PayPal is one of the largest payment processors in a world now. PayPal is well known for fast, reliable money transfers without the use of third parties.
If the person having both a personal as well as a business PayPal account. But the question is that what is the need to have two accounts with the same person? Don’t get confused. Here we are going to answer your question.
In this post, we are here to help you and solve your difficulties. As well as we have explained you the difference between both PayPal Personal Account and Business Account. Let’s read on the whole article.
PayPal Personal Account vs Business Account: An Overview
Both buyers and sellers use PayPal online. But have you thought that what is the difference between a person and a business PayPal account? If you have a business and you often sell, that means you need to be represented as a business. This is why they will require you to have a separate account. Otherwise, you can use a personal account. To handle the taxes, the idea of having two accounts is best.
PayPal Business Account
A business account allows you to sell goods under a group or business name. Who can use the PayPal business account? The answer is for online merchants and business entities to handle large amounts of payments at their own pace.
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You can access a variety of features such as:
- Accepting payments on your website
- Receiving payments from 203+ countries and sending money to them.
- Allow you to download the account history in a spreadsheet and you can make payments to lots of people at the same time.
- Also possible to accept unlimited credit card payments
- Multi-user access.
- Full PayPal debit card services.
PayPal Personal Account
PayPal personal account helps you to buy and transfer money online. This type of account specially designed for those who buy or sell very often. There are no fees required to create a PayPal personal account, which means it is free of charge. But, you have a withdrawal limit of up to $500 until you verify your account.
Which PayPal account is best?
Does the answer depend on what you want to do online? If you just buy online then a personal account is enough for you. Once you verify your account then you can pay up to $60,000. ($10000 in a single transaction.) If you are having a business then you might have to go with a Business PayPal account. It’s the best option because you have business services and tools, you can receive unlimited payments and you’re not as restricted which can be a problem for some people.
You can simply start with the PayPal personal account and later you can convert it into a PayPal business account else you can create a new PayPal business account.
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