PayPal is a third party payment processing solution that provides people with the option to send and receive money using the internet.
PayPal also provides merchant account services, which allow merchants to accept online payments via credit cards. The merchant services are widely used by small businesses and are popular among people who have a small online store or run a small business online.
PayPal merchant services are also used by many larger eCommerce sites and there are various options available when you set up a merchant account with PayPal.
Setting up a PayPal merchant account
The process of setting up a PayPal merchant account is very simple and it can be done in a few steps.
- Go to the PayPal website and click on the sign up link
- In the sign up page select the country or region you are from and select the preferred language
- Then select the account type as ‘Business’ and click on the get started button
- You will have to select the type of plan you want to use and click on the ‘Apply now’ button below the preferred plan.
- You will then have to enter the details that are asked of you like the name of the business, the category, that address, currency, email id, phone and the website address (if you are opting for online payment)
- The business owner contact information will also have to be filled up and when the necessary information is entered click on ‘Continue’
- Provide the email address and the password that will be used for logging into the PayPal account and select the necessary security question
- Enter the security code and then click on the ‘Sign up’ button and your PayPal merchant services and merchant account is setup.
PayPal Payments Pro
This is the solution that PayPal provides to merchants that has an internet merchant account and an online payment solution that can process all major credit cards along with PayPal payments. Using this PayPal merchant service option, you can bundle the payment gateway options and the merchant account in one single solution. This will give you a lot more control than having two different solutions for payment processing and a merchant account.
PayPal Payments Pro is a complete solution and therefore will help you with lowering costs and has a monthly fee of $30 only. The transaction fee is also on the lower side and starts from 2.2% +$0.30. Everyone wants to get the lowest rates on your credit card processing fees and all your merchant services.
Advantages of PayPal Payments Pro
PayPal does not charge its clients with setup cost and gateway fee. This combined with the low transaction fee percentage and a reasonable monthly fee, helps PayPal in gaining popularity among merchants. More than 20% of the payments that are made online are through PayPal and by using a PayPal merchant service option; you will be able to lower the transaction fee that is made using PayPal transfers. As the solution provided is a complete one and is compatible with most shopping carts, it is a popular choice among merchants.