PayPal provides various account types, which work depending on whether you wish to sell and buy with PayPal as an individual or you want an account with your business name.
PayPal business and personal accounts provide different types of service.
Would you like to learn how to change business name on PayPal? The two types of accounts feature different fees.
Before you consider creating a PayPal Business account, it is vital that you first read and understand its conditions and terms.
Confirming everything is vital, especially if you would like to use the business account to trade overseas.
how to change business name on PayPal
- Log in the Business PayPal account
- Click on the Business Profile button present near “Log Out.”
- Next click on Profile and Settings
- Next to the name, click on Change
- Select the Business Name (Business Name Change)
You may wish to change the name on your PayPal account in a case where you misspelled whenever you change your business name legally.
In any case, you could make changes to your contact name if you have a business account.
Nevertheless, you can never change the contact name to another person’s name.
STEP1: Log in the Business PayPal account
STEP 2: Click on the Business Profile button present near “Log Out.”
STEP 3: Next click on Profile and Settings
STEP 4: Next to the name, click on Change
STEP 5: Select the Business Name (Business Name Change)
STEP 6: You can complete the of how to change business name on PayPal instructions by clicking Continue
It is important to note that based on the type of name changes you make, PayPal may request you to fax or upload the necessary documentation.
The period to review any changes you make to your PayPal business name could be around three to five days.
Why Choose PayPal For Your Company?
PayPal allows you to get and access your money quickly.
The money often appears in your PayPal account within minutes after your customers complete the orders.
After the money appears on your account, you can trade with your PayPal card wherever PayPal works.
You can also easily withdraw the funds into your bank account. Above all, you can get to enjoy easy access to money in your PayPal account using your PayPal Debit Card.
All in all, PayPal enables you to enjoy 1% cash back on every purchase you make.
PayPal operates the same or even better than most other credit card processors.
The company charges a fixed percent as well as a transaction fee on sales that you make.
All the same, the reason why you should consider PayPal dramatically is that it charges no additional fees for set up, cancellation, withdrawals, statements, and downgrades.
Such small costs add up to considerable amounts over time.
As much as you wish to learn how to change business name on PayPal, you need to understand that the platform makes everything free and flexible for your clients to purchase your commodity or service.
In some other cases, PayPal may also work for clients who do not even have a PayPal account. The company will enable your business to make a transaction in more than 25 different currencies.
The payment method features a top-class built-in mobile checkout that will please your clients who love to use a Smartphone.
PayPal boasts of a pre-integrated layout that is compatible with most other e-commerce platforms.
You can add PayPal as an alternative method of payment if you already take credit cards online. With time you will come to realize why you should make it the sole means of payment on your business site.
You can easily follow the instruction PayPal provides to add it as a method of payment on your website once you sign up.
How to Create a PayPal Business Account
This article presents information that mostly bases on US PayPal business accounts.
Although we trust that PayPal services are similar across the globe, it is prudent that you check on the small print and details if the company has any additional regulations for your area.
The procedure to set up a PayPal business account is straightforward and quite quickly.
The most important thing is to make sure you acquire some necessary information about how it works first.
It is essential that you first compare it with other types of PayPal available to see if it suits your needs before setting it up.
The procedure is as follows:
STEP 1: Visit paypal.com and click on Sign Up.
STEP 2: Next, choose the option to sign up for a business account.
STEP 3: Check for and select the PayPal business account package that best suits your needs.
STEP 4: Provide the emails address that you would like to link up with your PayPal
STEP 5: Next, you will select a login option, a secure password, and the necessary info about the business account.
STEP 6: PayPal will ask you to share information regarding the kind of business you operate and the anticipated or actual income.
STEP 7: The platform will also ask for the Federal Tax Identification Number, or the FEIN (Federal Employer Identification Number) or the EIN (Employer Identification Number)
STEP 8: Finally, you will provide your date of birth and social security number so that PayPal may confirm your identity. PayPal will approve your accounts instantly as long as you provide all the necessary info.
Do I Need a PayPal Business Account?
It is not all about how to change business name on PayPal.
Are you in a puzzle on whether or not to open a PayPal Business Account for your company? PayPal is now the world’s largest online transaction service firm.
Therefore, your company deserves its own PayPal account. You get to enjoy a series of other advantageous features that the regular PayPal personal account does not offer.
The best part of it is that you will encounter no charges to set up the account. Nevertheless, it is vital to note that a PayPal business account is official and demands a lot of business details.
Why Should I Accept Payment Via PayPal?
You can run most of your business transactions via PayPal.
The good this is that with a PayPal business account, you can accept online payment through the platform, as well as in your business office or store, by phone, and through a mobile card reader.
Most of the people who do shopping online mostly accept payment via PayPal.
PayPal comes with features that allow it to process payments using major debit and credit cards.
As we mentioned earlier, the platform does not involve any cancellation fees, set up fees or monthly fees.
Above all, PayPal does not come with any minimum processing guidelines.
Besides, you can use credit card payments via PayPal if you find it challenging to use PayPal itself as a payment method for your clients.
You can also provide a check out button for your customers on your website using PayPal.
The fees of processing payment with a PayPal business account if as follows:
In the case of any online transactions, the platform will charge 2.9 percent of the amount you wish to transact, plus an additional flat fee of around 30%, in a case where the funds come from within the US.
The fee might rise to 4.4% for money coming from other countries.
These charges also come with an additional plus flat fee that may change according to the currency.
In the case of transactions you complete from your store that charge could be around 2.6% for money coming from the US, and 4.2% for money coming from other countries.
These rates also come with a flat fee, and you may incur more charges if you accept payment in other currencies.
