Hey, welcome back to the Six Figure
Mastermind. Today we’re going to talk about how to set up a professional
business PayPal account so you can start sending and receiving those transactions
right away. Let’s talk PayPal. You have a lot of
options for sending and receiving money. PayPal has been around for a long time,
you guys. Back in the day when eBay was like the thing online, PayPal was there.
This is you know, several several years old and it’s one of the most reliable
methods for sending and receiving payments. Now again, you have a lot of
options out there. I have several that I use, PayPal is just
one of them so let’s walk through how to set up a PayPal account. So here’s
what I’m going to recommend to you.. You’ve got another browser, I’m going to recommend
that you open up another window, have it just side by side with this one so that
you can walk through the steps right with me, we’re going to show you A to Z,
how it’s done. You need to have a few things for a PayPal account. You’ve got
to have a bank account and it’s highly recommended that you have a credit card
that you can attach to PayPal as well so that if you’re using your credit card
you know, it’s do a preferred way to pay and people are taking paypal, you can
actually have the to talk to each other so that you can use your credit card,
maybe you get points or discounts or things like that with a credit card, you
can actually set those two up so you can use your credit card if you know,
maybe someone only accepts PayPal, you can still make that happen,
okay. Here’s a couple other cool things about PayPal, PayPal will link directly
to your bank account and if you’re paying another person through PayPal, be
it a business or a personal transfer, if you have the money come directly from
your PayPal account and not using your debit or your credit card, you don’t have
to pay any fees and they don’t have to pay any fees. Super cool. PayPal is also
good for your business if you need to send invoices out to your client. Just
remember and keep in mind that PayPal, just like any other merchant account,
does take off a processing fee especially if there’s credit cards
involved so if you’re sending out an invoice to your customer, there may be a
fee that PayPal takes off the top when that invoice gets paid so be aware of
that when you’re sending those invoices. If you’re ever using Eventbrite,
Eventbrite and we have a lots of videos put together for you on how to set up an
Eventbrite, if you’re doing events or anything like that,
Eventbrite only uses PayPal as their main source of funding
sending you money and for receiving money so if you’re doing e-commerce of
any kind, PayPal is going to be something you want to have in your back pocket,
literally on a mobile device. PayPal here is a great tool to use but let’s
just talk about sending up a basic PayPal account, there’s several ways to
do it you know, you’ve got business, you got PayPal here, we’re just going to go with
the basics today so you got that other window open, I hope so.
Right over here or maybe right over here. Okay, let’s get this get this party
started so in that other browser wherever you have it, maybe it’s up here,
maybe it’s down here, wherever your favorite place is, go to paypal.com, okay.
www.paypal.com. Let’s go to my screen right here and check this out, alright.
So if I go to paypal.com, I’m going to see basically this right here, okay. So if
I had an account already, I’m not sure why you’re watching this video if you
already do because this is how to set up one. I’m going to click login.
If you don’t, you’re in the right place because this is how to sign up for a
PayPal account. Okay, sign up. Now PayPal is really interesting because they only
allow a single email address on a single account now and
I don’t want you to be confused by that. This is what that means, a PayPal account
can have multiple email addresses on that account so if you have an email
address that you’re using for eBay, you can have on the same account as, maybe
you have a different email address that use for Eventbrite, both of those email
addresses can be put on the same account however, if you have an email address on
one PayPal account, you can’t have that same email address on another PayPal
account so one PayPal account can have several email addresses but only one
email address can be on a single PayPal account, you can’t have multiple PayPal
accounts with one email address so one PayPal account, several email addresses,
the email address can only be assigned to one PayPal account. Is that making sense?
