This might seem like a “DUH!” thing to do but you’d be surprised how many coupon clippers are sharing their Paypal accounts with a spouse or significant other. Get your OWN Paypal account and you’ll be amazed at the difference it makes to your business.
Too Many Cooks
You know that old saying about too many cooks spoiling the soup? Well, if you have two people conducting two different businesses out of one Paypal account you’re goose is cooked, right from the git go.
When you’re sharing an account you have money coming in from at least two different sources, more if you’re also funding your account from your own checking account or you’re receiving customer payments directly into your account.
On top of that, you have money going out in multiple streams. You’re paying for postage, buying envelopes, printer paper and ink, and paying for your inserts while your partner is also paying his business expenses out of that same account.
Now, add to that the times you both access that Paypal account for personal expenditures, coffee at Stop-n-Go, a pack of cigarettes, a quick stop at the grocery store, even a pack of gum – it all adds up.
Now, take a look at your Paypal account and try to determine the net income and expenditures for your business alone for last month. Impossible, right?
And if you can’t determine your net income and expenditures on a daily, weekly, monthly and yearly basis, how will you ever know if you’re business is successful or if it’s a big, fat money-pit?!
Get Your Own Paypal Account
It’s easy and free to set up your own Paypal Business account.
- Step One: Go to Paypal.com
- Step Two: Choose ‘Business Account’
- Step Three: Select ‘Paypal Payments Standard’
- Step Four: Enter a valid email address and get started!
Why You Want A Paypal Business Account
The biggest reason you want your own Paypal account is so you can track the progress of your business. And if you’re going to take the time to set up your account you should set up a Business Account. You’re going to need it someday, might as well bite the bullet and get ‘er done now.
A Paypal Business account allows you to accept credit card payments as well as Paypal payments. Even though it’s 2015 there are still people out there who don’t have Paypal accounts. The last time I talked to a Paypal rep almost 30% of our customers were using credit cards to pay for their orders.
A Business account also looks more professional to your customers. Instead of receiving an invoice or payment acknowledgment from izzysmom2979 @ gmail.com your business name will show up on the transaction.
With a business account you get access to a few more tools that might not seem important today but if you plan to grow your business they’ll definitely be useful in the future. These include web development tools and keys you might need if you someday set up your own website.
It might just be me, but I also think you get a little bit more priority when it comes to support when you have a business account. I have never had to wait for a response and always get right through when I call.
And there’s a little thing called Paypal Working Capital, instant business loans available at a fixed interest amount (NOT a percentage – a set amount) paid directly into your Paypal account almost instantly. No credit check necessary.