Switching from Business to Personal PayPal Accounts

Are you using PayPal for business and want to switch it over to personal use, but are unsure how? Many people face this problem but may not know how they can switch their account type. This article will explain the process for changing from business to personal PayPal accounts.

Reasons to Switch from Business to Personal PayPal Accounts

Before beginning to change your account type, it’s essential that you understand why switching might be necessary. Reasons why someone would wish to switch from business to personal PayPal accounts include:

1. No transaction fees: With personal PayPal accounts, there are no transaction fees when receiving or sending money within your country.
2. Better service simplicity: Personal PayPal accounts are designed for ease of use, offering fewer features than business accounts.
3. Personal use only: If you do not require the advanced features associated with business accounts such as invoicing and sales reports, such as personal accounts may be more suitable.
4. Tax purposes: Individuals selling items on eBay or other marketplaces occasionally may not need a business account for tax reasons.

The Process of Changing Your Account Type

On the next page, there will be two options for choosing your account type: Personal or Business. Follow these steps:

1. Login to your PayPal account and click on ‘Settings.’
2. Select ‘Account Settings’ from the drop-down menu.
3. Click ‘Upgrade’ under ‘Account type.’
4. Select ‘Personal’ in the new window, and click ‘Continue.’
5. PayPal will prompt you to confirm whether or not you want to switch your account type. If that is indeed what you wish for, click ‘Change Account Type.’
6. Once you have successfully converted to another type of account, some aspects of its details, including name, address or phone number may need to be updated accordingly.

Tips for Switching Your PayPal Account from Business to Personal

Here are a few suggestions to make the process of switching from a business PayPal account to personal PayPal easier:

1. Preserve transaction history – To make the switch more seamless, it is important to save all transaction histories and other essential data before switching over to a personal PayPal account.
2. Cancel subscriptions – If any subscriptions associated with your PayPal Business Account need cancelling before switching.
3. Verify your bank account – When switching from a PayPal Business account to an individual one, be sure that your bank account has been properly verified so you can continue receiving payments after changing over.

Switching over from one to the other should be straightforward and effortless. Understanding why and the potential advantages of transitioning is essential for you and your circumstances. Follow the steps outlined in this article and apply the tips provided to easily change over. For any further assistance with changing your PayPal account type or general inquiries about it, don’t hesitate to reach out to PayPal’s customer support team.

For additional references regarding upgrading from personal to business use of PayPal accounts:

– http://www.paypal.com/us/smarthelp/article/how-do-i-change-my-paypal-account-type-faq2358

– https://thebalancesmb.com/should-you-upgrade-from-personal-use-114697