Using Paypal for your Business
Some of our customers use Paypal to collect from their customers. Paypal has a lot of information on their web site and it can get confusing, so here is a little help.
Setting up your Paypal Account
What if you have used Paypal personally and now you want to use it for a business that should not be connected to your personal credit cards? I currently have two Paypal accounts, one for each of two separate businesses. You can easily change which bank account and which credit cards are associated with a given Paypal account. One of my Paypal accounts has a bank checking account, but no credit cards associated with it.
If you want to start a new business account profile you can associate it with a different bank account and or credit cards. There should not be any charges for doing this. But, what if you already have both personal and business credit cards associated with an existing Paypal account? Then, disassociate one of your existing credit cards from your original bank account and then link it to your new account.
NOTE: If you want to add a new bank account, the process may take a few days, as Paypal makes two very small deposits into your checking account and then asks you to verify the amounts once you see them in your bank account.
Managing Your Credit Cards in Your Paypal Account
Paypal may have recently improved their interface so the screen shot may be old, but the principles are the same. After you log into Paypal, go to “My Account” and click on “Profile.” Then you can click “Credit/Debit Cards as shown below:
After the next window opens, you can add, edit or remove credit cards, as shown below: