A PayPal Business account may not be downgraded to a Personal account without calling customer support. PayPal allows individuals to have a PayPal Personal and Business account, but they must be under different email addresses. Customers are also more inclined to trust a business if the PayPal account reflects the business name. It is good for those who might sell products or services every once in a while, offer services, send invoices to request payments, and need a quick and easy way to get paid.Ī PayPal Business account would be more suitable once a merchant starts receiving payments more regularly or with larger amounts. However, we think there is value in using a PayPal Personal account for those who only need to receive payments occasionally. All the extra features of a PayPal Business account are essential for merchants with a growing small business. With all the extra features and benefits that come with a PayPal Business account, we recommend it for small business owners that want more flexibility in accepting payments.Ī PayPal Business account allows you to accept credit card payments online and in person, set up subscriptions, benefit from higher transaction limits, and be covered by the PayPal Seller Protection. The main question we aimed to answer when considering PayPal Personal vs Business accounts is which one is more suitable for small business owners. Ready to take a closer look at using a PayPal Business account? Read our PayPal Business Review. The PayPal Seller Protection covers merchants for the full purchase amount in case of claims, chargebacks, and reversals of eligible transactions. PayPal Business accounts get access to better customer support via the PayPal Business Support Center and take advantage of the PayPal Seller Protection at no additional costs if you meet the requirements. Aside from these, PayPal Business accounts can enjoy lower rates for instant payouts and higher transaction limits than PayPal Personal accounts. It also lets you claim tax benefits for any transactions that may qualify for tax deductions. Having a PayPal Business account also gives you the ability to allow limited access to the account for up to 200 employees. On the other hand, PayPal Business accounts come with aggregated merchant accounts and enjoy more business-related features, such as adding a point-of-sale (POS) system, requesting payments using payment links, integrating with ecommerce platforms, or processing payments with the PayPal virtual terminal. PayPal Personal accounts may also send invoices to other PayPal accounts to request payments. It has limited capabilities in accepting payments except from other PayPal Personal accounts. It functions like a typical digital wallet that lets you make purchases and send payments. PayPal Personal only offers basic transactions and limited features. It ranges from 2.29% + 9 cents using a QR code to 3.49% + 49 cents (other commercial transactions). The fees for receiving or accepting payments through each of these methods differ. PayPal Business accounts have different options available for accepting or receiving payments: by sending an invoice, through a PayPal payment link, using PayPal on your website, and through a QR code. If the sender does not opt to shoulder the fees, it will be deducted from the amount credited to your PayPal account. The sender has the option of paying for the fees so that you receive your full invoice amount. When sending an invoice from a PayPal Personal account, merchant fees will be applied to payments made toward that invoice, typically 2.99% + 49 cents. However, if the money is sent from a non-domestic PayPal account, currency conversion fees may apply. There are no fees for receiving or accepting money from other PayPal Personal accounts. There are only two ways to accept or receive money with a PayPal Personal account: directly from another PayPal account or by sending an invoice.
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