PayPal premier and business accounts are quite similar in many aspects. But there are quite some vast differences that will eventually separate them from each other. This article will tell all the significant factors that make the premier and the business account different.
In this post, we’ll explore:
What is PayPal Premier Account?
The PayPal premier account is a verified PayPal account with some extra features that are not available in PayPal’s basic or personal account. The premier account has an unlimited withdrawal feature, just like the business account.
Another distinction of the PayPal premier account is its compatibility for users that want to use the account for purchases. But then again, it can receive a large number of deposits from fellow PayPal users, credit cards, and debit card users.
In simpler terms, the PayPal premier account is an account between personal and business accounts. The account holder enjoys both personal and business accounts’ unique features.
PayPal Premier Account List of Features
To give you a more precise definition of a PayPal Premier Account, we have listed all its unique features. Perhaps now, you can better understand what makes the premier account stand out from the other accounts.
- Accepts an unlimited number of transactions from debit cards and credit cards
- Allows multiple logins from employees with limited features and access
- Approves access to the PayPal debit card
- Able to set up subscription payments from services, content, or products
- Enjoys 24-hour fraud surveillance
- Given access to PayPal customer service hotline every day of the week
- Only one person can own a premier account. While on the other hand, the business account can be of a company or group of people. Premier account holders are liable for any taxes or any actions that incur or involve the account.
- Allowed to use for purchasing products and services online
- Best for a casual business person or occasional seller. Freelancers and small entrepreneurs are often the users of this feature as they use this account to receive payments for their services and use the account for shopping.
- PayPal premier is only bound to standard PayPal charge rates when sending or receiving money. The business account has to pay from $5 to $30 a month for all its unique features.
Is PayPal Premier For You?
So is the PayPal premier account the best one for you? Before you can answer that, you must first identify your situation. The first thing that you should take note of is the fact and reason why you signed up for a PayPal account in the first place.
If you want a virtual or digital wallet for all your online purchases, the personal account will suit you just fine. If all you want is to shop online using the PayPal platform, there is nothing more to discuss. You will only need to connect your bank account or credit card to put funds on your PayPal account when you go shopping galore.
Do you want to get paid using the PayPal account? If your answer is a big “Yes,” then the premier account is the one for you. If you intend to use the account for all your online purchases and transactions, this is the best account for you.
To upgrade your PayPal personal account to a premier account, you will need to verify your identity. Otherwise, your account will be limited after a series of transactions and probably be held pending verification.
Thus, PayPal will not become an instrument for money laundering. So you need to verify your account. To do this, you must verify your bank account, provide some personal and valid IDs, and that’s it.
If you intend to use the PayPal account for a business or a company, you will need many documents for verification. Since you will be handling a considerable amount of money, you will need to prove your business’s existence. Just provide all the needed documents and valid IDs, and you will be all set.
With the business account, you will be able to pay several employees with just one click. Plus, with a verified business account, no limit will ever implement on your account in terms of deposits and withdrawals.
Let’s Wrap it Up!
In plain English, a PayPal prime account is a hybrid of personal and business accounts. The account holder benefits from the unique features of both personal and corporate accounts.
We hope that this article has given you the clarification that you need. In any case, the premier account is often the most preferred PayPal account. As mentioned earlier, the premier account takes advantage of both personal accounts and business accounts’ few features. You can ask about email addresses setup, paypal business, merchant services, merchant websites , merchant rate, mass payments, supplier payments and other questions related to the article below.
Now, what account do you think will work out for you? Tell us in the comment section what you think. We would love to know your thoughts.
Feel free to leave your questions if there are points that you think we have not adequately explained. We will be more than happy to assist you and give you the best answer. Just holler in the comment section, and we will respond as soon as we can!