PayPal Business Accounts
PayPal allows you to open a business account under your own name and operate as a sole proprietor. You do not need to have a prior business or have any sort of business license.
If you upgrade to a business account I recommend you use a different email address for your PayPal business account instead of switching over your personal account email to be your PayPal business account email. This way you will still have access to your PayPal personal account in case you ever need it in the future, or if something should happen to your PayPal business account.
Compare PayPal Business Account vs Personal Account.
To upgrade to a no additional cost business account, in PayPal, go to Settings->Upgrade to a Business Account.
How PayPal Pay in 4 / Pay Later works
Pay in 4 allows buyers to order from you where you will get paid the total amount up front from PayPal and PayPal will then collect 4 interest free payments from the buyer every 15 days until the loan is paid off. Pay Later (Monthly) is a simlar to Pay in 4 where you will be paid the full amount up front, but PayPal collect monthly payments with interest from the buyer. With both types of payments PayPal is responsible to collect the money from the buyer and you will get to keep the money regardless if PayPal actually ends up collecting in full from the buyer or not.
How Venmo works with PayPal
You do not need a Venmo account to accept Venmo payments. Since PayPal owns Venmo they treat it like any other payment method they accept. Only buyers in the USA will be offered Venmo as a payment option on checkout. You and the buyer will have the same protections as if the payment was done as a PayPal payment. Fees are also the same as a PayPal payment. After a Venmo payment is made the funds will be added to your PayPal account.
Getting a Client ID and Secret Key - Desktop/Laptop Instructions
It is strongly recommended (even by PayPal) that you do the following set up on a desktop PC or laptop. It doesn't work well on mobile devices and you will run into problems.
Watch this video to follow the steps below for setting up a Client ID and Secret Key
View these screenshots to follow the steps below for setting up a Client ID and Secret Key
1) Sign in to the
PayPal Developer Dashboard
2) Change the setting from
Sandbox to
Live on the menu bar (you will have to log in again)
View screenshot
3) Click
Apps & Credentials on the menu bar
View screenshot
4) Click
Create App View screenshot
5) Type
Bear Pile for the name of the App and click
Save View screenshot
6) Click on
Apps & Credentials on the menu bar
View screenshot
7) Click on
Bear Pile under REST API apps
View screenshot
8) Click on the
two squares icon to copy the Client ID to clipboard then paste the
Client ID into the Client ID field on Bear Pile below. Then click on the
two squares icon by the Secret Key 1 to copy the Secret to clipboard and then paste the
Secret key 1 into the Secret key 1 field on Bear Pile below
View screenshot
9) Scroll down and click
Add Webhook.
Make sure you are not clicking a button that says Manage Webhooks (under a NVP/SOAP API heading) as that one will not work. View screenshot
10) Enter
https://www.bearpile.com/paypal/webhook as the Webhook URL, then check the
All Events box and then
Scroll to the bottom of the screen and click
Save View screenshot
11) Click the
Verify Client ID and Secret key 1 button below to see if you did things right.