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PayPal personal vs. Paypal Business.. what am I missing

by AussieCoz
8 replies
Hi Everyone,

I have a Paypal personal account and have done for years, now and again people pay me through there no problems.

My bookkeeper asked me to upgrade to a business account, is there any benefit for doing this really?

I'm of the belief that if it ain't broke don't fix it.

What do you experience with Paypal Business that you don't experience with Paypal personal.

I'd love to hear if I am missing out on anything.
#business #missing #paypal #personal
  • Profile picture of the author Kay King
    You should be using a business acct if you take payment through the acct.

    If you pay a bookkeeper - take the advice.

    It's easy to upgrade - and if you run more than the occasional payment through a personal acct, it may be "broke" if PP notices.

    Or - you can open a business acct and keep your personal acct. That is allowed.
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    • Profile picture of the author AussieCoz
      Originally Posted by Kay King View Post

      You should be using a business acct if you take payment through the acct.

      If you pay a bookkeeper - take the advice.

      It's easy to upgrade - and if you run more than the occasional payment through a personal acct, it may be "broke" if PP notices.

      Or - you can open a business acct and keep your personal acct. That is allowed.
      I think the book keeper is only wanting it for live feeds into my cloud based accounting system and to save herself some time (fair enough).

      I didn't even consider that I should be using a business account.

      Is the $49 recurring? The current system is working well and I would only use it a handful of times each quarter.

      I curious what are the benefits (apart from for my accountant).
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  • Profile picture of the author chyanitseospecialist
    In short if you are withdrawing a lot of money as affiliate commissions /services then you should upgrade to the PP business .It will not take more than 10 mins to do it .

    If your monthly transaction is pretty low then it does not matter what you use .

    Just take into account your monthly revenues and take action accordingly

    Have a good day
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    • Profile picture of the author AussieCoz
      Originally Posted by chyanitseospecialist View Post

      In short if you are withdrawing a lot of money as affiliate commissions /services then you should upgrade to the PP business .It will not take more than 10 mins to do it .

      If your monthly transaction is pretty low then it does not matter what you use .

      Just take into account your monthly revenues and take action accordingly

      Have a good day
      Nope it's not that much, I think I will put it on my to do list but not too hight

      Thanks for your advice everyone.
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  • Profile picture of the author Kay King
    Is the $49 recurring?
    You lost me - what $49?
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    ***
    Dear April: I don't want any trouble from you.
    January was long, February was iffy, March was a freaking dumpster fire.
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    • Profile picture of the author AussieCoz
      Originally Posted by Kay King View Post

      You lost me - what $49?
      I thought is said on the Paypal business page that is it $49 to sign up for this account.

      On second glance it is their tap and go system, cancel that.

      I'll go and get another coffee now.

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      • Profile picture of the author johnben1444
        Originally Posted by AussieCoz View Post

        I thought is said on the Paypal business page that is it $49 to sign up for this account.

        On second glance it is their tap and go system, cancel that.

        I'll go and get another coffee now.

        It's free just that you will be asked for more details like tax and all that.
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  • Profile picture of the author intechtips
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  • Profile picture of the author solotr
    I think your bookkeeper means to separate your "personal" from your "business" account for the simple reason, when it comes tax time you have a better record of your business expenses.

    I've had my PP business account from the beginning, and their 1099s and reports are the cleanest I've seen in a long time (coming from someone whose first career was in accounting).

    As your business revenues grow, you'll appreciate that the tax agent won't question every, little, bitty charge
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