Okay, good. Go with me back to my screen. PayPal is secure easy way to pay and get
paid sign up free, love it, that’s what we’re doing. Okay, we’re going to go have a
personal account right here. You can also set up a business account
that means you can set up invoices to your customers you know, this personal
account is just the basic one we’re going to go with. Again, you can set up a
business account we’ll will show you that in just a minute. Okay, personal
account. Next. Let’s just go on over here, I’m going to put in my first name and my
last name. Don’t use mine, use yours and then I’m going to put a email in here, let’s
do our business email because my personal emails are all used up. Okay at
gmail.com. I’m going to create a password and I have to have a special character
and the passwords have to match, perfect. Again with your passwords, keep this very
secure, remember that this password is going to be tied to all your financial
information, to your banks, to your credit cards, to your PayPal accounts. You
don’t want this password hackable, alright? So keep it password set aside
just for the PayPal account that’s not duplicated anywhere else,
alright. I’m not going to go ahead and say logged in to this computer, you can if
you’re on your home computer, you can stay logged in for a faster checkout,
that’s totally cool and but I’m not going to do that on a on a public computer.
Alright and let’s fill in our address. Now I’m going to put in a junk or address
cause you don’t get to know where I live and I’m okay with that so we’re going to do
123 Main Street in no name, Colorado, believe it or not that is a real city
and not even sure what the zip code is there but let’s just put in one,
alright and we’ll put your mobile phone number in there, okay. Let’s do a five five
five five five five five five five, great. Now it probably won’t take this one
because it has a little sensor for juncker phone numbers and this is a real
paypal at website but you’re going to put your information in there, okay.
Okay, like this, you have read and agree to the communication delivery policy, how
many times do you check these things without reading them? Read this one, guys.
It has your financial information, it has all of your bank and your credit cards
attached to it, please take the time to click on these and read these policies
through and through, okay. You’re giving PayPal lots of permission here, you want
to know exactly what you’re signing up for, okay. Lt’s see if this lets me
create an account with this information, guess what, it didn’t like that so
because no name doesn’t match that zip code, let’s set up one that I know does. Let’s see if that works. Okay, perfect.
Alright so once you’ve got your address and your phone number, everything filled
in, it’s going to take you right to this page right here. You’re in what’s next.
Now you can send money and shop with ease with your new account you can you
know, do that professionally or you can do that on a personal level. They also
have lines of credit on PayPal that you can sign up for,
that’s great way to you know, use credit if you’d like. I don’t have that
personally because I have different cards and things that I use with that so
now we’ve got a personal account set up, let’s go back to the beginning and set
up a business account so go to PayPal.com. If that’s something that
you need rather than a personal account, let’s go back to PayPal.com and set up
that business account. Alright now we’re back at PayPal.com, let’s look at
setting up a professional account, it works much in the same way but there may
be a couple of differences so I’m going to go ahead and sign up right here and
just click this little radio button business account and click Next. Okay, now
this one is a monthly fee account, the payment’s Pro, there is a monthly fee,
payment standard, that is free, Express Checkout, that’s free. So you can select
which one of these you want to do. The only difference you can check out these
check marks right here, okay, customize the checkout experience, that’s the main
thing you’re going to get with the pro account, okay. If you don’t worry about
that, if you know, it’s not a concern for you then you can go ahead and select the
standard one which is free you can accept all major credit and debit cards,
you can accept payments, you can give customers a flexibility to pay
overtime making payments if you like or you can do the
Express Checkout. I would do the standard because you can accept credit cards with
that, okay. Again, you can learn, click any of these
learn more to learn more about the specifics of the account, most of them
you only need to worry about, this is accepting the standard payments for the
free account, okay. Okay, select standard, we’re going to click on that, it’s going
to take us to a brand new page, you’re going to have to enter an email address. Now
remember what we said before, this email address can’t be tied to any other
PayPal accounts, alright. So if you have a personal account with this email address,
you’re going to have to get a new business email address for this account. Now I
close down my other account so this should work. Okay, let’s put a password in
so you can create your own password one that you know that you’re going to remember
and not duplicate anywhere else or there is a chrome plug-in that you can use
right up, if you look over in this corner right here, this is a password generator so
you can say, okay, what are the specifications that this website
requires your passwords, check all these things, you can generate a password, boom.
