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In 2019, online stores matched the sales of general-purpose stores. However, while it may be true that they are growing faster and have a higher profit margin, it is also correct that receiving and processing online payments is a hassle. The PayPal business addresses this dilemma.
Personal PayPal accounts focus on helping consumers buy products online. On the other hand, the business account lets businesses quickly receive payments and have swift e-commerce transactions. It allows shoppers to pay through means other than PayPal, such as credit and debit cards. Along with minimal PayPal fees on transactions, you will have access to many more perks too:
1. No Monthly Maintenance Fee
One of the most significant benefits of a PayPal business account is that it does not charge a monthly fee. This is advantageous as it lets you set up a business account without charging you upfront and gives you direct access to all the merchant services it offers.
PayPal is free unless you are directly conducting business through your account. In that case, you pay PayPal fees when you make transactions. The transaction rate within the United States is 2.9% with a flat add-on of $0.30. For countries abroad, the transaction rate is 4.4%, with the add-on amount depending on the currency.
PayPal even goes as far as to provide you with a financial report of all your transactions and gives you tips on growing your business. When tax season draws near, it gives you insights on the matter.
2. Swift Set-up
Setting up a PayPal business account requires no more than 15 minutes, making it highly convenient and swift. Since the entire process is online, you don’t have to wait in long lines. There are also full websites dedicated to helping you with the registration process if you ever get stuck, letting you avoid long, troublesome customer service calls.
3. Get Cashback
After setting up your PayPal business account, you can request to get the PayPal business debit Mastercard. One perk of this card is that you get 1% cashback on all your eligible purchases. You can access all that money in your PayPal account through a debit card without transferring the funds to a bank account. You can even take it out of ATMs and make quick in-store purchases. Paypal just launched a cash back business credit card for US-based small businesses recently too.
4. Discounts for Nonprofits and Charities
Paypal charges a small percentage fee on all the transactions made to your business accounts. However, the platform provides relaxation on these charges if your organization is legally registered as a non-profit or charity. You can also avail of this feature if your business does not have the registration as a non-profit organization but has a fundraising button on its website.
Endnote
If you want to further the reach of your business or just start a venture in the e-commerce world, then a PayPal business account is the perfect tool to have by your side. It has been behind the success stories of many well-performing enterprises. Other than providing customers with a convenient, fast, and trustable way of paying for goods online, Paypal also provides you with additional perks to advance your business. These conveniences and benefits are why the popularity of the platform has been skyrocketing. Consider signing up today if you haven’t done so already.
