Hello, I got some funds to my palpal account and each time when i accept the payments from my client, i am deducted $2-$4 depending upon the money transferred. I am a verified paypal member fyi.. Its asking to upgarde the account for these transactions. I am a bit confused what else is expected to upgrade the account as i am a verified member. For some other clients, i am not deduted any money and dont even accept payments and it is directly added to my account. Can someone explain me?? If i need to upgrade the account, what are the benefits and disadvantages? Thanks.
What type of Paypal account do you have? Personal, Premier, Business?? If you have a personal account, then you definitely need to upgrade to a business or premier account (premier advised, if you're running a small business of around mid xxxx per month) It all depends on your need.
I think you are using verified personal account so when someone send you money through credit card, paypal asking to upgarde the account for those transactions because you can accept limited number of cc payments in your personal account. As per Paypal DON.
If people paying you using their credit/debit cards then the fees applies! If they are using their PayPal funds then there won't be any fees at your end!
So what are the advantages and disadvantages of upgrading to premier account? Yes, you all are right. i have a verified personal account. Thanks
The advantages are that you can receive unlimited payments made by CC to you. You will now be able to send unlimited amount of money and you'll also be able to withdraw unlimited amount of money with a verified Premier PayPal account! There are not many disadvantages, but one that may bug you is that with a premier account, PayPal will always charge a receiving fees of 4%+$0.3 of the total amount. For example someone sends you $250, you'll receive $239.7, instead of $250. But you can overcome this disadvantage by increasing the price of your product/service by 4% to 5%, so that you can accommodate the PayPal fees. Cheers
Thanks HPA for a detailed explanation But here i see a big disadvantage. If i am upgrading to premium account, paypal will always deduct money irrespective of CC payment or normal paypal transfer. Am i right? But if i have a normal personnal account, all the paypal to paypal transfers are free. Correct me if i am wrong. Thanks
Yes, you totally are. If if the payment is made without a CC, paypal will charge you for receiving the money, it's mutual though. Because for business purpose you must use a premier or business account. Yes, all transactions made from any other paypal account, to your will not be subjected to any fees. But paypal may (I'm sure that it will) limit your personal account for receiving funds for business purpose. Because "Personal"account is only meant to receive payments from friends and family, and to shop in online stores (which accepts paypal). As I already explained before, you can increase the price of your service/product, to overcome the disadvantage. However it's the way PayPal do it's business...
That's best but be careful don't receive business money in personal account. And is it valid if a single man at the same time maintains a personal & a premier account at paypal?
It's not risky at all, if you read the terms and conditions of PayPal carefully. PayPal does allow two accounts (One personal and a premier one). Use them carefully, and you won't face any difficulty!
I added an email id to my existing personnal account in paypal thinking that i can use the new email id for Premier account. But here after adding, i couldnt find any option for having the new email id as my premier account. Can someone explain me the how to go about it? Thanks.
You got to set up a new account using a different email, bank account or creditcard than the one which is used for your other account. You can select here: https://www.paypal.com/cgi-bin/webscr?cmd=_registration-run Or you can upgrade your personal account to Premier account. (see yellow highlited message at top right in he above page)