PayPal is a revolution in the digital payments. It is online payment system that allows users to send and receive money. With the type of PayPal accounts it can be used as personal and business accounts. Both of these types of PayPal accounts can be used for buying goods and services online.
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| PayPal Account And Types Of PayPal Account |
By Sign up to the PayPal with your Email Id and filling another credential like name, PAN card, bank details, and purpose code can end up with an account that is flexible to access with your mail ID, is PayPal Account.
This PayPal Account can be accessed in two types depending our business and mode of purchase of goods and services.
There are two types of PayPal Accounts:
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| PayPal Account And Types Of PayPal Account |
1. Personal Account:
If you use PayPal to just purchase online and send and receive money for friends, families a personal account serves you better. With the personal account, you can send money online and request money from friends and family. Even you can buy goods and services online with zero balance.
With PayPal personal account you can also even sell goods and receive money for the sold items.
2. Business Account:
If you primarily sell goods or services online, it’s better to consider a business account even if your business is not incorporated. If you are having a personal account you can even upgrade to the business account. Or can even open a separate business account on PayPal with other Valid Email Id. If you are accepting donations you can open a business account.
With business account, you can do things like:
1. You can use company or business name as the name on your PayPal account.
2. 200 employees can access to some of the features of your PayPal account.
3. Sign up for PayPal products that meet your business needs.
It is mandatory that ones you open the business account, it should be used only for the business purpose or commercial purposes only.
One’s sign up to any of these accounts means that you are fully consent to the rule and regulations of the PayPal policies and any misuse can result in the closing of account at any time.
Requirements for PayPal Account Opening:
The following are the main requirements for opening of the PayPal account both personal and business account:
1. Your Name: Valid Name same as the name on your PAN card.
2. Valid Email Id: Any valid Email serves the purpose. This Email can be PayPal login mail and transactions will be done based on this Email Id.
3. Permanent Account Number (PAN card) card: You PAN card number is mandatory.
4. Bank Account details: Your local bank account details where you usually operate money transactions. It includes your account number and IFSC code. All the transaction from PayPal will be sent to this account.
5. Purpose Code: Purpose code indicates the nature of business for which you receive payments into PayPal Accounts. Purpose code should accurately describe your business transactions as required by the Indian regulations.
Here are the main requirements for opening of any account in PayPal. The correct credentials entered can help in accessing PayPal.
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