Paypal - Upgrade to business account

Discussion in 'PayPal' started by dynn, Feb 21, 2007.

  1. #1
    What is the advantage of upgrade to business account compare to premier personal account?

    Thanks in advanced.
     
    dynn, Feb 21, 2007 IP
  2. eddy2099

    eddy2099 Peon

    Messages:
    8,028
    Likes Received:
    568
    Best Answers:
    0
    Trophy Points:
    0
    #2
    The Premier Personal Account as the name said, this is for private individuals who wants the benefit of the Business account but do not have a company or do not want to involve their company.

    The Business Account is for a business to use Paypal. All checks and withdrawal must be done to a business bank account. It will show your business name instead of your personal name.
     
    eddy2099, Feb 21, 2007 IP
  3. dynn

    dynn Notable Member

    Messages:
    5,047
    Likes Received:
    238
    Best Answers:
    0
    Trophy Points:
    253
    #3
    ok thanks for this info...so thats mean i need to register as a company before to register as Business Account.
     
    dynn, Feb 21, 2007 IP
  4. eddy2099

    eddy2099 Peon

    Messages:
    8,028
    Likes Received:
    568
    Best Answers:
    0
    Trophy Points:
    0
    #4
    Yup, technically so or else you cannot withdraw your money as it must be to a bank account or check in the name of the registered company.

    The Premier Personal Account has exactly the same feature as the Business Account without the above-mentioned issue.

    If you do not already have a company, stick with the Premier account.
     
    eddy2099, Feb 21, 2007 IP
  5. Richie_Ni

    Richie_Ni Illustrious Member

    Messages:
    10,721
    Likes Received:
    1,175
    Best Answers:
    0
    Trophy Points:
    410
    #5
    Oh really?
    I have a biz account but I don't have a company... :(
     
    Richie_Ni, Feb 21, 2007 IP
  6. mantero

    mantero Well-Known Member

    Messages:
    612
    Likes Received:
    12
    Best Answers:
    0
    Trophy Points:
    110
    #6
    yeah...me too :)
     
    mantero, Feb 21, 2007 IP
  7. jimsmith

    jimsmith Peon

    Messages:
    629
    Likes Received:
    12
    Best Answers:
    0
    Trophy Points:
    0
    #7
    me too, why is it a problem again?
    haven't run into anything myself....
     
    jimsmith, Feb 21, 2007 IP
  8. agnivo007

    agnivo007 Peon

    Messages:
    4,290
    Likes Received:
    289
    Best Answers:
    0
    Trophy Points:
    0
    #8
    In what name then do you withdraw funds ? (bank a/c or check)
     
    agnivo007, Feb 21, 2007 IP
  9. eddy2099

    eddy2099 Peon

    Messages:
    8,028
    Likes Received:
    568
    Best Answers:
    0
    Trophy Points:
    0
    #9
    I have a business account and it only allows me to set the check and bank account name as my company's name. I cannot set it to my personal name for withdrawal.

    Of course, when signing up, Paypal does not check your business structure but withdrawal can be a problem. Probably some banks only look at account numbers when accepting funds payment but some goes the extra mile to ensure both name and account number are accurate, at least mine do.

    http://www.paypal.com/cgi-bin/websc...e_page=p/gen/ua/use/index_frame-outside&flow= Reads

     
    eddy2099, Feb 21, 2007 IP
  10. Richie_Ni

    Richie_Ni Illustrious Member

    Messages:
    10,721
    Likes Received:
    1,175
    Best Answers:
    0
    Trophy Points:
    410
    #10
    Thanks for the reply,eddy2099!
    I don't think withdrawal is a problem.I can send the money to my personal account first,and then withdraw them to my bank account. :p
     
    Richie_Ni, Feb 21, 2007 IP
  11. Your Content

    Your Content Banned

    Messages:
    1,096
    Likes Received:
    45
    Best Answers:
    0
    Trophy Points:
    0
    #11
    If you have a business account, technically there is no problem withdraw money from your Paypal straight to your bank account since transactions are done electronically.

    The same way Paypal does not check your business structure, banks only check that such account exists to accept the transfer of funds.

    The real problem is asking for checks.
     
    Your Content, Feb 21, 2007 IP
  12. sm500

    sm500 Well-Known Member

    Messages:
    146
    Likes Received:
    2
    Best Answers:
    0
    Trophy Points:
    123
    #12
    I once emailed Paypal to ask about business accounts. In their reply, they stated that they may sometimes ask for additional documentation to verify your business structure, etc.

    However, none of the folks I know who have business accounts have been asked to produce any documentation.
     
    sm500, Feb 21, 2007 IP
  13. agnivo007

    agnivo007 Peon

    Messages:
    4,290
    Likes Received:
    289
    Best Answers:
    0
    Trophy Points:
    0
    #13
    Richie...that's a good trick...I remember having planned that once, later didn't proceed that way.
     
    agnivo007, Feb 21, 2007 IP
  14. eddy2099

    eddy2099 Peon

    Messages:
    8,028
    Likes Received:
    568
    Best Answers:
    0
    Trophy Points:
    0
    #14
    Well, technically speaking you are going around the rule. Of course I cannot fault you for that. So technically, the thing about the Business account requiring a company still stands.
     
    eddy2099, Feb 21, 2007 IP