Whether you\u2019re pivoting your business online or looking to expand your business operations internationally, this guide will explain how a PayPal Business Account can benefit your business and the steps to setup one.<\/p>\n\n\n\n
Why A Business PayPal Account Benefits Your Business<\/strong><\/h3>\n\n\n\nWhether you are targeting a local or international audience, you need to be able to receive payments from your customers on your preferred digital front, such as a website or mobile app.<\/p>\n\n\n\n
Having PayPal as one of the payment options gives more convenience and confidence to your online visitors. In addition to its longstanding status as a payment solution, PayPal allows users to send payments without the need to disclose sensitive financial details like their credit card or bank account number to the payee.<\/p>\n\n\n\n
According to research by Ipsos<\/a> in 2018, consumers are 54% more willing to buy in newer or unfamiliar situations when a business accepts PayPal. On the other hand, the same research reported that 59% of people had abandoned a transaction when PayPal wasn\u2019t offered as a choice. Having a familiar and trusted payment method would increase buyer confidence and potentially increase sales for businesses. <\/p>\n\n\n\nRead Also: How To Set Up WhatsApp In-Chat Payments Feature In Singapore<\/a><\/em><\/strong><\/p>\n\n\n\nAble To Accept Payments From Over 200 Countries <\/strong><\/h4>\n\n\n\nWith PayPal, you can target customers from around the world, as you would be able to connect with over 340 million PayPal customers in over 200 countries. PayPal allows them to conveniently make online payments using debit or credit cards, as well as other popular payment options that they wish.<\/p>\n\n\n\n
As a business, you can receive payments in the currencies of up to 21 other countries without converting them into your primary currency by adding the currency that you accept in your wallet.<\/p>\n\n\n\n
The charges on each differ based on the receipt\u2019s address and currency of payment. For example, for a local (Singapore) customer paying in Singapore dollars, a business may incur a charge of 3.90%+$0.50 (fixed fee). On the other hand, if a transaction is carried by a customer in the United States in US dollars, the business may incur a charge of 4.40%+US$0.30 (fixed fee). Check out the current fixed fees here<\/a>.<\/p>\n\n\n\nStandard Rates For Domestic Transactions<\/strong><\/p>\n\n\n\n![\"\"](\"https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2023\/12\/PayPal-Receiving-Payments.png\")
<\/figure>\n\n\n\nRates For International Transactions<\/strong><\/p>\n\n\n\n![\"\"](\"https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2023\/12\/PayPal-Receiving-International-Payments.png\")
Source: PayPal \u2013 Merchant Fees<\/a><\/figcaption><\/figure><\/div>\n\n\n\nCreate Customised Payment Options<\/strong><\/h4>\n\n\n\nSome businesses may require different types of billing or payment options other than a one-off direct payment option. With PayPal Business Tools, you can customise whether you like to setup the standard PayPal integration or opt for advanced payment processing, depending on your business needs. You also have the option to set up a recurring or subscription payment option if your business requires it.<\/p>\n\n\n\n
Furthermore, there is also an option to create professional, customisable invoices to make it easier to bill your customers.<\/p>\n\n\n\n
Make Payments To Contractors Directly<\/strong><\/h4>\n\n\n\nIn addition to receiving payments, you can also pay your vendors for the goods and services easily and directly using your PayPal account. Similarly, you can also set up payouts to multiple contractors at the same time in 24 currencies across over 180 markets with PayPal handling the currency conversion. <\/p>\n\n\n\n
Read Also: Guide To Expanding Your Singapore Based E-commerce Business Overseas<\/a><\/em><\/strong><\/p>\n\n\n\nSell With Confidence With PayPal\u2019s Fraud Protection<\/strong><\/h4>\n\n\n\nAmidst the rise in online scams, businesses selling online need to be cautious against fraudulent activities. Recognising this threat, PayPal continuously tracks all transactions to help prevent fraud and other scams, such as phishing and identity theft. Leveraging its extensive intelligence from its two-sided network with advanced machine learning, it can adapt to your business and minimise chargebacks, ensuring you maintain good customer relationships.<\/p>\n\n\n\n
Resolve Disputes With Customers Easily<\/strong><\/h4>\n\n\n\nAs you sell internationally, there will be occasions where customers or vendors may raise disputes against your services or products. With PayPal\u2019s resolution centre, you can easily resolve any disputes raised from the account dashboard, which enables you to view, manage, and settle disputes with your buyers from around the world.<\/p>\n\n\n\n
Track And Monitor Sales Performance<\/strong><\/h4>\n\n\n\nOnce you start selling, you will want to start tracking and monitoring your sales that are coming through PayPal. This can be easily done using PayPal Business tools that allow you to use shopper data and insights to create targeted marketing campaigns for effective use of advertising dollars. <\/p>\n\n\n\n