Okay and chrome will do its job and remember it for you because there’s no
way I’m going to remember that, okay. So you can do that or use a custom
password that you would like to generate on your own so when you start your
business, tell us about your business. Okay, this is the first name of the primary
business contact for this count, this isn’t your business name, okay.
So we’ll say Marianne, of course don’t put my name, put your name and legal
business name. Now that’s me, identical to the name on the company’s
Articles of Incorporation, do not use a trading or a shorter version of your
business name, you can register your business online. In the state of Utah, it
only cost like 22 bucks to register your business as an official business entity,
okay. Okay, we’ll put in a six figure mastermind there. Alright, I’m going to put
my real business information in there, we’re going to go ahead and have that
blurred out because you know, that’s real info that and you’re going to using real
info so let’s go ahead and do that okay. Perfect. Alright, once you have all of
your information put in there, please read the policies
you’re agreeing to. You’re signing up for a free service, one of the biggest
mistakes people make in social media or business that they will sign up for
something free and they won’t know what they’re signing up for so please please
please, read these user agreements. I know it’s going to take a little bit of extra
time but at least you’ll know and be informed in what you’re doing. After
you’ve read them, please really read them. Click the check box and agree and create
account. Okay, it’s going to ask a little bit about your business so we’re going to say
our business you know, whatever your business is, partnership corporation and
whatever it is business, category it just wants to know this for its demographics,
we’ll put education, this is some sub category, we’ll do business school,
estimate your monthly sales, you can put whatever your average monthly sales are
in here, we’ll just pick one at random. Employer identification number. Now if
you are a corporation, you’re going to have an EIN number, an
employer identification number. If you are a sole proprietorship, you can simply
use your social security number so let’s walk through the sole of proprietorship
again, it’s going to ask you to put a business category in there and a
business subcategory in there and a business URL if applicable,
okay. So put your website in there. Okay, so again, it’s going to ask for your social
security number, your date of birth, your street address and everything and
personal contact. Okay, awesome. Okay, awesome. Once you’ve filled in all
of your information, you’re right here, check this out, welcome to your PayPal
business account. I feel all official, right. Okay so you’re going to have, how do
you want to process cards payment on your website, process all payments
including debit and credit cards through PayPal or already process credit card
payments add PayPal as another way to get paid. I would just click the left one
if that’s your situation, of course you can customize it. Okay, so this is your
payment setup, how do you want PayPal to set up on a website? Option A, work with
e-commerce solution that’s already integrated the PayPal or option B, add
HTML buttons to your website yourself. It really depends on what website you’re
running. If you’re running a blog or a website using Bluehost or Wix, they will
have something set up for you that you can integrate with PayPal. If you’re not
using a platform that already integrates with PayPal, just use the HTML button, you
can generate buttons as you need to sell products or classes or whatever you’re
needing to do, you can build a new button for each product and you can customize
that absolutely. Okay, so we’ll do option A. I already have one, you’re going to have
to connect all of that or you can click on option B to create buttons or you can
compare options, okay. So that’s your payment setup. Your account set up, please
confirm your email, make sure that’s done, you’re going to go in and link your bank
account, we’re not going to do that here, the PayPal will walk you right through that.
Make your business name clear for customers or you can get the PayPal
MasterCard you know, you can do any of those things. Basically you’ve got your
PayPal set up, now you’ve got your summary running, you’ve got everything
ready to receive, ready to send payments, all of your activity, reports, tools, all
of that information is right up here for you but it is a very very simple process
to get your PayPal setup. PayPal will walk you right through the process so
you know get your PayPal setup, remember what you’re going to need it for whether
it’s business or personal and you’ll be good to go.
So you got your PayPal account set up professionally for your business so get
some rockin logos in there so you can start sending your invoices bringing in
some major big bucks right. Hit the subscribe button and we will see
tomorrow.