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Upgrading paypal account to business or premier account?

Discussion in 'PayPal' started by SticKer, Mar 9, 2008.

  1. #1
    I am planning to upgrade my paypal account to business or premier account but i have some doubt's so i thought i'll ask here before i go ahead.

    Do i need to have a business account in any bank or would a normal savings account do?

    Do they charge any extra fee's for business or premier account's?

    Can i downgrade my account to personal account at a later time if i opt for either accounts?

    Do we need to fill or submit any forms for tax?

    And last, Which would be a better option business or premier account?
    SticKer, Mar 9, 2008 IP
  2. CountryBoy

    CountryBoy Prominent Member

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    #2
    - I have a premier account linked to my personal current account, so no you don't need a business bank account.
    - There are some extra fees for these services. See the fees schedule.
    - You can downgrade later if you need to - this is achieved by contacting their customer support people.
    - Tax depends on how much you earn. Either way, it isn't an issue directly to do with PayPal but something you need to enquire about with your national tax department.
    - If you're a business open a business account, if you're an individual who does lots of buying and selling then a premier account is a better choice.

    Another thing: Remember that you are allowed BOTH a personal account AND either a premier or business account.
    CountryBoy, Mar 9, 2008 IP
    getjimmy likes this.
  3. SticKer

    SticKer Well-Known Member

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    #3
    so maybe i should go for the premier account. i'll check the fee's structure and see how much they charge.
    SticKer, Mar 9, 2008 IP
  4. eddy2099

    eddy2099 Peon

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    #4
    The Business Account is only for those who actually have a registered business or company with a company bank account.
    eddy2099, Mar 9, 2008 IP
  5. Pervert-For-Life

    Pervert-For-Life Banned

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    #5
    i will suggest you to go for business account because business account have more options that help fight frauds... i have a business account but use it with my personal bank account...
    Pervert-For-Life, Mar 9, 2008 IP
  6. getjimmy

    getjimmy Prominent Member

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    #6
    Fees are almost same for business and premiere account.U can downgrade only once.
    getjimmy, Mar 10, 2008 IP
  7. SticKer

    SticKer Well-Known Member

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    #7
    does that apply for premier account too?


    you mean to say even with a personal / savings account i can upgrade to business account?
    SticKer, Mar 10, 2008 IP
  8. buffalo

    buffalo Prominent Member

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    #8
    Yes. I just upgraded my account from a Premier account to a business accout. I do not have a bank account for my business (yet). All they ask in the upgrade process is (if I remember correctly) your business name and address. They asked a few general questions about your business earnings (amt of average sale, expected annual income, etc) and I had to verify a second credit card.

    I thought they would ask for my Federal Tax Identification Number (EIN), but they didn't... :cool:
    buffalo, Apr 6, 2008 IP
    wisdomtool and usasportstraining like this.
  9. usasportstraining

    usasportstraining Notable Member

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    #9
    Yeah, the huge corporation that I work at for my day job had a similar experience with PayPal when our small department sold some equipment on Ebay. PayPal is definitely not one I'd use when I have a lot of income coming in. It was tens of thousands of dollars that they "held" until some special moment. Meanwhile, they sat on the money earning interest.

    I'd suggest authorize.net, the big gateway, which is used by many ecommerce sites. Google Checkout is another option, but it's just not well promoted.

    If you're going to stick with PayPal, I'd stay at Premier until you start generating more income, then switch to something better (other than PayPal).
    usasportstraining, Apr 7, 2008 IP
  10. sumbitarticle

    sumbitarticle Active Member

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    #10
    Hello,

    As you mentioned they asked you to verify again a second credit card. Did u verify your business credit card here or another personal credit card is also fine.
    sumbitarticle, Nov 3, 2009 IP