Starting a business account requirements

[Andrea1231]

Hi all,

I have found answers on this topic but they are too old to go by.

I have had a paypal account for a very long time.

I would like to be able to take payments from my website. Therefore, I would like to *upgrade* to a business account.

I am a sole trader

As I registered as a sole trader last year and didn't know what my website would be called, I registered my name - not my new website name.

So here's the dilema, and some questions - I hope will benefit people reading... Thanks in advance for your help.

Can I have a business paypal account as a sole trader?

Do I need a business bank account?

Do you need my Tax registered business (sole trader) name to be the same as my business name on paypal? (do you check against that)

What about bank account? if required does that need to be business account in the paypal business name?

I would be very grateful to find out as this is a big worry for me and I am wondering if it is all just too a bit much to set up.

[PayPal_Rachael · Accepted solution]

Hi Andrea1231,

Welcome to the community forum and thanks for posting.

I'd be happy to answer your questions about using a business account on PayPal. Firstly, yes you can have a business account as a sole trader, just make sure to choose this as your business type when you are opening the account or upgrading. You can include a business name on your PayPal account but this would need to be the name registered with your bank. You don't have to have a business bank account but if you don't I recommend keeping the PayPal account in your own name rather than adding a business name.

I hope I have covered everything off but you will find more information on our business accounts here https://www.paypal.com/webapps/mpp/merchant .

Rachael

[Andrea1231]

Thank you very much for your reassurance I shall put my bank account name as business name and all should stay as normal for me. Later I may become a Limited Company but until I know whether my business is a success I prefer to stay a sole trader to keep costs down.

[jasmina44]

Hello I want to make a business account for my business. My question is, I want to make sure that a person automatically pays my fee every month to me. How it works?