The PayPal Premier account has made a lot of confusion especially for those new to PayPal. As a matter of fact, even the ones that have been using PayPal for quite some time are confused about its distinction.
The PayPal premier and the business accounts are quite similar in many aspects. But there are quite some huge differences that will eventually separate them from each other. In this article, we will tell all the significant factors that make the premier and the business account different.
What is PayPal Premier Account?
The PayPal premier account is a verified PayPal account that has some extra features that are not available in PayPal basic or personal account. The premier account has unlimited withdrawal feature just like the business account.
Another distinction of 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.
To make it more plain and simple, the PayPal premier account is an account between personal and business account. The account holder enjoys both personal and business accounts’ special features.
PayPal Premier Account List of Features
To give you a clearer definition of PayPal Premier Account, we have listed all its special 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.
- The premier can only be owned by a single person. While on the other hand, the business account can be of a company or group of people. This makes the premier account holder 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 casual seller. Freelancers and small entrepreneurs are often the users of this feature as they use this account to receive payments for their services and also 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 special features.
Is PayPal Premier For You?
So is 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 is the fact and reason why you signed up for a PayPal account in the first place.
If you just 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, then there is nothing more to talk about. You will only need to connect your bank account or credit card in order 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. Also, if you intend to use the account for all your online purchases and transactions, this is also the best account for you.
So in order to upgrade your PayPal personal account to premier account, you will need to verify your identity. Otherwise, after a series of transactions, your account will be limited and probably be held pending for verification.
This is so that PayPal will not become an instrument for money laundering. So you need to verify your account. To do this, just verify your bank account, provide some personal and valid IDs and you are done.
If you intend to use the PayPal account for a business or a company, you will need a lot of documents for verification. Since you will be handling a huge amount of money, you will need to prove the existence of your business. Just provide all the need documents and valid IDs, and you will be all set.
With the business account, you will be able to pay a number of 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.
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 and business accounts’ few features.
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.
Also, feel free to leave your questions if there are points that you think we have not properly explained. We will be more than happy to assist you and give you the best answer that we can come up with. Just holler in the comment section, and we will respond as soon as we can.