While you struggle to learn how to change business name on PayPal, you should also understand that you can apply for the PayPal merchant rate if your account processes at least $30,000 every month.
The PayPal merchant fee enables you to lower your processing fees.
All in all, the platform also provides different premium accounts that may feature different transaction fees, various features, and monthly fees.
PayPal fees are among the most affordable payment methods, and you have the reasons to choose it over the credit cards.
Even though you should always note that PayPal fees are subject to vary, just like it is for most other processing companies.
The trick is to make sure that you always shop around for you to get the best terms and rates available at that very time.
Does PayPal Business Offer Credit for Clients?
PayPal credit features its different terms and credit for your clients.
This feature is more profitable than the terms most other credit cards provide.
For instance, your clients shall pay no interest so long as they settle their overdue within six months for the purchase of about $99 or even more.
You could use this feature as an incentive to attract clients to purchase from your firm instead of going to your competitor, who does not provide PayPal credit.
Does PayPal Business Offer Any Loans?
If you acquire a PayPal business account for your company, you get to enjoy access to two types of loans. They include:
PayPal Business Loan – Once you sign up for a PayPal business loan, you may qualify to apply for a $5,000 to $500,000 mortgage.
The platform would allow any business with over $42,000 in annual revenue to use and acquire the loan.
A company that transacts consistently for nine months on PayPal gets a higher chance for loan consideration.
PayPal Working Capital – The Platform allows users to borrow $1,000 to $125,000.
Your PayPal business account should run consistently for 90 days.
You should transact at least $15,000 vial the account over the previous 12 months.
Are There Any Alternatives for PayPal?
You might wish to check out what other online transaction companies offer if you want to shop around the world with other available payment processing platforms.
They include companies such as TransferWise, Stripe, WePay, Google Wallet, Dwolla, Apple Pay, and Amazon Pay.
These other payment methods are also popular among some other businesses that make international transactions.
However, you should understand that some other companies that provide invoicing programs, for example, wave, QuickBooks, and FreshBooks might not accept ACH and eChecks bank transfers from your clients.
What are the Risks of Using a PayPal Business account?
Just like it is for most other platforms that transact online, there is usually some sort of risk that someone might access your account information.
Besides, PayPal recommends that you make sure that you link your PayPal business account with your Bank account.
When completing this setup, PayPal would ask you to share info regarding your password and ID for your online banking.
As a result, there are possible chances that a dishonest employee among the PayPal staff would successfully hack into your account, access it, or even wipe it from the system.
PayPal is popular with freezing of accounts, without explanation, and with no warning at all.
They will limit your access to the money unless you resolve the issue the system may identify on your account.
Remember that PayPal is not a bank, and no one subjects them to the rules of banking.
Above all, your funds available in your PayPal business account lack any sort of FDIC insurance.
You need to weigh the benefits versus the fees, risks, and charges so that you can figure out if PayPal is the right payment method for your business.
You should figure out if accepting payment via PayPal will bring any considerable value to your company.
Make sure to compare it to other payment methods that you can access.
In any case, if you use PayPal business to make any sort of international transaction, you may wish to make sure that you understand the costs that the platform features.
The fact is that over time these costs will add up. Generally speaking, the costs add up to a more considerable amount that you can imagine.
The fees that PayPal business accounts attract on international transfers are split into different categories and may vary from one country to the other.
The charges also vary according to the method you pay to PayPal and the location of the recipient.
In other words, transfers that acquire funds from the bank account you linked or with a balance that already exists in the account are cheaper.
You may end up with transaction fees of 3.4 to 3.9 percent of the amount you send, especially if you add in payment in whole or part using a debit or credit card.
For instance, PayPal could add a spread of 2.5 to three percent on top of the exchange rate it applies in regards to PayPal currency conversion rates.
The fee most times surpasses the charges PayPal states upfront.
Do I need a PayPal Business Debit Card?
You can also activate your PayPal business debit card if you sign up for a PayPal business account.
You can use the card to make payments, use ATMs, and above all, earn points.
You will have to log in to your business account and follow the steps if you want to activate your PayPal business debit card.
Apart from earning your rewards, you get to enjoy no annual fees if you enable your PayPal business debit card.
However, the following fee will as well apply:
- One percent fee for any foreign transactions
- $3 if you select the counter withdrawals
- $1.5 fee for international withdrawals and ATM domestic
What are the Differences between a PayPal Business Account and a PayPal Personal Account?
Now that you have a proper understanding of how to change business name on PayPal, what else should you learn?
Depending on your business expectations, there are different types of PayPal accounts that you can choose to use.
The significant differences between a personal and a business PayPal account include:
- PayPal personal accounts can be a perfect option if you intend to shop on the internet and receive or send personal payments to family and friends.
- PayPal business accounts are ideal for registered businesses. They offer more features, such as providing employees with limited access to the account.
- On the other hand, PayPal Premier Accounts can be a perfect option for individuals who are a casual seller but do not operate any officially registered business.
How Do I Delete, Close, or Deactivate my PayPal Business account?
You will have to empty your PayPal account before you delete, close, or deactivate it. You can empty the account by withdrawing or transacting electronically.
The procedure to close your account is as follows:
- Visit paypal.com and log in to your PayPal business account.
- Next, click on Profile and Settings.
- Go to My Settings and select close my account.
It does not matter with what drives you to choose a PayPal business account.
It is always important to first check on and make sure you understand the fees that PayPal applies to various sorts of transactions.
Make sure, especially, if you work with suppliers or customers overseas, that you are familiar with the charges that platform initiates on international sales.
You should also understand the makeup it applies to currency conversion.
All in all, PayPal is a safe method to transact money online.
Several companies that operate online use the company to complete their transactions.