Formally, paypal have different types of accounts not until recently when things was modified and Premier account was removed to be left with just business and personal account. And newbies won’t stop asking question like “What’s the difference between personal and business paypal Accounts.” because it’s very confusing when you want to get started with paypal registration.
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There’s no doubt that both accounts have differences and similarities which can help you make a choice depending on what you want.
I will use this short article to explain the difference between personal and business paypal Accounts and after now, am sure you won’t get confused whenever you want to make a choice of the account type you want to use.
What’s The Difference Between Personal And Business Paypal Accounts
There are many differences between business and personal paypal account and even some which we can’t tell. But below are some of the noticeable and common differences you must take note of between both accounts.
When you create a new PayPal account, you are asked to link and confirm your card or bank in order to raise your transaction limit and until you do so, You monthly limit remains $500 by default.
As soon as you add and Confirm Card or bank on a personal account, the limit will be lifted to $10,000 while in business account it will be unlimited.
Take it again in a more easy explanation : While personal paypal transaction limit is raised to $10k, business account is raised to unlimited transaction limit.
Effective Merchant Use:
If you have a small or large website where you would want to collect payments using PayPal, then Business paypal is the best option.
By default, Personal PayPal aren’t made for Web integration and as such features that enhance easy integration like the API aren’t available on personal accounts. In other words, While business accounts are made purposely for collecting payments online from clients, personal accounts are made for personal use such as sending money to friends and families, shopping online, collecting little payments from individuals etc.
Whenever you’re set to add PayPal payment method to your site, don’t even think about the personal account instead make a business paypal Account.
Yes: You can also use personal PayPal account to collect payments from websites but it got limited features because you will only have to generate payment links but not API integration directly since that’s not the primary aim. Have it at the back of your mind that your clients cannot pay you with Debit/Credit Cards when using Personal PayPal to accept payments online. ðŸ¤”
Multiple User-Admin access:
In business paypal, more than one person can manage a particular account. ALL you have to do is add their email and give them admin access. While this feature aren’t present in personal account.
It’s personal which means only you have access to your Account. Unless you want to give others your login details.
Privacy Protected :
In a business account, your clients will only see your business name and your business email as the receiver while in personal accounts, Your legal name and email are being displayed.
This is why you must fill out your business information when registering for a business account while you aren’t asked for any further information when setting up a personal account.
Personal and Business paypal fees:
This is not a new thing that if you’re using PayPal you must pay transaction fees when sending or receiving wither with personal or Business accounts.
These fees are grouped in different segments so you will understand the ones you will pay as a personal or business account user since all fees aren’t same. YOU can out all paypal Fees Here
Upgrading from Personal to Business Paypal Account
If you’ve made a personal account before now and having seen this, you figured out that what you need is business account, there’s no need opening a fresh account instead justupgrade to a business account.
THE video below will show you steps to upgrade your personal PayPal to business account with ease.
Not only can you upgrade your PayPal but you can also downgrade from business back to personal at will. Here’s the guide to follow.
Difference between personal and business paypal fees
When It comes To Charges and PayPal Fees, Business paypal account takes the Biggest Charges while personal charges little or nothing.
This is the same reason why people choose personal paypal over business. But unfortunately there are reasons to use business just like there are reasons to use personal accounts as stated above.
You can Check Out PayPal Fee Table Here to see exactly how paypal make their Charges for every successful transaction.
PayPal Personal or Business Account
Both business and personal paypal accounts are good depending on what you want to use it for.
If you don’t have a website, I will recommend you use personal account. But if you got a website through which you would want to be collecting payments from clients you got no option than to use business account.
How To Open Personal or Business Paypal Account in Nigeria
If you want to open Business Paypal Account in Nigeria, You can check out our guide here
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