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Types of accounts

From: PayPal Essential Training

Video: Types of accounts

PayPal offers different account types for different types of people. I'll discuss each of the PayPal account types, and why you'd use that particular account type for your personal or business activities. To find the account types, you can click on the Sign Up link, right here on the PayPal Web site, and you'll be presented with the three main account types. Let's first talk about Personal Accounts. PayPal offers a Personal Account for individuals who shop online. A Personal Account allows you to send money to individuals and businesses using their e-mail address.

Types of accounts

PayPal offers different account types for different types of people. I'll discuss each of the PayPal account types, and why you'd use that particular account type for your personal or business activities. To find the account types, you can click on the Sign Up link, right here on the PayPal Web site, and you'll be presented with the three main account types. Let's first talk about Personal Accounts. PayPal offers a Personal Account for individuals who shop online. A Personal Account allows you to send money to individuals and businesses using their e-mail address.

A Personal Account allows you to receive payments from others, but the fees would be higher than with the other account types that I'll cover here. A Personal Account would be ideal for someone who might wish to settle a private debt, such as splitting a dinner check, paying rent, or any one of a multitude of other reasons that you might need to pay someone. By adding a credit or debit card, or using a bank account, you'll be able to add funds to your PayPal balance that you can then turn around and spend. A Premier Account is designed for online sellers who are non-businesses, and when you want to be paid online, and make online purchases.

This account also permits you to receive payments from buyers who wish to be paid with a credit or a debit card, but who don't already have a PayPal account. You can also use a PayPal Debit Card to spend your money, and PayPal offers you a large variety of merchant services to enhance the payment process for your business. You'd use this account type if you were not trading under a business name, but that you use PayPal for a business of any size. A Business Account has all the same features as a Premier Account, but it permits you to trade under a company name.

If you do business under a name other than your personal name, this is going to be the account type you'll want to set up. Generally speaking, you'll need to be an officer, or have written authorization from the company to set up a business account. For example, if you're a volunteer for a local foundation, you probably wouldn't have the authority to set up a PayPal account for that charity, but if you're the president, the vice president, the treasurer, or secretary, or even a sole proprietor doing business under a fictitious business name, then it would be appropriate to set up a Business Account.

A big plus for Business Accounts is the capability of adding up to 200 employees to your account with various levels of authority to manage your account for you. A Student Account is not a separate account, and it's actually a sub-account for a parent who would like to provide a teen or child with the ability to receive money through PayPal, and then spend that money using a PayPal Student Debit Card. The Student Account acts like a Premier Account, but the parent controls the account, the funding to that account, and the access to it. PayPal also offers a little known Micropayments Account for businesses that receive a very, very large volume of small payments.

If your business typically receives a lot of payments under $10 each, you'll want to ask a PayPal representative about this type of account. The fees are reduced, and you'll pay 5% plus 5 cents per transaction. The way that the fees are reduced is that the transaction fee is lower than it is with a standard account, although the percentage is slightly higher. So for smaller payments, you'll pay less in the end. PayPal has account types that match your situation. In case you're wondering how many accounts you're allowed to have, PayPal's policy states that you may only have one Personal Account, and one Premier or Business Account at one time.

Each account must have a unique e-mail address associated with it, and unique financial information. You can upgrade an account at any time by clicking on this link right over here.

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This video is part of

Image for PayPal Essential Training
PayPal Essential Training

49 video lessons · 10030 viewers

Christopher Matthew Spencer
Author

 
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  1. 1m 22s
    1. Welcome
      54s
    2. Using the exercise files
      28s
  2. 25m 50s
    1. Using PayPal
      3m 35s
    2. Types of accounts
      3m 33s
    3. How PayPal protects buyers and sellers
      2m 59s
    4. Fees
      2m 45s
    5. Setting up an account
      3m 39s
    6. Associating payment types with your account
      4m 53s
    7. Finding help
      4m 26s
  3. 25m 51s
    1. Paying for eBay purchases
      3m 39s
    2. Using the Send Money option
      2m 48s
    3. Making personal transfers
      3m 46s
    4. Understanding recurring payments and billing agreements
      2m 59s
    5. Paying on other sites
      5m 34s
    6. Adding shipping addresses to your account
      2m 3s
    7. Making mass payments
      5m 2s
  4. 35m 9s
    1. Using the Request Money tab
      2m 10s
    2. Using the Send Invoice option
      7m 44s
    3. Requesting money with Outlook
      4m 1s
    4. Requesting money with QuickBooks
      3m 19s
    5. Selling on eBay and other sites
      5m 55s
    6. Creating payment buttons
      6m 53s
    7. Using PayPal for nonprofits
      5m 7s
  5. 15m 7s
    1. Adding funds from a bank account
      57s
    2. Withdrawing funds to your bank account
      1m 38s
    3. Requesting a check
      1m 16s
    4. Adding funds from MoneyPak
      2m 48s
    5. Using a PayPal debit card at an ATM or using the MasterCard feature
      2m 38s
    6. Adding email addresses and phone numbers
      2m 31s
    7. Managing your account notification preferences
      3m 19s
  6. 12m 38s
    1. Getting started with PayPal Mobile
      4m 23s
    2. Sending and receiving money through the PayPal app
      2m 14s
    3. Working with others using the app
      3m 2s
    4. Finding businesses that accept PayPal
      1m 33s
    5. Depositing checks with PayPal Mobile
      1m 26s
  7. 27m 12s
    1. Setting up your shipping information
      5m 5s
    2. Creating shipping labels
      3m 25s
    3. Printing labels
      8m 47s
    4. Ordering shipping supplies
      5m 38s
    5. Arranging a shipping carrier pickup
      4m 17s
  8. 16m 15s
    1. Using the basic search feature
      2m 14s
    2. Using the advanced search feature
      3m 37s
    3. Downloading your transaction history
      5m 24s
    4. Pulling down statements
      2m 37s
    5. Issuing a refund
      2m 23s
  9. 10m 14s
    1. Understanding the basics of disputes
      2m 26s
    2. Keeping good records
      2m 24s
    3. What to do if an item doesn't arrive
      5m 24s
  10. 1m 9s
    1. Next steps
      1m 9s

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