Getting Started With Your PayPal Business Account

Feb 20 2020 | PayPal editorial team

Setting up for online payment and invoicing solutions to grow your business.
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So you’ve got an online business in Hong Kong, it’s growing, and you’re looking to set up a secure payment processing system for your customers with PayPal. Well, we’re here to help. With this article, we’ll guide you step-by-step through the process of signing up for a PayPal Business Account, finding the right payment solution – as well as showing you how online payments workand why PayPal is better for your business.  

How To Sign Up? 
Signing up for a PayPal Business Account is easy and we’ve broken down the steps to guide you through the process.  


STEP 1: Tell us more about your business

It’s quick to set up an account with us. All you need are basic details such as your business name, contact details, and which currency you want to send and receive payments in. Make sure the name you use is identical to the one you officially registered your business in to prevent security issues. 


STEP 2: Tell us more about yourself 

Let us know more about yourself, the country you were born inand where you currently stay. If you do not have a Hong Kong Identity Card, you can use your passport number or other national ID that has your photograph 


STEP 3: Verify your email address

You should have received an email from us once you signed up for an account. Simply click on the link in the email to confirm your email address. If you can’t find the email, you can click the Profile icon in your PayPal account to request for another one.



STEP 4Link and verify your bank account 

Linking your bank account gives you another option to pay with the security of PayPal’s encryption and data protection. You can withdraw funds from PayPal to your bank account once you’ve linked it, but there will be a monthly limit of $3,800 HKD until you verify your account. 


Which Solution To Use 
Now that you’ve activated your account, it’s time to choose what works for you. Here’s a list of solutions we offer and how they can help you grow your business.  
 

If your business has a website:

Website Payments Standard (WPS) 
Website Payments Standards (WPS) can be added to your website by simply copying and pasting a HTML code. No programming skills are required. All you need to do is to add the PayPal button on your site to let your customers pay securely on both mobile and desktop.  

More about Website Payments Standard 

PayPal Checkout 
PayPal Checkout allows you to fully customise the payment experience on your site for a more seamless experience for your customers. It is pre-integrated into major shopping carts and can be easily added if your website already has one. 

More about PayPal Checkout

Braintree Payments 
If you wish to offer more than just PayPal and credit card payments, such as ApplePay and Android Pay, Braintree can be integrated onto your website or mobile app without needing to sign up for another Braintree account. Find out more about using Braintree Payments on PayPal. 

If you are selling without a website: 

Online Invoicing 
For those without a website or simply looking for invoices to track and request for payments, you can create and customise professional invoices with PayPal. You can add your logo and product details and send it to your customers’ email address to get paid quicker. 

More about Online Invoicing 

On Marketplaces 
You can also enjoy PayPal Seller Protection when you sell on international markets such as eBay and Etsy. All you need is one PayPal account to sell more easily on many platforms we partner with.  

More about Selling on Marketplaces 

PayPal.Me
If you primarily do business using social media, offline or on your mobile, you can now send a unique link to your customers and invoice them even faster. Just add in the amount with the currency of your choice and send it to your customers to get paid.  

More about PayPal.Me 

Automated Payments 
You can also choose to receive regular payments through PayPal whether or not you have a website. This tool saves you time by automating the sending of subscription-based payments, and also consolidates all payments into your PayPal account for easy tracking and managing. 

More about Automated Payments

How Online Payments Work 
Here’s a quick breakdown of what happens after you send your customer a payment request.  


Deal Made 
After you and your customer reach an agreement, send them a payment request, an email, an invoice or a PayPal.Me link with the agreed amount.


Customer Pays You 
Your customer will receive a payment notification and they will then log in to their PayPal account to pay you directly.  


Payment is Processed
After your customer pays, we process the payment and make sure that all financial details are kept secure and protected.  


You Get Paid 
Once the payment is processed, we’ll notify you instantly and transfer the money to your PayPal account.  

Why PayPal?
The process is easy for the customer to understand and use, which makes buying from you a better experience. What’s more, PayPal facilitates online payments for hundreds of thousands of businesses worldwide. Associating your brand with PayPal could help provide the assurance that your brand can be trusted. The best part about all of this is that you don’t have to choose just one payment solution. Pick and choose what you need to help your business run more smoothly and, most importantly, grow. 



 
The contents of this site are provided for informational purposes only. You should always obtain independent, professional accounting, financial, and legal advice before making any business decision.

Frequently asked questions.

Here's how to update the postal address on your PayPal account:

  1. Go to Account Settings.
  2. Click Account owner information under 'Business Profile' on the left of the page.
  3. Click Update beside 'Address'.
  4. Click Edit.
  5. Enter your changes and click Edit Address.

To assign a new business address for your company, just click Make business next to the address you want.

Please note that the country can’t be changed after you’ve registered. If you're moving out of Hong Kong, you’ll need to open a new PayPal account to match the country you’re moving to. Learn more about the countries/regions where PayPal's available.

Here's how to add your Hong Kong or US bank account to your PayPal account:
  1. Click Pay & Get Paid at the top of the page.
  2. Click Banks and Cards.
  3. Click Link a new bank account under 'Bank accounts'.
  4. Select the country or region of your bank, and fill out the rest of the form.
  5. Follow the instructions.
You can link up to 8 bank accounts to your PayPal account. Each bank account can only be linked to one PayPal account at a time.

After the bank account is linked, you can confirm this bank account.

Note:
  • Confirming a Hong Kong bank account is optional. The confirmation is to help you make sure your added the correct bank details to your PayPal account.
  • You can top up with or withdraw money from an unconfirmed Hong Kong bank account.
Virtual Terminal is part of our Website Payments Pro – Hosted Solution offered to Hong Kong merchants. With Virtual Terminal, you can accept payments over mail, fax or phone orders wherever you have Internet access. No need for card swipe machine or software to install.

To apply for Virtual Terminal, please click Apply Now on our Virtual Terminal product page and fill in your request.

When Virtual Terminal is enabled on your PayPal Business account, here’s how you can process a payment easily:
  1. Log in to Virtual Terminal. When you're ready to process a payment, go to Tools in your PayPal account, and click Virtual Terminal.
  2. Enter the order. Enter the order details and credit or debit card information. If you're mailing an item, include the shipping info.
  3. Complete the transaction. You'll receive a confirmation for successful transactions. You'll then have the option to print a receipt or packing slip – or process another payment.
  4. Get paid. Once approved, the funds show up in your PayPal account, usually within minutes. From there, you can spend the funds through PayPal or withdraw them to your bank account.
If you encounter any issues when signing up or processing Virtual Terminal payments, please contact our Merchant Technical Support.

You can withdraw balance from your PayPal Hong Kong account to your bank account opened in Hong Kong or U.S. To do this, please link your bank account to PayPal.

Here's how to withdraw funds from your PayPal account:

  1. Click Transfer money below your balance on your account home page.
  2. Click Instant or Standard.
  3. Select the bank account you want to transfer the funds to and click Next.
  4. Enter the amount you'd like to withdraw and click Next.
  5. Review the details and click Transfer Now.

Withdrawals can take 3 to 6 business days to post to your bank account. Learn more about the withdrawal fees and timeframes.

Note:

  • Before withdrawing funds from your PayPal balance, please make sure that your name and your bank information in your PayPal account are entered correctly.
  • Once you've requested a withdrawal from your PayPal account, it can't be cancelled.
The contents of this site are provided for informational purposes only. The information in this article does not constitute legal, financial, IT, business or investment advice of any kind and is not a substitute for any professional advice. You should always obtain independent, professional accounting, financial, IT and legal advice before making any business decision.