That said, this type of account can also be used to sell goods and services. A personal account might also be appropriate for an artist who occasionally sells their work. One drawback of a personal account is that the buyer will see your full name on each purchase. In a nutshell, a PayPal personal account is ideal for sellers who plan to only occasionally or informally market their goods and services.
Whether you use a PayPal personal account or business account , you can integrate PayPal with Jotform to seamlessly collect payments through your website. PayPal business accounts include everything a personal account does and more. Business accounts offer a robust suite of services to everyone from moonlighters to SMB owners who need a no-hassle, affordable payment processing solution.
In particular, a PayPal business account makes it simple to transform your website into an e-commerce portal that seamlessly sends customers to PayPal for payment. A business account also allows you to set up subscription services, which enable customers to sign up for recurring shipments in a single transaction, as well as complete transactions in person.
For SMBs with staff, another plus of a PayPal business account is that it allows logins for up to employees, allowing them to access PayPal features such as the ability to set up shipping methods and fees, inventory, and profit tracking. PayPal business accounts also offer a suite of products and services to help businesses with the day-to-day work of online sales, such as the ability to print labels, track payments, and get live customer support.
Unlike personal accounts, a business account can be registered under a company name rather than your own, which helps protect your privacy when customers make a purchase.
The payment processor only applies transaction fees when you sell your first item via your PayPal account. What is PayPal Commerce Platform? How to set up a PayPal business account in 9 easy steps. Do I need a PayPal business account to sell on eBay? Introducing a new PayPal Commerce Platform integration. Although PayPal can provide some helpful financial products and tools for online payments, you may want to look elsewhere for the relationship that will serve as your financial home base.
PayPal offers compelling options and value-added services for people who may want a debit card, prepaid card, cash back credit card, access to small lines of credit and convenient online payments. But if you want a full-service banking experience, using PayPal as your bank account may not provide the range of services and tools you need.
You may find that you get the best experience from your PayPal account while relying on a bank or credit union as the steady home base for your money.
Using PayPal in addition to a bank account, not PayPal as a sole bank account, may provide the best functionality. That said, whether you use PayPal as your primary financial account is ultimately up to you and your needs as a consumer. Ben Gran is a freelance writer who covers personal finance and financial services. A graduate of Rice University, he has written for several Fortune financial services companies. Ben is based in Des Moines, Iowa. He has more than a decade of experience as personal finance editor, writer and content strategist.
Select Region. United States. United Kingdom. Ben Gran, Mitch Strohm. Contributor, Editor. Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations. What Is PayPal? How Does It Work? These two cash balance accounts let you send money from your PayPal balance, hold money in PayPal and shop in-store with your balance with Google Pay or Samsung Pay where accepted.
PayPal Cash Plus is a more advanced account that you get when you apply for a PayPal Cash Mastercard or enroll in direct deposit to add your paychecks to your PayPal balance automatically. PayPal Cash Mastercard. This debit card lets you use your PayPal balance to spend money online or in stores, wherever Mastercard is accepted, just like a bank account with a debit card.
More on FDIC insurance below. PayPal Prepaid Mastercard. This prepaid card gives you a convenient way to manage your spending, while also giving you the option of setting up a tiered-rate savings account that offers 5. This credit card offers reward points for spending in specific categories. Cardholders earn 3 points per dollar spent on gas and restaurant purchases, 2 points per dollar spent on PayPal and eBay purchases, and 1 point per dollar spent on all other Mastercard purchases.
You can redeem rewards for cash back, travel vouchers, gift cards or merchandise. PayPal Credit. Pay in 4. This is a buy now, pay later option that lets you use PayPal to pay for a purchase in four installments, with one payment every two weeks.
You can also read my full review of eToro to learn more about this platform. Buy Bitcoin with eToro. This withdrawal method is extremely popular at the moment, as people worldwide seek to get themselves some Bitcoin or Ethereum due to their extremely bright future price prospects.
There is no good reason to have a Premier account if you are going to use PayPal for business. The fees are similar to or same as Business but some of the features not available.
Other European countries should have similar fees, but do check the PayPal website for your country for more accurate details. Click this link to check the standard rates for receiving and sending money with PayPal. If you receive more than 2, Your fees can be as low as 1. For receiving money for product or service sales at the merchant rate, these are the prices:.
Note that the rates in the table above are for domestic transactions. If you have customers offshore then you will incur what is known as a cross-border payment charge. Click here to view the higher cross-border transaction fees. You will still benefit from lower rate bands with cross-border payments once you apply successfully for the Merchant Rate.
See also : Should you withdraw from PayPal to a credit card or to a bank account? The Pro solution is for heavy PayPal users, and allows you to benefit from lower rates among other services. Click this link for more information about Pro. Go for Pro if you need full payment gateway functionality, as this system will allow you to create a fully customized checkout process that will enable customers to complete the purchase from your site rather than being transferred to PayPal as is the standard procedure.
If you are using PayPal to collect payments for products and services that you are selling online, you will also need to choose a checkout service. All e-commerce solutions such as Shopify, WooCommerce, and Easy Digital Downloads will allow you to select one out of several e-commerce checkout business solutions offered by PayPal. See also : Should you open separate PayPal accounts for each of your e-commerce stores? Read my separate post about the pros and cons of each and then decide accordingly.
You can choose what currencies to accept and how you would like to accept them. When a buyer sends a payment in a currency you hold, the money will automatically appear in your account in that currency. You can choose a primary currency as the one you use most often for sending and requesting payments.
If you convert a payment into your primary currency, PayPal offers conversion rates that are pretty bad. You can read my guide on PayPal currency conversions for more information about that. You might also want to change your PayPal withdrawal currency before you withdraw money to your credit card.
So how do PayPal transactions look? Since this is a cross-border payment US to Malta , it can be broken down as follows:. If I remember correctly, with a Personal account you can accept or deny payments. If you deny the payment, the fee is not charged. With a Premier or Business account, there is no such option to accept or deny payments. Click here to see the full refund policy together with a worked-out example of how refunds work.
PayPal has recently changed its policy, stiffing sellers, unfortunately. Not all countries offer the same facilities for withdrawing funds from Paypal. For example, in my home country Malta, we used to be able to withdraw money only to a credit, debit, or prepaid card as well as a US bank account, but no local accounts.
This was then changed to allow withdrawals to EUR based local account s, but unlike with other payment providers, we are not able to withdraw to local accounts in other currencies. This is a big disadvantage if you are making most of your sales in another currency such as USD.
Paypal provides a handy checker where you can select your country and see which withdrawal options are available for that country. Launched in and headquartered in New York, Payoneer is a payment services provider that allows users to send and receive money online. The platform currently services more than 4 million customers located in more countries. Payoneer is also a notable PayPal alternative due to its highly rated customer support. You have the option of contacting support via telephone, live chat or through a support ticket.
Check out Payoneer. Stripe is recognized worldwide as the most painless way to accept credit cards online as a merchant, and it was created with developers in mind, making integrations easy. Please be aware that there are two different types of payments that can be sent using PayPal — Purchase Payments and Personal Payments. With a Personal payment type, the sender of the payment can choose who pays the fee which is incurred.
However, it is not free to send the payment. Either the sender or the receiver must pay.
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