Thinking of selling or offering subscription for your service or products? Paypal makes it easy for you. Let’s see the different types of Paypal accounts available and which should you be using for your business needs.
Types of Paypal Account
If you are going to accept Paypal payments on a regular basis, it’s best that you upgrade your account to a Premier or Business account to save on fees. The fact is that Paypal does give priority to Business/ Premier accounts when it comes to support makes you wonder what will happen if you have problems with your Personal account that you need to resolve urgently. Here’s the fee breakdown difference between both a Personal and Business/Premier account.
Woot? Why don’t we just stick with Personal Accounts since we aren’t charged any kind of transaction fees at all whereas Business/Premier accounts have to pay a fee for every transactions that comes in?
Advantage of a Personal Paypal Account
No fees involved when you use it to send or receive money from friends!
Disadvantage of a Personal Paypal Account
Monthly withdrawal limit is only $500. You have no room for any business transactions if you’re going to only use a Personal Account.
Receiving only 5 times of debit/ credit payments a year.
No priority support. I see that as a big nono.
A Personal Account is merely for people who do not use Paypal often and don’t intend to use it for business. Here’s Paypal clearing the air on selling with Personal accounts.
Can I sell with a Personal account?
No. Personal accounts are for personal use. You can use a Personal account to send money to friends and relatives and to purchase items online when PayPal is offered. If you earn money by selling items online, you should use a Premier or Business account.
If you do not receive payments or make transactions with Paypal often, a Personal Account would suffice, else hit to the Premier/Business Account. I have mine since 2003, money well paid for for my subscriptions to my server, payments coming from different advertising networks.
Disadvantages of a Premier/ Business Account
Well, uhm. Fees?
Advantages of a Premier/ Business Account
Full access to merchant facilities, no limit to your transaction amounts and slightly prompt support when submitting support tickets/ emails. For all credit card gateways that are readily available on the Internet for you to start accepting them for business, Paypal is the easiest choice next to Worldcard. Invoicing would pretty much be easier too.
Can you use a Personal Account to receive payments and a Business/ Premier Account for businesses (Splitting the money)?
Nope you can’t. As on contractual agreement between you and Paypal when you signed up for an account, watch out for 4.8
No Splitting Payments. You may not split payments between a Personal Account and a Premier or Business Account by directing buyers paying with a credit card to send payments to your Premier or Business Account, and buyers paying with their Balance or bank account to send payments to your Personal Account. If you do so, we will charge you the Fees that would have applied to a Business or Premier Account.
Bottom line, pay for a business/ premier account if you need Paypal for business. It’ll be worthwhile if you have more than 5 – 10 transactions on a month to month basis. Doing it early would increase your reputability as a long standing customer with Paypal.
Difference between Premier and Business Accounts?
With a business account, you’re allowed to add multiple emails to accept Paypal payments as compared to a Premier for business. So multiple users can login to the same account with different permissions as indicated by the account creator.
If you’re unsure of which account should you have with Paypal, start with the Personal and work your way up. If you find yourself limited by the options that you desire or wish to use, then it’s time to upgrade your account.
Types of Paypal Account
If you are going to accept Paypal payments on a regular basis, it’s best that you upgrade your account to a Premier or Business account to save on fees. The fact is that Paypal does give priority to Business/ Premier accounts when it comes to support makes you wonder what will happen if you have problems with your Personal account that you need to resolve urgently. Here’s the fee breakdown difference between both a Personal and Business/Premier account.
Woot? Why don’t we just stick with Personal Accounts since we aren’t charged any kind of transaction fees at all whereas Business/Premier accounts have to pay a fee for every transactions that comes in?
Advantage of a Personal Paypal Account
No fees involved when you use it to send or receive money from friends!
Disadvantage of a Personal Paypal Account
Monthly withdrawal limit is only $500. You have no room for any business transactions if you’re going to only use a Personal Account.
Receiving only 5 times of debit/ credit payments a year.
No priority support. I see that as a big nono.
A Personal Account is merely for people who do not use Paypal often and don’t intend to use it for business. Here’s Paypal clearing the air on selling with Personal accounts.
Can I sell with a Personal account?
No. Personal accounts are for personal use. You can use a Personal account to send money to friends and relatives and to purchase items online when PayPal is offered. If you earn money by selling items online, you should use a Premier or Business account.
If you do not receive payments or make transactions with Paypal often, a Personal Account would suffice, else hit to the Premier/Business Account. I have mine since 2003, money well paid for for my subscriptions to my server, payments coming from different advertising networks.
Disadvantages of a Premier/ Business Account
Well, uhm. Fees?
Advantages of a Premier/ Business Account
Full access to merchant facilities, no limit to your transaction amounts and slightly prompt support when submitting support tickets/ emails. For all credit card gateways that are readily available on the Internet for you to start accepting them for business, Paypal is the easiest choice next to Worldcard. Invoicing would pretty much be easier too.
Can you use a Personal Account to receive payments and a Business/ Premier Account for businesses (Splitting the money)?
Nope you can’t. As on contractual agreement between you and Paypal when you signed up for an account, watch out for 4.8
No Splitting Payments. You may not split payments between a Personal Account and a Premier or Business Account by directing buyers paying with a credit card to send payments to your Premier or Business Account, and buyers paying with their Balance or bank account to send payments to your Personal Account. If you do so, we will charge you the Fees that would have applied to a Business or Premier Account.
Bottom line, pay for a business/ premier account if you need Paypal for business. It’ll be worthwhile if you have more than 5 – 10 transactions on a month to month basis. Doing it early would increase your reputability as a long standing customer with Paypal.
Difference between Premier and Business Accounts?
With a business account, you’re allowed to add multiple emails to accept Paypal payments as compared to a Premier for business. So multiple users can login to the same account with different permissions as indicated by the account creator.
If you’re unsure of which account should you have with Paypal, start with the Personal and work your way up. If you find yourself limited by the options that you desire or wish to use, then it’s time to upgrade your account.
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