PayPal is a much loved online payment system for individuals wanting to buy goods online, however, PayPal’s commerce platform is especially designed to meet the needs of businesses trading online.
Being one of the first financial service technologies, PayPal is time tested. On its website, PayPal describes its service as providing, “An easy and quick way to send and request money online. You can transfer money (abroad) to family, friends, online shops, and auction sites like eBay.”
Setting up a PayPal account for your business is fast and straightforward, allowing you to get trading as soon as your bank is linked.
The first step to setting up an account for your business is to fill out the online form. To do this, select the business option under sign up.
All you need for the first step of the process is an email address and your business details. Once you have filled out the online form you will receive an email to confirm your account.
Once your email is confirmed, you will have access to your business account.
Linking bank accounts
The next step is to link the bank account you wish to trade from. You can link up to eight Australian or American bank accounts to your PayPal account.
You will find details on how to do this t under the “Money” tab. Linking a bank account can take from 1-3 days depending on your bank.
To verify your bank account PayPal will deposit two small amounts into the linked account. You will need to find these transfers and confirm them with PayPal. This is to ensure your money will be coming from and going to the right account.
Linking credit and debit cards
One excellent feature of PayPal’s ecommerce platform more is its ability to be integrated to payment solutions, such as:
- Online store fronts
- Ecommerce platforms
- Shopping carts
To do this, add PayPal to your cart setting on whichever platform you are using. Or, you can use PayPal as an add-on or extension from your cart’s partner list.
There are also options for custom build or larger trading platforms in the form of API’s. For this head to PayPal’s Developer Centre.
PayPal’s ecommerce platform can also handle your invoicing. For this, head to “Tools” and then to “Invoicing”. Here you can set up your invoice templates and enter item and customer details.
Finally, PayPal can also be used on online marketplaces such as eBay, Etsy and others. To access this service, link your PayPal account to the payment setting on your marketplace account.
PayPal is an easy to use financial technology service catered to online business. Should you have any trouble in setting up your account PayPal can be contacted here: get in touch
Read more: How to use payment service Stripe