PayPal offers two types of accounts for its users. The two types are the Personal account and Business account. If you have a personal PayPal account then you can make and receive payment from another PayPal account. On the other hand, if you have a business account then you can accept payments by credit card from customers who don’t have a PayPal account. If you are a merchant who operates under a company/group name then you should upgrade to a PayPal business account.
Key Takeaways
- It is possible to upgrade the PayPal personal account to PayPal business account
- PayPal business account is available in two types: PayPal Payments Standard and PayPal Payments Pro
- With PayPal business account you can accept and process credit card and debit card payments
- PayPal Business Account supports 25 currencies from over 200 countries
- PayPal business account offers hassle-free E-commerce integration for your ecommerce website
How To Upgrade Current PayPal Personal Account To A Business Account
If you have a PayPal personal account then you can easily upgrade your current PayPal personal account to a business or premier account. The process is very simple. Check the below steps:
1. First login to your PayPal personal account
2. Now from the top of the page click the Settings icon
3. Click on the “Update to a Business account”
4. Enter the details of your business
5. Now read the E-Communication Delivery Policy, User Agreement, and Privacy Policy
6. Then click on the Agree button and then click on the “Upgrade Account” to complete the process
What Is A PayPal Business Account?
PayPal business account is very popular among business owners around the world because it makes it very fast and easy for businesses to receive payments from customers. One of the best aspects of a PayPal business account is business owners can accept and process credit card payments, debit card payments, and more in over 25 currencies and from over 200 countries. Moreover, the checkout and purchases via PayPal are very simple that customers also prefer PayPal. Moreover, it’s not required for customers to have a PayPal account to make the payment, which is very convenient. If you use a PayPal business account then your customers can pay via any of the following methods:
1. Credit cards
2. Debit cards
3. PayPal
4. Venmo
5. PayPal credit
The Credit And Debit Cards PayPal Business Accounts Accept Are:
| Credit Cards Accepted By PayPal | Debit Cards Accepted By PayPal |
| Visa MasterCard American Express Discover JCB Diner’s Club | Visa MasterCard |
Types Of PayPal Business Accounts
A PayPal business account has two overarching payment processing options for business owners. They are:
1. PayPal Payments Standard
2. PayPal Payments Pro
PayPal Payments Standard
This is a basic PayPal business account and it doesn’t charge a monthly maintenance fee. This type of PayPal business account can accept all of PayPal’s payment methods except the payments made via phone, fax, or virtual terminal. This type of account includes all types of standard PayPal business account benefits including toll-free phone support, simplified PCI compliance functionality, etc. This type of business account is best for business owners who are just getting started and those who are more than happy with a no-fee checkout option on their website. The customers will be redirected to PayPal’s site to complete the payment and once the process is completed they will be returned to the business’s site.
PayPal Payments Pro
This type of business account has all the features of a basic business account as well as additional features like support payment via phone, fax, or virtual terminal. Moreover, this type of business gives business owners complete control over their checkout pages. So the business owners can take their e-commerce site to the next level. It means the customer won’t leave the business’s site when making a payment. If you want to use this business account then you have to pay a monthly maintenance fee of $30.
The Benefits Of PayPal Business Account
There are some specific benefits that a PayPal business account holder can enjoy. If you are a business owner then these features will help you take your business to the next level. So if you are wondering what are the benefits then keep reading the article.
No Monthly Fee
For a basic business account, you don’t have to pay any monthly fees. It means there is no cost to sign up and start accessing all of the merchant services on offer. There are also no setup or cancellation fees. PayPal will only charge you when you actually start doing business. It means you can spend extra money on other services.
Super-Fast Setup
It takes very little time to set up the PayPal business account. It will take only 15 minutes to set up and running with a PayPal business account. The registration process is completely digital, so you can go through the quick and easy online steps wherever and whenever you want. That means you don’t have to wait in line at the bank.
Low Barriers To Entry
Most merchant account providers come with complicated qualifying terms and it requires lots of paperwork to open an account and maintain it. On the other hand, a PayPal business account only requires some basic contact information and general details about the company or business that you own. In PayPal, anyone can open an account and it won’t require any credit check. You just have to link a bank account in order to receive funds from your transactions.
Get Paid Online From Around The World
A PayPal account is very flexible in terms of accepting payments. PayPal supports major debit and credit cards around the world as well as supports payment from Venmo, and PayPal Credit. Moreover, people can make payments online, in person, or even via invoicing. PayPal is available in 200 countries around the world and in 25 currencies.
Hassle-Free E-commerce Integration
You can use a PayPal business account with hundreds of solution providers and shopping carts. Usually, most providers have a simple option in the admin console where you can select the PayPal integration and then provide the login details and other relevant credentials to integrate PayPal on the Website.
Offers Discounts For Nonprofits And Charities
PayPal offers special, cheaper transaction rates for nonprofits and charity organizations. PayPal also has a ready-to-roll donate button that you can use on your website if you are doing fundraising, which is very convenient. Moreover, PayPal has integrated with popular fundraising sites so that you can easily activate their services from your PayPal business account and start accepting the donation.
References:
1. https://www.paypal.com/cy/business/getting-started
2. https://www.paypal.com/us/smarthelp/article/How-do-I-upgrade-my-PayPal-account-type-FAQ900
Last Updated on November 10, 2022 by Magalie D.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.
