An accurate, as well as properly evaluated choice of PayPal account structure, is not at all simple let alone easy for most of the common people. The harder it becomes as the approaches are not at all straightforward towards the majority. That is why this article aims toward conceptualizing the entire procedure of signing up with PayPal along with choosing an account type in a much simpler and convenient way.
Special Useful Note –
As a user, if you are looking out to send money in an inexpensive way then there are other well convenient platforms that are relatively budget-friendly than PayPal like ‘Transferwise’. The benefits lie in Transferwise that it doesn’t charge money out of the exchange rate. Rather than that, it charges a small magnitude of the overall transfer amount as its fee.
You can, later on, improve your currency conversions.
Personal Account to Premier/Business Account –
Usually, you start your way out with a personal account then you can gradually upgrade it to a premier or business account.
Types of PayPal Account and its way forward –
PayPal generally offers the provision of two account types which are respectively;
- PayPal for your personal usage (Personal and Premier)
- PayPal for your business usage (Business)
It is free of cost for you to initially sign up and every account type offers you different features along with credibility. You have the freedom of choice according to which suits best for you.
Options of Personal PayPal account –
- Through a personal PayPal account, you can send and receive money from anyone.
- You can shop on merchant websites and other websites like eBay by the mode of applying for your credit card, debit card or simply bank account.
You can even sell on eBay or your own website through the mode of using your credit card, debit card and bank accounts which generally involves small fees.
Options of Business PayPal Account –
- You can make the right choice of your online business through the medium of accepting credit card, debit card and bank account payments although it must be remembered that all these are applicable only for a low fee.
- And you can operate your business from your company or business name.
- You can be capable of managing your users.
- Then you can as well allow yourself to offer separate accesses to each one of your employees.
- You can make a consultation about the business setup guide.
Rules and Regulations –
- PayPal generally allows its users to have only one personal or premier account and one business account as well.
- All PayPal accounts must consist of one unique email address and authentic financial information as well which can be upgraded to a better version at any time.
Below is an image notifying the comparison of PayPal account types;
Premier Accounts –
Premier account holds all the advantages of a personal account. The additional benefits are respectively;
- Acceptance of all payment types in low fees.
- Set up of PayPal shopping cart.
- Accession to an exclusive professional customer service seven days a week.
- Identification of a premier account-ship in the reputation pop up box.
Business Accounts –
Business account holds all the advantages of a premier account. The additional benefits are respectively;
- Availability of conducting business in an easy and affordable way through the merchant account.
- Operation under your personal business name.
- Generation of reports and financial statements.
- Obtainment of financial statement.
- Utilization access to eBay tools.
- Offering provision to multiple employees through the limited access of your account.
- Receiving money from buyers without PayPal accounts.
Profitable features of Business PayPal Account –
- The fees of a business account are almost similar to the premier account.
- You don’t necessarily require a business for opening a business account. You can continue from ‘doing business as’ option.
- As long as the business accounts are linked to different bank accounts you can have as many as business accounts as you want.
- No applicable monthly fees.
- If you have approval, then you can opt-out to additional services at the cost of 35$ a month.
- Various additional services are available which are respectively; 1) Recurring payments 2) Website payment pro which allows you to link PayPal account to a shopping cart 3) Virtual terminal in case you administrate live events or work with offline clients.
- In the case of various ventures, you want to carry out, you can always set up a child account from where money can be swiped into your main account without any inclusion of fees. Also, you do not need to have a link up to a bank account for your child account.
Precise Comparison of all PayPal accounts –
- Personal PayPal accounts are recommended for the individuals who want to shop and pay online as a mode of their hobbies.
- Premier PayPal accounts are recommended for the casual sellers as well as buyers along with the non-business persons who occasionally wishes to get paid online and makes online purchases.
- Business PayPal accounts are especially recommended for the merchants who are well organized and operates under a company/brand/group name. The extra benefits are obtained from its additional features were at least up to 200 employees of your own have limited access to your business account. Apart from it, it is also enabled to send customer service emails for various customer issues along with obtaining a strong and smooth round the clock customer service support. Various customer issues are hereafter resolved for better route coming and quick follow-ups.
Management of Multiple Currencies –
In any of your account, you can always choose what currencies to accept and the method of accepting it. The currency in which a buyer sends you the payment, the same currency will be appearing in your account. In other cases, where you are not accustomed to the currency the buyer is sending you the money you have several options which are respectively;
- Opening a new currency balance for accepting the payment.
- Converting the payment into a currency which you can accept.
You can be opted with a primary currency for sending and requesting payments. It will be also used for withdrawal limits.
While conversion of currencies, PayPal offers conversion rates compared to other consumer services along with-holding a preview.
You can always leave your own necessary statements and comments. Or you can also contact PayPal directly. Hope this will be a useful read.