Why You Need a PayPal Business Account

If you use PayPal as a method of receiving payments, you need to understand the different account types that are offered. If you are doing things correctly as an eBay seller and are set up as a legal business, there is really just one PayPal account type that is right for you.

PayPal offers three different account types – Personal, Premier and Business. Personal accounts are for those that make purchases on eBay and do not sell on eBay. With a Personal account, you do not have the ability to receive credit card payments, so you are very limited. The minute someone tries to pay you via credit card, PayPal forces you to upgrade your account.

A Premier account is for those sellers that need to accept credit card payments, but are not a business. Since this is not how you have your eBay venture set up (right?), the third option is for you.

A PayPal Business account allows you to accept payments in your company name, as well as accept all payment types. It also allows you to accept payments from individuals who do not have a PayPal account.

If you are already accepting PayPal credit card payments, then you most likely have a Premier account. To upgrade from a Premier to a Business account, follow these steps:

• Log in to your PayPal account.
• Click the Profile subtab.
• Click Business Information in the Account Information column.
• Click Upgrade.
• Enter your Business information.
• Click Save.
• You have now upgraded your account.

A really cool feature of a Business account is the ability to set up multiple log-ins. What this means is that if there is more than one of you working at your business, there can be multiple people logged into your PayPal account at one time. Until we figured this out, we would have to coordinate our PayPal account access. This was a major pain and we were glad when we set up multiple account log-ins!

Another neat feature of having a Business account is the balance is FDIC insured up to $100,000 and you can sign up for the PayPal Money Market and get a rather generous amount of interest on your PayPal balance. And who doesn’t like a little free money?

Now that you understand why you should have a PayPal Business account, go get yourself one!

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