PayPal is a payment processor. If you want to collect money
for services rendered over the Internet, PayPal will
collect the money for you and deposit it into your online
account. From there, you can then transfer the money to
your own bank account.
There is so much to learn about PayPal. A lot of the
functionality of the site is not spelled out in black and
white. You really have to do some digging to find out how
certain things work.
If you get stuck on something, call PayPal. They are really
not all that bad. I personally have had no problems with
them. Just play by the rules and you will be fine.
The first place we should start is with the 3 different
types of PayPal accounts. You should have a good
understanding of the differences between them. In addition,
you should also understand the advantages and the
disadvantages of each account.
Personal Account - This is the most basic PayPal account.
You can send money with a personal account. You also get 24
hour fraud protection. You do not have to worry about
others ripping you off with a bogus sale item. You also get
free customer service from PayPal. The personal account
falls short in the following areas.
You get very limited access to running an Ebay business
with a personal account. If you are planning on running an
Ebay business, you should upgrade to one of the other
accounts.
Merchant Services is probably one of the biggest reasons to
upgrade from a personal account. You get very limited
merchant services which virtually make it almost impossible
to sell your own products through PayPal. The restrictions
on monthly volume and other things make personal accounts
pretty useless if you want to sell things online.
Accept Credit Or Debit Cards - This is also a feature that
is quite limited with a Personal Account. If you cannot
accept credit or debit card purchases, the number of people
you can sell to is greatly limited.
Moreover, with a personal account you have absolutely no
access to a PayPal ATM or Debit Card and do not get multi
user access. This means you cannot set up more than one
email address in your personal account.
This also makes it hard to do business if you have more
than one business and have different domains and email
addresses for each one. If you want to accept payments
through multiple email addresses, a personal account will
not let you do this.
As you can see, to run an internet business, a personal
account is pretty useless. The plus side of this account is
that when you have a transaction where you sell something,
there is no fee attached to it. In other words, if you sell
something for $100, you get the whole $100. With the
upgraded accounts, this is not the case.
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