PayPal, which was established in 2000, now has over 200 million active accounts in more than 20 countries around the world. Since its inception, this payment processing company has grown and now offers both business and personal account options to its customers. While both business and personal PayPal accounts have many of the same features, there are significant differences between the two account forms.
PayPal for Individuals
With a PayPal personal account, you can make safe, secure online payments, submit money, and accept payments. This account is perfect for those who do their shopping online and even sell on eBay. You can connect your checking account to your PayPal account for quick money transfers and payment options with the personal PayPal account. The personal PayPal account is free, and the PayPal account is accepted at over 1,000 online stores.
PayPal for Company
PayPal business accounts are suitable for online retailers as well as other types of businesses. The account allows business owners to accept payments without incurring additional credit card processing fees. Along with payment processing options, the PayPal business account fees offers online invoicing and virtual terminal processing, allowing you to process customer payments online as well as by phone, mail, or fax. This account also includes express payment options, enabling your customers to check out easily through their PayPal account without requiring personal details. According to PayPal study, companies that use the Express Checkout option see a 14 percent rise in revenue.
PayPal Debit and PayPal MasterCard are two types of PayPal accounts
For both personal and business accounts, the PayPal Debit Card and PayPal Plus MasterCard Credit Card are eligible. Customers who use the PayPal Debit Card have direct access to their PayPal balances. This debit card bears the MasterCard logo and can be used anywhere MasterCard is approved. This debit card allows you to receive 1% cash back on some transactions and offers complete protection against fraudulent or unwanted charges. The PayPal MasterCard is a MasterCard option that comes with no annual charge and all of the perks of a platinum card. Personal and business account holders may apply for the PayPal Debit Card and PayPal MasterCard. For the PayPal Debit Card to be available to you, your PayPal account must be active and in good standing for at least 90 days.
PayPal for Students
PayPal Student Card is a payment choice available to both business and personal PayPal account holders. This card is intended to provide students aged 13 and up with a Debit MasterCard that their parents can monitor. Parents can control the amount on the card, as well as track and control spending limits and spending behavior. Spending on the Student PayPal Card is free, but all withdrawals are subject to a $1 ATM fee, as well as any other ATM fees imposed by the bank.
All PayPal accounts are free to open. Using their online services, these accounts allow you to monitor your spending and review your balances. PayPal’s customer support department is accessible both online and by phone. PayPal also has a comprehensive security center where you can learn how to avoid fraud, secure your transactions, and provide excellent customer service to your customers. Visit my blog Finance Guide.