PayPal is an online payment process company that was established in the year 2000 and it has captured an excess of 200 million active accounts across more than 20 countries worldwide. This company has evolved since its early days and now provides business and personal account options for its customers. Although both accounts offer many of the same options, there are clear variations between the two account types (personal account and business account).
- PayPal Personal Account
The personal account part of PayPal allows you to make safe and secure payments online as well as send money and accept payments. This type of account is ideal for those who buy and sell online, it is also for those that freelance. The personal PayPal account allows you to link your checking account to your pay pal account for easy money transfers and payment options. There is absolutely no charge for setting up a personal PayPal account, and the account is accepted at more than 1000 online stores.
- PayPal Business Account
The PayPal business account is ideal for online merchants. Also, as the name goes, the business account is ideal for other business entities. This type of account gives the business owners the option of accepting payments without the excess credit card processing expenses. When making an online payment, the PayPal account provides its merchants/business owners with online invoicing options, which allows the business owner to process his/her customer payment online. This could be done with either, a phone, mail or fax. This account also allows the customers to quickly check their pay pal without providing personal information, with the aid of the express payment options.
PayPal research shows that businesses that use the express checkout option see an average increase in sales of about 14%.
- PayPal Debit and PayPal Mastercard
The pay pal debit card and PayPal Mastercard plus credit card are available options for the personal and business account. The PayPal debit card provides customers with immediate access to their pay pal balances, this card also provides an option of earning 1% cashback on certain purchases and provides 100% protection against fraudulent or unauthorized charges. The PayPal debit and master card are available to both personal and business account owners. For the pay pal debit card to become an available option for you, your pay pal account must be active, and in good standing for at least 90 days.
All PayPal accounts can be initiated for free. These accounts allow you to monitor your spending and check your balances using their online services.