Question by Lady Liv: how to sign up for online payments with mutiple businesses?
I have a couple of online businesses but they both only use paypal. The site says you can only have one personal and one business account, so how do I handle this?
Answer by Steve
PayPal has a facility called a Parent / Child account, this allows you to have one master account and multiple child accounts. The master account enables you to have the financial information on it (bank account and credit card), and the child account would be set up to receive money. The money would be swept into the master account each night and can be withdrawn to the bank account on file. By setting up a Parent / Child account would allow you to keep your businesses funds separate. This is not something you can setup yourself; it must be done by PayPal. You must contact PayPal’s Customer Service for assistance.
Another method that many online businesses use is to have a business name that does not associate you with any specific web site.
For instance, your business name could be Acme Limited. This is the name that would show up on customer’s transactions even if they purchased from John’s Mower Parts or Mary’s Handbags.
You can customize each web site with a different business graphic logo but, because, you are limited to one PayPal Business or Premier Account, your actual business name requires being neutral.
If you have two separate companies with different sets of accounting books and different business bank accounts and credit cards, you might as well have two separate PayPal accounts.
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