If you're considering opening a PayPal merchant account, it's important to understand the PayPal Merchant Account Requirements involved. You will need to provide your business information and complete other paperwork in order to get approved for an account. Here is what you can expect from this process:
Accepting Payments
If you want to accept payments online, you need a merchant account. The first step in getting one is making sure your website can accept online payments. This means setting up an SSL certificate and allowing customers to pay through secure forms like PayPal or Stripe.
With that out of the way, there are two types of merchants: those who accept credit card payments and those who use PayPal (or some other alternative). If you're looking for a quick way to get started with accepting credit cards without going through the hassle of setting up your own billing software, then we recommend Shopify Plus–it has everything built-in! If instead you'd rather go with something more flexible and customizable, we suggest Magento Enterprise Edition CMS because it has robust features such as multiple languages support along with plenty other bells & whistles ideal for businesses large enough where customization is key but still small enough so developers aren't overwhelmed by too many options at once when choosing which ones should be included
Verification Requirements
The verification requirements for merchant accounts vary by country. In the United States, for example, you must provide proof of identity and address in order to verify your account. You can do this either by uploading documents or by visiting a PayPal office in person (if you're located near one).
If you don't provide the necessary documentation within 30 days after receiving notice from PayPal that it needs additional information about you or your business, then PayPal may suspend or close your account until all required documents have been provided.
Legal Documents and Other Paperwork
The next step of the process is to provide your business information and legal documents.
- Business Information: You'll need to provide your company's legal name, address and phone number as well as its registered agent (if applicable). If you don't have a website or domain name yet, this can be done later in the application process once there has been more time for research into what would work best for your business.
- Legal Documents: A few different types of legal documents are required by PayPal for new merchants depending on their size and type of business operation:
- Articles of Incorporation/Organization if you're a corporation; or Articles Of Formation/Formation if an LLC or partnership; or Certificate Of Good Standing if an individual (you'll be asked to upload it).
- Confirmation Letter From State Or Local Authorities That They Approve Your Business Type And Location For Licensing Purposes (e.g., Department Of Transportation).
Maintaining Your Account in Good Standing
- Maintain a good account history.
- Keep your information updated.
- Have a good customer service record and be able to provide a good reason for closing your account if it's ever necessary, such as if you're being harassed by customers or there's some other problem with the way that you're conducting business on PayPal.
You need to be able to accept online payments, provide your business information and complete other paperwork.
You need to be able to accept online payments, provide your business information and complete other paperwork.
When you sign up for a PayPal merchant account, you will have to provide:
- A business name that is not already in use by another company or person. If this is the case, PayPal will give you an error message when trying to register–and they may even ask for more details about why you want such an unusual name!
- The address where all correspondence from customers should be sent (this can be an office or home address). This must match the one on file with the state where your business operates; otherwise PayPal won't approve it.
Conclusion
If you're ready to get started with your own PayPal merchant account, you must know about PayPal Merchant Account Requirements. Get in touch with 5 Star Processing to know complete details.
