Payment methods for newbie

[emmadesigns]

I am having a bit of a problem. I have a first possible client but i am still in the process of setting myself up.

I have just set up my PayPal account and i did so as a business account (so my clients can make payment even if they don’t have paypal), and under my business name. However as i was about to link my account up to my account it stated “Make sure that your bank account can receive funds in British Pounds. Please note that we charge a fee if the funds are returned (to your bank account) because your PayPal account Business Name does not match the business name on your bank account.”. I assume this means that I can’t have a business PP account without a business bank account. As i am a start up i can’t get a business account just yet and i know downgrading will make payment limited for my clients? In fact the main attraction with a business account was that they didn’t need pay pal themselves. Can i have this option if i when to premier?

If there is any advise of payment methods for start up i would be grateful. I know people mention checks but i have never been a massive fan of them.

[1christopher]

I am having a bit of a problem. I have a first possible client but i am still in the process of setting myself up.

I have just set up my PayPal account and i did so as a business account (so my clients can make payment even if they don’t have paypal), and under my business name. However as i was about to link my account up to my account it stated “Make sure that your bank account can receive funds in British Pounds. Please note that we charge a fee if the funds are returned (to your bank account) because your PayPal account Business Name does not match the business name on your bank account.”. I assume this means that I can’t have a business PP account without a business bank account. As i am a start up i can’t get a business account just yet and i know downgrading will make payment limited for my clients? In fact the main attraction with a business account was that they didn’t need pay pal themselves. Can i have this option if i when to premier?

If there is any advise of payment methods for start up i would be grateful. I know people mention checks but i have never been a massive fan of them.

Have you tried to get a business account? Its surprisingly easy. I set mine up at 17 with Lloyds, when i was 18 i moved it over to HSBC so it was free.

HSBC are excellent, go into a branch and say you'd like to open a business account and they'll get it all sorted.

[emmadesigns]

I think its the cost more then anything. I do plan on getting a business account once the clients are rolling in a little more. I have seen HSBC do a business card for the first 18 months free, well a few of them do.

[Minuteman Press]

BACS to your personal account?

[Corrosive]

You might as well get a business account. As 1christopher says they are easy(ish) to set up and most banks offer 18 - 24 months free banking to start with so charges won't kick in until you are earning OK money.

[StanJones]

You may do as suggested by Corrosive, once done make sure that your PayPal password as tough as possible, and most unique. Anybody discovering your password would not only have an access to your PayPal funds, but would also have access to your entire bank account once you have set one up. Make sure that enough security measures are taken to avoid any disaster.

All the Best !!:icon_thumbup:

[Corrosive]

Paypal offers SMS 'security ID' now. So you log in with your password and they send you a code in a text before you can access your business account. Might be a pain but, as Stan says, well worth setting up.