PayPal Merchant Accounts 2021 | PayPal Business
PayPal is one of the most innovative outcomes of the Fintech industry. The virtual money transfer app lets you send money from one corner of the world to another with just a tap. This makes payments and transactions seamless and is also a major step towards making transactions cashless. The company was founded by Elon Musk in 1998 and has been a benchmark for online payments since then. The platform has opened a wide array of possibilities for merchants all around the world. Bank transfers usually take 2–3 days to reflect in your bank account. However, paying via PayPal makes the transaction fast and easy, and the amount reflects in your bank account within a few hours.
This also opened multiple possibilities for online merchants. Online merchants could now broaden their consumer base and go international. Online merchants could now directly interact with their consumers and carry forward the payment without relying on a third-party payment gateway. It is not even very difficult to set up your PayPal merchant account. There are a few simple steps that you need to follow. PayPal has the option of creating a merchant account for people who want to receive regular payments for their business.
You need to visit the PayPal website and choose the option of signing up. In the next step, you need to choose to open a business account and then click “Next” to move on with the process. Following that, you need to enter your email id and after creating a login ID and password, you will be all set to go. It is a free process, users do not need to pay any registration fees to open an account. You need to sign up and start the transactions.
There are multiple benefits to the PayPal merchant account. To start with, users do not need to have to pay any monthly maintenance payments. The set-up process is lighting fast, and you do not need to run your brains while setting up the PayPal merchant account. There are very low barriers to entry, which makes it accessible for a lot of people. The easy e-commerce integration makes it a proper marketplace for merchants.
Users can choose to get paid online or in-person in the U.S. or from anywhere in the world. You can also get cashback with the PayPal business account debit card. This is an additional advantage of the PayPal merchant account. You can add your debit card or credit card without any hassle. The app will get linked to your bank account to make the transactions even smoother. Having a PayPal merchant account has another benefit in the form of PayPal Business Loans and Working Capital. To get approved for Business loans, one needs to pass a credit check and the business must be at least nine months old and make at least $42,000 in revenue.
These are some major benefits of having a PayPal merchant account. Easy to set up and easy to use, even for people who are new to the technology.
