Business Acc vs Personal?

Discussion in 'Payment Processing' started by cyclo394, Jan 28, 2008.

0
  1. #1
    Hello everyone,


    I am taking a look at paypal account options and it seems that the personal account and business account differ in that they don't take fees on payments with paypal on the personal account and the fees on credit cards for the business account are lower. And the transaction limits for a personal account look quite low if people pay by credit card. It seems as though you are pretty much forced to go with a business account, which I don't think is such a bad thing.

    So , as a self employed individual should I just opt for the Business account? And must I have a bank account for any type of Paypal account? It looks like what I need is just an e-mail payments account as I don't have a website with payment options and just want to transact with people on DP, correct?

    It appears that it will take 3-5 business days for my account to get approved.
    Does this mean I will have to wait 3-5 business days before I can get paid through my account or just 3-5 days before I can use my bank account as part of my paypal account?

    Well, if anyone can shed some light on these questions it would be much appreciated.
     
    cyclo394, Jan 28, 2008 IP
  2. BrandMan211

    BrandMan211 Peon

    Messages:
    60
    Likes Received:
    2
    Best Answers:
    0
    Trophy Points:
    0
    #2
    With a business account, you can use your Business name as the name shown on transactions, and you can use tools such as Subscriptions, which can be very useful. If you have a need for such things, I'd definitely suggest you opt for it.
     
    BrandMan211, Jan 28, 2008 IP
    cyclo394 likes this.
  3. cyclo394

    cyclo394 Peon

    Messages:
    305
    Likes Received:
    3
    Best Answers:
    0
    Trophy Points:
    0
    #3
    Thank you Brandman for the response.

    Do you know if the 3-5 day bank account verification will mean that I would have to wait 3-5 days to get paid by another paypal user?

    And a question a bit outside the scope of my original questions, but.... is making a business name a liberty that requires no formal filing or must your formally register a business name?
     
    cyclo394, Jan 28, 2008 IP
  4. simplyg123

    simplyg123 Well-Known Member

    Messages:
    3,855
    Likes Received:
    186
    Best Answers:
    0
    Trophy Points:
    175
    #4
    business count brings some fees, but with personal, you are limited on how many CC payments you can accept, i suggest pay the few cents on the dollar, and be free of all limitations, chose business account
     
    simplyg123, Jan 28, 2008 IP
    cyclo394 likes this.
  5. cyclo394

    cyclo394 Peon

    Messages:
    305
    Likes Received:
    3
    Best Answers:
    0
    Trophy Points:
    0
    #5
    I believe I will take the advice of both of you and go with the business account.Thanks.
     
    cyclo394, Jan 28, 2008 IP
  6. eddy2099

    eddy2099 Peon

    Messages:
    8,028
    Likes Received:
    568
    Best Answers:
    0
    Trophy Points:
    0
    #6
    If you are self-employed and do not have a registered business with a bank account in the business name then the option would be to sign up for a Premier account. It has almost all the features of the business account but you can be an individual and not a business.
     
    eddy2099, Jan 28, 2008 IP
    cyclo394 likes this.
  7. cyclo394

    cyclo394 Peon

    Messages:
    305
    Likes Received:
    3
    Best Answers:
    0
    Trophy Points:
    0
    #7
    Thanks for the advice, I need to do some more research, obviously, but right now maybe I should just go the premier account route.
     
    cyclo394, Jan 28, 2008 IP