choosing a financial account for your business, PayPal might be one of the first options to come to mind. Despite there being more and more options now available for online payments, PayPal is still one of the most popular.