Types of PayPal Account; What you need to know
If you need it only for personal expenses and finances, or if you occasionally sell merchandise, a personal account is sufficient. Small businesses and companies that sell products or receive regular payments should consider a business account.
A variety of payment gateway applications are available in the market and among them is PayPal which earns the most popular and most trusted brand that is enjoyed by both business owners and personal users. For those who started venturing and using PayPal services, we recommend learning the different types of Paypal and distinguishing what's best fit in your operations.
PayPal Personal Account
This is the most basic PayPal account for individual use, its main purpose is to allow you to use your PayPal Personal account as your payment portal in purchasing online transactions anywhere globally. Using the PayPal service not only helps operate your transactions conveniently but also securely because every individual user is bound by PayPal Buyer Protection Program. In addition, you can also use this account to send funds worldwide making it more convenient for your transactions. Not only sending funds is allowed under your personal account but you can also receive funds globally without any worries.
It depends on your intention, you can start using a personal account for you to have various payment gateway options. The Beauty of this is that PayPal offers No Set-up Fees, No Monthly recurring fees, and No Termination Fees. Simply link your bank details to start your process.
PayPal Business Account
If you’re an online entrepreneur which operates small to medium businesses then PayPal Business Account is right for you! A business account allows you to accept payment via credit card. The key advantage of having a business account is PayPal's comprehensive features.
A PayPal business account brings a major role in your day-to-day business operations by allowing you to set up transaction invoices, Tracking orders, or shipping methods. A solution that will help you manage your revenue growth and customer service satisfaction and it is said that 200 employees can access your business account to manage your PayPal order activities.
Your account should be under your registered company name for them to easily provide an around-the-clock Fraud Monitoring and Seller Protection Program that would help you run your business confidently. Also, sending and receiving payment will be under your company registered name. Choose your PayPal account and sign up here: PayPal App Selection
Generally, PayPal is not a Bank, however, users are bound by a protection mechanism that the bank regulates. It is highly recommended to update your PayPal account daily for any possible unauthorized transactions or any concerns that may arise.
How much is PayPal Fee?
How much fee does PayPal charge? This is the most raised concern by prospect users. To highlight, Paypal doesn't have set-up, monthly, and termination fees in using their services. PayPal gets their remuneration or only imposed commercial charges when doing your transaction and is based in which country you are located. Click here for your PayPal transaction fee guides.
How to Sign up to PayPal?
To guide you on the basic flow:
- Go to PayPal Website
- Choose your PayPal Type Account (Personal or Business Account)
- Input your personal data
- Add your Mobile Number for the security code
- Enter your Name, Email Address, and your passcode to proceed.
- Lastly, provide and link your bank details to your account.
- Verify your bank details will help you have a faster, more efficient, and stable PayPal account
Choosing the correct account type is useful for personal and business transactions. Further, if you're using a personal account, you can upgrade to a business account, you just need to comply with supporting documents need.
Any type of PayPal account you choose depends entirely on your intent and what you need for your transaction. If you need it only for personal expenses and finances, or if you occasionally sell merchandise, a personal account is sufficient. Small businesses and companies that sell products or receive regular payments should consider a business account.