The first thing before opening PayPal is to understand the type of PayPal account you should get. Someone who is just starting might find it difficult to choose. Hence, the need for this article.
PayPal is the most used payment gateway in the world and it is free to set up. Despite its vast presence in about 200 countries, people still finding it difficult to differentiate what types of PayPal Account should they open.
It has happened to many of us. When I opened mine, I did not bother to make my findings not until later.
The excitement to open the most used channel for payment has already built up in me. I could not spare a few minutes to wait. You will love PayPal if you are familiar with trends and love to do your shopping online just like me.
The purpose of this article is to clear the confusion between Personal Payment Account and Business PayPal Account. To that effect, we will be opening up more on Paypal.
Types Of PayPal Account And which One Is Suitable For Me?
PayPal has two types of accounts, and they are Business PayPal Account and Paypal Personal.
Both are capable of sending and receiving funds. Just a few distinctions between the two PayPal Accounts.
If you already had a Personal Payment Account, you can upgrade your account to enjoy the few features that Business PayPal Account has over the other.
To upgrade, click www.paypal.com/upgrade and provide other information required.
Personal Personal Account
Personal PayPal, just like a Business PayPal Account is free to set up and use.
This account provides you with varieties of option like the business PayPal account but with just a few exceptions that are not really noticeable.
If you are one that loves to buy goods or pay for services online, then this is the account for you. It can also send and receive payments. It is for individuals who do not move large funds frequently.
It can be used to receive payments from clients or customers. The few exceptions are there are limits to how much a Personal PayPal Account can receive and restrictions if you do a lot of selling.
On a verified Personal Payment account, you can only pay for not more than $10,000 on goods or purchase in a single deal and not more than a $500 fund can be received each month. Amount in total to be sent must not be more than $60,000.
Personal Payment Account won’t be able to receive debit and credit card payments due to the nature of their account until they upgrade or open a business account.
If your account has not been verified, you will be faced with obstacles when trying to make a transaction.
The remedy is to verify your account by confirming through Email sent to you by PayPal, mobile number verification, bank verification, and card verification.
Card verification can be done by linking your card.
If you will be handling more cash, I will suggest you upgrade to or open Business Account. This account does not give room for multi-user unlike what is obtainable on Business PayPal Account.
Business PayPal Account
This type of account is an upgrade on Personal Personal Account. It supports multi-users and there is no limit to how much your PayPal account can send and receive.
On Business PayPal Account, You can obtain a PayPal credit up to $500,000. Minimum you can get is $5,000. Before you can be granted a loan, your business must have been around for at least 9 months and with annual revenue of $42,000.
Paypal also provides you a link to check loan eligibility. This takes effect when you log in with your PayPal account.
Business PayPal Credit is the quickest way to take care of pending or urgent bills that need attention. For quick access, you can call the Care Agent on 1-800-941-5614.
If you need further information about how PayPal Business Credit works, click here for more details..
Another benefit of owning a Business PayPal is that you can obtain PayPal Debit Card for withdrawal on ATM and anywhere a debit card is accepted.
It is the perfect account for merchants that handle large funds. It also accepts both credit and debit card and to term it all, it is account perfectly suited for business.