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.