I had been using a Paypal Personal account for some time now to receive Paypal to Paypal funds from advertisers. It is also possible to use it for paying at POS. POS stands for (Point of Sale), just in case you might wonder. I never knew that I would ever need to upgrade to a Premier account before yesterday.
Both Personal and Premier accounts are free during sign up..there’s only a difference in fees when receiving funds. Personal accounts can receive funds from anyone provided they too are sending money to you using Paypal, and that is a free transaction.
Personal Accounts can Accept the following funded payments for free:
- PayPal Balance
- PayPal Instant Transfer
- PayPal eCheck
But Premier accounts accept the above payment types at a fee of 3.9% + $0.30 USD for funds below $3000. That is quite high if I were to accept payments as low as $10 weekly and have to pay 3.9% + 0.30usd. However, Premier accounts become necessary when somebody is paying you using their credit card, which was what happened to me yesterday. I made a deal with an advertiser to accept USD70, but because of my Personal account, I receive only USD65.92. This is because Personal accounts receive Credit and Debit Card payments with a fee of 5.9% + 0.30 USD charge. With a premier account, you get the same charge of 3.9% + 0.30 USD.
So I was thinking to upgrade, but if I do, other transactions that are not using Credit and Debit card also need to be charged. I decided to apply for bad credit loans instead of getting a new credit card. Until later I found out that I can actually apply a separate Paypal account with another email address and another Credit card for verification. Click this link to learn more about what PayPal can do for your business. So in the future, I will use my Premier account for such Credit Card and Debit Card payments, and the Personal account for Paypal to Paypal payments. So all problems are solved now.
Premier accounts are great for larger transactions and more transactions for your business to grow.
Premier accounts include all the benefits of a Personal account. You also have the ability to:
- Accept all payment types for low fees
- Set up your PayPal Shopping Cart
- Access exclusive, professional customer service seven days a week
- Be identified as a Premier account in your reputation pop-up box
i also have a problem with my personal account as i can’t accept an unclaimed payment until I ugrade to premier.. i just wish paypal will just give premier users a fix fee for a whole month and not per transaction.
[...] convenience of PayPal might cost more than you expected, so make sure you know which plan is right for you. If you’re mostly interested in sending money, it’s worth asking your bank if they [...]
oic..but same la..two account, when u wan to withdraw, also need pay USD5 …so..if big amount, then only worth 🙂
Thanks very much…
Reading the PayPal site did not offer your great advice.
BTW, I loved reading about you.
Take good care of yourself, please.