How to Start a Business, Finances and Marketing

Our company is planning to open an online store and accept online payments using Paypal (which we know can be used for credit card payments).

We are already an accredited credit card merchant, so do we need to get another MERCHANT ACCOUNT in order to accept credit card payments ONLINE? Also, will ONLINE INVOICES created in Paypal be enough for BIR/government audit?

Have it Your way

Paypal will be your merchant account, so you don't need another one. In the US, Paypal's online statements are fine for tax auditing, but it'll be easier if you maintain your own books also.

No, but you might want to read some of the horror stories about businesses that have used Paypal as their merchant account. Just because Paypal gets paid doesn't always mean you will get your money promptly or at all..