Table of Content
2. The rise of PayPal
3. Why it’s so popular
4. PayPal merchant tools you need to know
5. The benefits of a PayPal business account
6. Upgrade from your Personal account into a Business account
7. Set up a PayPal business account
When it comes to online payment, I believe many people would agree that it should have a worldwide network that allows anyone to reach anyone in real-time, at any time, through an intuitive experience, and at a low cost. Payment gateways are significant because they act as the "middleman," facilitating transactions between merchants and customers.
PayPal is one of the most common payment methods among the many options. It is accepted for payment on numerous websites and is increasingly widely accepted at brick-and-mortar shops. This post will look at what PayPal is, why it's so popular, and what features you can utilize from your PayPal business account to help your business expand.
The rise of PayPal
PayPal is a global e-commerce company that allows payments and money transfers through the Internet. PayPal is one of the most widely used online payment systems, with millions of consumers and businesses using it worldwide. PayPal offers a wide range of features and services that make it a convenient and safe way to make online payments.
PayPal was one of the first digital payment innovators, achieving tremendous development in its first two years before being sold to eBay in 2002 for a stunning 1.5 billion dollars. In the years after the acquisition, PayPal grew even further, reaching 100 million members by June 2010. However, PayPal was divested from eBay in 2014.
PayPal is currently available in 200+ countries and 26 currencies. Over 250 million individuals use PayPal to pay for products and services online. It is accepted as a payment method on around 54% of all E-commerce websites and has 28 million merchant accounts. And according to PayPal, roughly 84 percent of online consumers have a PayPal account, making it almost as common as credit and debit cards - at least in E-commerce purchases.
Why PayPal is so popular
Individuals and businesses widely adopt PayPal all around the world for a variety of reasons.
- Easy to use. PayPal is widely used in many parts of the world because it makes purchasing and selling goods and services simple and convenient. It enables users to pay for items or services with a few mouse clicks. Furthermore, PayPal consumers no longer rely on banks or other financial institutions to execute transactions.
- Safe and secure. PayPal uses a range of security measures to secure its users' financial information, including encryption and fraud prevention. PayPal also provides a buyer protection policy that covers customers if they do not receive the goods they ordered or if it is not what they expected.
- Multilingual and multi-currency support. PayPal operates in nearly every country in the world. PayPal supports all the major currencies, from the US and Canadian dollar to the Euro and the British Pound Sterling. Regarding language support, you can use English, Spanish, French, Japanese, and many other languages.
- First-mover advantage. PayPal was one of the earliest solutions on the market. Therefore, it has a leg up on competitors in terms of brand awareness and customer loyalty.
- Lower fees. PayPal stepped in with no monthly payments. Additionally, it introduced a 2.9% per transaction fee plus an additional 30 cents. To be clear, PayPal has no fees when sending money to merchant sites like Amazon, casinos, eBay, and Forex trading websites.
PayPal Business account
You may have used PayPal a few times as a consumer. However, now that you're running an online business, you may be curious about what this popular platform offers as a payment system.
PayPal merchant tools
PayPal is primarily targeting small and medium businesses. It allows companies to accept payments from customers around the world and offers several tools to help businesses manage their finances. Here is a list of merchant tools provided by PayPal.
- PayPal payment options
PayPal accepts various payment methods, including credit cards, debit cards, Venmo, PayPal, and PayPal Credit, which allows users to spread their payments out over time (with credit approval). Payments can be made online, in person, or by invoice.
- Send an invoice
The invoicing service offered by PayPal is free, and it allows you to rapidly create and distribute prebuilt or customized invoices to consumers by email or a shared link. The service accepts partial payments and even tipping. You can also view billing history, track payments, and send reminders.
- PayPal shipping
PayPal offers a fee-free shipping service that includes discounts on USPS and UPS shipping labels. You may use your PayPal account to buy and print shipping labels (individually or in batches) and track goods. The service automatically saves your tracking numbers for PayPal Seller Protection.
- PayPal Business app
The PayPal Business app is available for both iOS and Android. You can download it on the App Store and Google Play for your mobile phone or tablet. It allows you to check your account activity, make invoices, transfer payments, and issue refunds. You may also use your mobile to examine customer transaction history, import contacts, and contact them directly.
- PayPal business debit card
With the PayPal Business Debit MasterCard, you may use your PayPal balance everywhere MasterCard is accepted. On qualified purchases, the average reward rate is 1%, and you may use it to get cash at ATMs.
The benefits of a PayPal Business account
Starting or growing your business can be challenging, especially in the beginning. All of the tools and services that come with a PayPal Business account give you a solid foundation.
- Win the trust of customers
PayPal is well-known and trusted by buyers. People don't know you or your company, and seeing the PayPal logo instills a sense of trust. According to statistics, 51% of US customers trust businesses more if PayPal is accepted, and 37% are more ready to buy if PayPal is allowed. A high level of trust correlates to a better conversion rate.
- Strengthen your business
PayPal provides you with invoicing and accounting tools to manage your finances. You can quickly import your PayPal transactions into partners like Intuit QuickBooks, then modify, classify, and match transactions to keep your books correct and updated.
- Link with PayPal partners
Shoplazza partners with PayPal to offer your business a helping hand. With tools and resources from us, you can build or upgrade an online store, manage your finances, and more.
Upgrade from your Personal account into a Business account
So far, we’ve covered the most critical aspects of PayPal’s business solutions. If you only have
a PayPal personal account right now, you can upgrade it into a Business account for free to unlock all the features we mentioned above.
To do so, first of all, log in your PayPal Personal account, go to Setting, and click Upgrade to a Business account.
Next, enter your business information like your business type, legal business name, contact information, etc.
Click Agree and Upgrade Account, then you will have your personal account successfully switched into a business account.
Setup a PayPal Business Account
If you are new to PayPal and don’t have a PayPal account yet, you can also register a PayPal business account directly.
To get started, navigate to the PayPal website and click the Sign-Up button.
Enter your email address and password on the next page and click the Create Account button. Once you have created your account, you will be asked to provide some basic information about yourself. This includes your name, address, phone number, and type of business.
After registration is done, you will be able to log in to the admin and set up your account preference on how to accept the payment.
PayPal, the longest-serving digital wallet and now a trusted household name, continues to serve shoppers and retailers with ease and convenience. It enables businesses to take payments from customers all over the world and provides a variety of tools to assist businesses in managing their finances. In my upcoming post, I'll dive into PayPal’s Business solutions for SMBs, with a special focus on express checkout and PayPal's integration with Shoplazza. Stay tuned!