Before we get down to the types, it is important to know
about the core services that PayPal offers.
These include:
- Sending money
- Requesting money
- Access to eBay Tools
- Merchant services
- Accepting payments via credit and debit cards
- PayPal debit cards
- Multi-user access
- 24-hours check on fraudulence
- Customer service
Personal PayPal Account
As the name suggests, this account is meant for personal
use. Through this account, the person is able to send money, receive money from
other PayPal users, and can have access to Auction tools. The transactions via
this account incur no charge for the user. The PayPal account holder is
eligible for customer services. However, he is eligible to accept payments only
from other PayPal accounts but not from any credit or debit card. Although for
this account type, holding money in it and transaction using it are free, it
has a set limit for receiving payments in a month. This account has limited
access to merchant services and PayPal debit card, and does not offer the
benefit of multi-user feature. In short, the personal account fits the bill for
people who do online shopping more often.
Premiere PayPal Account
Users having this PayPal account type, have access to all
the core benefits offered by PayPal, except for multi-user access. They have
the advantage of receiving unlimited credit or debit card payments, and bank
account payments, as well. They get a PayPal debit card, and green flag to buy
or sell on merchant websites as and when they wish. Unlike personal account,
this type allows the user to access to varied merchant services like invoicing,
procession of credit cards, and has features such as shopping cart, and payment
reporting tools. Users do not get charged for creating the account, holding
money, or sending money. However, there would be a nominal fee incurred for
withdrawal of funds and receiving funds.
Business PayPal Account
The business PayPal account includes all the core features
mentioned above; meaning, the user can enjoy all the benefits. This account
fits the bill for people who intend to run or are running a large-scale online
business. The person can operate the account under the name of his/her
business, and can create multiple users for a single account. There is no set
limit to the amount or size of transactions. Similar to other accounts,
creating the account, holding money and sending money is free, but withdrawal
and receiving are not.
Making transactions via PayPal is as easy as sending an
email. But most importantly, it offers an extra security measure for the user,
as the transaction can be done without giving out any sensitive information
related to the account. To add to this, even for merchants, this service
ensures security as the buyers are verified individuals.
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