Signing Up For PayPal Business Account<\/strong><\/h3>\n\n\n\nThere are two types of PayPal accounts that you can open. One is a Personal Account that is suited for individuals to shop online, send and receive payments globally. The other is the Business Account that allows you to send and receive payments under a business name. There are no fees to open a Business Account and you only pay for sales when you\u2019re paid. <\/p>\n\n\n\n
Setting your PayPal Business Account is a straightforward process that takes 15-20 minutes to be completed. Follow these guidelines to get your account setup.<\/p>\n\n\n\n
Read Also: How To Set Up WhatsApp In-Chat Payments Feature In Singapore<\/a><\/em><\/strong><\/p>\n\n\n\n With PayPal, you can target customers from around the world, as you would be able to connect with over 340 million PayPal customers in over 200 countries. PayPal allows them to conveniently make online payments using debit or credit cards, as well as other popular payment options that they wish.<\/p>\n\n\n\n As a business, you can receive payments in the currencies of up to 21 other countries without converting them into your primary currency by adding the currency that you accept in your wallet.<\/p>\n\n\n\n The charges on each differ based on the receipt\u2019s address and currency of payment. For example, for a local (Singapore) customer paying in Singapore dollars, a business may incur a charge of 3.90%+$0.50 (fixed fee). On the other hand, if a transaction is carried by a customer in the United States in US dollars, the business may incur a charge of 4.40%+US$0.30 (fixed fee). Check out the current fixed fees here<\/a>.<\/p>\n\n\n\n Standard Rates For Domestic Transactions<\/strong><\/p>\n\n\n\n Rates For International Transactions<\/strong><\/p>\n\n\n\n Some businesses may require different types of billing or payment options other than a one-off direct payment option. With PayPal Business Tools, you can customise whether you like to setup the standard PayPal integration or opt for advanced payment processing, depending on your business needs. You also have the option to set up a recurring or subscription payment option if your business requires it.<\/p>\n\n\n\n Furthermore, there is also an option to create professional, customisable invoices to make it easier to bill your customers.<\/p>\n\n\n\n In addition to receiving payments, you can also pay your vendors for the goods and services easily and directly using your PayPal account. Similarly, you can also set up payouts to multiple contractors at the same time in 24 currencies across over 180 markets with PayPal handling the currency conversion. <\/p>\n\n\n\n Read Also: Guide To Expanding Your Singapore Based E-commerce Business Overseas<\/a><\/em><\/strong><\/p>\n\n\n\n Amidst the rise in online scams, businesses selling online need to be cautious against fraudulent activities. Recognising this threat, PayPal continuously tracks all transactions to help prevent fraud and other scams, such as phishing and identity theft. Leveraging its extensive intelligence from its two-sided network with advanced machine learning, it can adapt to your business and minimise chargebacks, ensuring you maintain good customer relationships.<\/p>\n\n\n\n As you sell internationally, there will be occasions where customers or vendors may raise disputes against your services or products. With PayPal\u2019s resolution centre, you can easily resolve any disputes raised from the account dashboard, which enables you to view, manage, and settle disputes with your buyers from around the world.<\/p>\n\n\n\n Once you start selling, you will want to start tracking and monitoring your sales that are coming through PayPal. This can be easily done using PayPal Business tools that allow you to use shopper data and insights to create targeted marketing campaigns for effective use of advertising dollars. <\/p>\n\n\n\n There are two types of PayPal accounts that you can open. One is a Personal Account that is suited for individuals to shop online, send and receive payments globally. The other is the Business Account that allows you to send and receive payments under a business name. There are no fees to open a Business Account and you only pay for sales when you\u2019re paid. <\/p>\n\n\n\n Setting your PayPal Business Account is a straightforward process that takes 15-20 minutes to be completed. Follow these guidelines to get your account setup.<\/p>\n\n\n\nAble To Accept Payments From Over 200 Countries <\/strong><\/h4>\n\n\n\n
<\/figure>\n\n\n\nCreate Customised Payment Options<\/strong><\/h4>\n\n\n\n
Make Payments To Contractors Directly<\/strong><\/h4>\n\n\n\n
Sell With Confidence With PayPal\u2019s Fraud Protection<\/strong><\/h4>\n\n\n\n
Resolve Disputes With Customers Easily<\/strong><\/h4>\n\n\n\n
Track And Monitor Sales Performance<\/strong><\/h4>\n\n\n\n
Signing Up For PayPal Business Account<\/strong><\/h3>\n\n\n\n