If you are interested in knowing about the PayPal business account vs. personal account, you will not have to waste your time and effort. For you, we will provide you with all the information you require in this article.
PayPal has been the most popular means of online financial transactions, and it is famous worldwide. You can be a consumer who wants to purchase goods and tools online using PayPal.
You can also be a business person getting your financial aid with PayPal. PayPal can be your ultimate financial assistant providing all sorts of services, including credit/debit cards, etc.
Many may get confused about the difference between various accounts of PayPal. Different account has their benefits and drawbacks. Without further due, let’s get started with a smart beginning.
PayPal business account vs. personal account
Well, first thing first, follow this particular link to know how to open a Paypal account if you do not know yet. The ultimate guide will help you with a step-by-step method for opening a brand new Paypal account that will ease your business transactions with a simple click on the mouse.
In this section of our article, we will provide all the information, including critical differences and drawbacks, and benefits. This information will lead you to understand what account you require that will fit your usage either for personal or commercial use.
PayPal Personal account
Personal accounts of PayPal are best for people who fundamentally use PayPal to send money to family and friends or mainly for online shopping. But you can use this sort of account for business too. For example, you can also sell services and goods with PayPal.
For instance, you have a video game disk of PlayStation four that you didn’t use at all, and you want to sell it on eBay.
Now, if you have a PayPal personal account, potential buyers will have an easy option to provide your payments through PayPal easily. You can use a PayPal personal account to sell your pieces if you are an artist.
A drawback of having a personal account is that your full name will be visible to buyers at every purchase. Other than that, there is also a limit of payment that you can accept; unlike in a business account, you can receive much more forms of payments than a personal account.
For example, in the personal account, you cannot accept payment via invoice or take other benefits with a personal account, but with a business account, you can.
Therefore we can come up with the idea that a personal PayPal account is best for occasionally and informally using the account for business purposes.
The requirement for having a personal account
- Your first and last name
- Phone number
- Email address
- Information on Credit or Debit card (Not compulsory)
- Clarification routing number and account number (Not mandatory)
PayPal business account
Business accounts in PayPal include every feature of a personal statement and other benefits and facilities. It offers an advanced set of services to everyone from Bigshots to medium or small business owners who want a hassle-free, easy payment solution.
Precisely, a business account of PayPal can easily convert your website into a portal of e-commerce that drives the potential buyers to PayPal for the payment with ease. Also, a PayPal business account enables you to have subscription services options.
Subscription service allows customers to sign up for repeating shipments in one transaction also complete transactions personally.
For small or medium businesses, you can set up an account for 200 employees and also have the features
- Setting up shipping methods
- The ability for setting up fees
- Setting up inventory
Business accounts in PayPal also facilitate business with a set of services and products to assist companies with the daily effort of online sales. It provides live customer support and the ability to print labels and track payments.
Registration of a business account in PayPal can be in your company’s name, which protects your privacy as well.
The requirement for having a personal account
- Name and address of PayPal account owner
- The email address of the account owners
- N and address of the business
- Contact information of business’s customer service
- General business knowledge (e.g., keywords associated with your business and business type, etc.)
- Bank name
- Account number (business or personal)
- Bank routing number
PayPal offers some robust and ergonomic features in business accounts. You may have a business, small or big, but only you will know which version is beneficial for you as per your requirement. It can be a personal account through which you can easily get your payments.
But if you have a business that requires features like paying up for shipments, salary, or fees, a business account will suit your purpose at best. Hence only you will know what account will be appropriate for you and your usage.