Paypal Business account - does my business have to be registered to have one? etc

Hi, I upgraded my account to the premire just to see how it works and now I'm thinking about upgrading to the business account just because I want to use my business name for my sites. (Just to make them look professional by showing my business name instead of my actual name)

Do I have to have my business registered for that?

I haven't registred my business yet and don't have a bank account with my business name. Do I have to do that first? I didn't see any place to put my business registration # or I was not asked to fill in my business bank account # when I saw the application form for upgrading. (I live in Canada btw)

Also, it would be great if you could tell me how the verification process goes.
(How fast it takes etc)

Also I sell e-books and stuff. Is it possible they reject my application depending on my products? My main site is in Japanese and is it possible that it delayes the verification process?

Thanks

 

You do NOT need to have your business registered in order to have a Canadian PayPal Business Account. However, should you wish to add/withdraw funds from a checking account, the name on the checking account will have to match the name on the PayPal Business Account, or your add/withdraw request might not be successful.

Furthermore, while you don't need to have your business registered, should your PayPal account become limited, PayPal may request additional documentation and that may include business documents.

PayPal doesn't verify you by visiting your site or anything like that. They just verify you by making sure the credit card and/or bank account you add actually belongs to you. Signing up for an account (or converting from Premier to Business) is instantaneous. Verifying your credit card and/or bank account might take a few days because it involves PayPal making small deposits into your checking account, then you telling PayPal what they are... which proves you have access to the account.

Lastly, they will not reject you for your products. If people start opening disputes against you, or PayPal receives many credit card chargebacks because of your products, your account may become limited or frozen.

 

nyxano - Thank you so so much for your detailed answer.
I did have my bank account and credit card verified so that part should be fine.

About the withdrawing money part, does that mean that vertually you have to have a bank account with my business name otherwise the bank might reject the transfer from paypal?

Also, what does account "become limited" mean? In what kind of situations does that happen?

Sorry about adding more questions, and thank you again.

 

That is correct. Some Canadian Banks don't care about the name on the account. If the Account and Transit Number matches, then it accepts the deposit. Other banks also compare the name and if that doesn't match, it rejects the deposit.

Just means that your sending and withdraw limits are greatly reduced until you verify your account with more information. I've had my PayPal account for 6 years with no problems. Basically, if you are honest when you opened your account, have all your information up to date, and don't have tons of customers screaming fraud, you'll be fine.

 

Everyone can open a PayPal business account .

 

nyxano, Thanks very much again for your reply again.
I've verified my bank account and cc, and stuff so should be fine about that.

Probably I'd better register my business so that I can open my bank account with my business name
but the process is just anoying!

Thanks deviancee also for your comment.

 

I don't think so, I registered my business accnt without having a registered business when I first started...I just had to varify my bank accounts and credit card.

 

You could always open a personal premier account.

 

The OP has already mentioned that he has a Premier account already but is now looking in to having a Business Account so that a business name shows up on transactions, not his personal name.

 

opening the account with your business name on it is effective though it takes some verification process that takes time ,legal your company with new bank account and put it there at paypal.and actually I don't really agree that having will be creditable.all you have to do just company with "your own name inside "I think this is what most effective to deal with paypal

 

Why don't you just customise the PayPal checkout page, no need for a business account then, only needs premier account if cc payment required.
Instructions:-
http://www.elpassoblog.com/how-to-create-a-custom-paypal-checkout-page/

There's always an easy way Any good?

 

If I'm on business account, can I downgrade to premier account instantly on my own? (I mean don't have to send some complicated docs & stuff to PayPal manually.)

I'm just upgraded from personal account but to found out on this thread that I cannot withdraw money through my personal bank account from Paypal business account.

 

just call paypal , they do it instant for you ...