What is PayPal?
PayPal is an online payment platform that facilitates payments for individual and businesses through online transfers. It is is a payment processing service that allows customers to establish an account through online registration. It is considered to be a very secure method of sending and receiving payments online globally.
In this article, we’ll focus on Paypal services designed for business. Presently, PayPal offers three types of accounts, PayPal business account, PayPal personal account, and PayPal premier account. PayPal’s Premier and Business accounts are intended for people or businesses that handle a high transaction volume, usually for buying and selling online.
PayPal Personal Account.
PayPal Personal Account is originally designed and recommended for individuals who shop and pay online or whose purpose is for sending and accepting money from friends and relatives. However, there are some limitations you have to deal with especially as a business person:
- Customers who don’t have a PayPal account won’t be able to pay on your website or E-Store
- Customers won’t see your company’s logo and name at the checkout. It might raise concerns about safety.
PayPal Business Account.
PayPal Business Account is suitable for merchants who operate under a company/group name. PayPal Business Account is designed and packed with a lot of amazing features that things are easier for a business user, for instance, Multi-User Access, it allows up to 200 employees limited access to your account customer also customer service email setup to follow customer issues. This is helpful if you have an assistant or other employees who help with your business, therefore if your business is set up and registered then it’s best to go with a Business Account. Check out the following benefit of paypal business account
- Paypal Business Account enables you to accept credit card transactions online or in-person
- Customers can pay via credit cards and PayPal electronic money;
- Customers can check out as guests, Your clients can pay even if they don’t have a PayPal account.
- Paypal Business Accounts allow you to display your Business Name or Business Logoon the PayPal Checkout Screens, this will help the customers to be ascertained of where they are paying.
PayPal Premier account.
PayPal Premier account has a slight difference from paypal personal account and slight similarities with paypal business account. PayPal Premier account is designed for casual sellers or non-businesses who wish to get paid online, and who also make online purchases. PayPal Premier account also enjoy the following benefits:
Paypal Premier Account enables you to accept credit card transactions online or in-person
Your customers can pay via credit cards and PayPal electronic money;
Clients can also check out as guests on paypal premier account
For a Paypal Premier Account, you can not display a Business Name or Business Logo Graphic. Your customers would only see your email address on the PayPal Checkout page.
PayPal allows users to have 2 Accounts, You do have the option to keep your Personal Account and also open either a Premier Account or a Business Account. In a situation whereby you have two or more business which has their own different emails, credit cards and bank account, and they all registered you can have more than two accounts. Fortunately, there’s no charge to have any of the 3 types of accounts, just transaction processing fees.
PayPal Personal Account is limited and It is really intended for shopping online or sending/receiving the money to friends or family, it is not efficient enough for a business owner or someone who makes a large online transaction. For instance, it does not accept payments from non-PayPal users. The Major difference between PayPal business and PayPal Premier is that PayPal Business allowsPayPaled access to a user’s paypal accounts for up to 200 employees of such user.