In this chapter we will be talking about how to set up a PayPal business account and get a tax ID number. The essence of getting into business is to make money.
PayPal is the best, safe and most secured way of receiving your money online. To set up your business account, you first need a bank account and can expect an approval period of a few days.
To set up your PayPal business account, here are the major steps that will facilitate easy access:
Step 1. Register an account at www.paypal.com/Business and select your country and preferred language. Once you have your choice of country selected, the page automatically refreshes to display specific policies applying to your region.
Step 2. Select your account type.
Once your business satisfies the policies, you can go ahead and click “get started”, which is under the account option. At this point, you will be asked to choose between three options. These options are:
- Standard Account:
This option is totally free except for the fees on the payment receipts. This account requires that customers finalize their transaction outside your website and on the PayPal website.
- Advanced account:
In US, this account costs $5 monthly. Unlike the standard account, it allows you to integrate payment forms into your company’s website. Hence, customers do not have to leave your website to complete transactions as PayPal forms are embedded within your e-commerce software.
- Pro-Business Account:
This costs $30 monthly. With this monthly fee, you are allowed complete control over the checkout pages. A virtual terminal is also provided for processing payments over phone and fax.
If you are considering which account to start your psychic business with, always know that you can always upgrade. Start with the standard account and upgrade from there.
TIP: Depending on the booking software you choose, you can find plugins that enable credit card payments without leaving your website (recommended)
Step 3. Fill In Your Business And Personal Information
PayPal needs to categorize your account, so the information you provide here will determine how PayPal will put you in their demography. At this point, you are going to need to input your social security number. You will enter your EIN or employer identity number for your business and business website address. Part of the personal information you would be entering includes main account holder, home address and date of birth.
Once your business account is properly set up, you can choose how you want to receive your money.
Then you have to go to your email inbox to confirm the link sent to you.
Congrats, you are now a PayPal business owner.
A business tax ID is called an employer identity number (EIN). To get this, apply online through the IRS website. The online application takes less than 20 minutes and you get the business tax ID immediately. Other methods to getting your business tax identity number include placing a call to 800-829-4933 and submitting an application for tax ID number by mail.
[easyazon_cta align=”center” identifier=”B0192AEF3G” key=”tall-orange” locale=”US” tag=”atr021-20″]