Changing your PayPal account from business to personal is a great way to improve your online business and enjoy better features. The process is easy to do and takes only a few minutes. There are several ways to do it, though.
You can go to the website and log in. The next step is to verify your bank account by entering a 4-digit verification code. If you can’t log in, you may need to contact customer service. They are available to assist you on your phone or through their chat support. Once you’ve verified your bank account, you’ll be able to change your account type to personal.
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In addition to changing your account from business to personal, you can also change your settings and manage your account. For example, you can send money to multiple people at once or link your bank account to PayPal to collect payments from clients. This will make it easier for you to get paid.
Similarly, you can upgrade your account to a premier account. This consists of a series of benefits, including the ability to send money to several recipients at once and the ability to hold funds for up to 21 days. However, these upgrades can be costly, especially if you are in the startup phase of your business. As a result, you might consider downgrading your account to personal if you don’t want to pay the bill.
In addition to making online transactions easy, PayPal also provides a number of other services to help your business. One of the most popular is the ability to receive payments. Not only does PayPal accept credit cards, it has an option for merchants to use their account as a virtual checking account.
You can also use the site to track your purchases. It is a good idea to keep an eye on your credit card and debit card transactions. Even if you don’t get billed for these, you could end up with a large chargeback if you do not take steps to prevent this. Another good thing about PayPal is that you don’t have to pay any monthly fees.
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Although the switch from business to personal is a fairly easy one to perform, you might not want to do it. Doing so will limit your access to invoices and other business documents. Likewise, downgrading your business account will erase your history of transactions, which can have negative implications for your business.
Aside from making online transactions easier, PayPal also makes them safer. For instance, PayPal holds your money in an account for up to 21 days, so it’s not difficult to imagine that you’ll want to have it there as long as possible. While you can’t remove the funds from your account entirely, you can freeze them to avoid using them. And if you need them, they can be transferred to a third party.
You can even find a video to show you how to raise your limits. Regardless of what you do, the best thing to do is to contact customer service and ask for assistance. Depending on the type of account you are upgrading, the process should take less than five minutes.