Introduction to PayPal (Personal & Business Accounts)
So you’re thinking of signing up for a PayPal account? You’re undoubtedly aware that PayPal has numerous account kinds, such as personal and commercial accounts. Now, depending on whatever type you like or require, you may want to understand the differences between the two and why you should choose one over the other.
PayPal Personal Account
This is a PayPal account that enables users to make safe and secure online payments. It can also be used to send and receive money. It’s a great account for people who purchase and sell things online. You can also link your checking and PayPal accounts for more convenient money transfers and payments. Aside from all of these compelling reasons to sign up, a PayPal Personal Account is free and accepted by thousands of online retailers.
Limited Monthly payments of $500 can be increased to $10,000 if the account is validated through bank accounts.
PayPal Business Account
Similar to a personal account, it enables users to make safe and secure online payments as well as accept payments for a minimal cost. It’s a business account that’s best suited for online retailers and other businesses. It also permits you to conduct business under the name of a corporation or a group.
Many additional capabilities are available with a business account, including accepting payments on your website and sending and receiving money among users from over 203 countries. You can also use Debit MasterCard BusinessCard to get access to the money in your PayPal account; you can download your account history into a spreadsheet, make payments to hundreds of people at once, and accept unlimited credit card payments.
Accounts for personal use vs. accounts for business use
What’s the difference between a PayPal personal account and a PayPal corporate account?
The difference between the two accounts is in the features you can get from each.
While both allow safe and secure online payments, the business account comes with a lot more, such as the ability to receive payments straight from your website and a PayPal Debit MasterCard. A personal account would be preferable for regular users who will most likely only use their accounts to purchase products or receive payments. The business account is excellent for business owners because you’ll be able to send payments to numerous employees at once and have multi-user access.
To summarize, the accounts were created specifically for separate individuals with distinct purposes, one for personal use and one for corporate use.
|Personal Account||Business Account|
|Is free with an option to buy special features||Is free with an option to buy special features|
|Has a $500 monthly limit of receiving money from PayPal users (Unless upgraded to premium then unlimited). For a verified account, the limit is increased to $10,000.||Has an unlimited limit of receiving and sending money from any probable sources|
|Can send and receive payment/money||Can send and receive payment/money|
|Has a 24-hour fraud surveillance||Has a 24-hour fraud surveillance|
|Customer service||Customer service|
|eBay Tools||eBay Tools|
|Has limited merchant services||Has full merchant services|
|Does not accept credit or debit cards||Accepts credit or debit cards|
|Has limited PayPal Debit Card services||Has full PayPal Debit Card services|
|Has no Multi-user access||Has Multi-user access|