I am a long time paypal user, using Paypal to buy the occasional goodies and also sell as a hobby via eBay and other channels.
Now, it's time for me to turn my hobby into a business and as such need to ensure I separate business from personal. However, I am unclear on the best way to approach this. I understand I can simply upgrade my existing personal account or create a new account.
IF I need a new additional account I am not clear whether this should be my personal one or a business one. So, I wondered if anyone can help with the PRO and CONS of both approaches.
Below are a few comments / concerns of either approach. Please feel free to comment.
Upgrade account
PRO:
1. Maintains all existing & past sales in one place.
2. Presumably will not impact the various automations from other platforms I have in place already
3. No need for verification of accounts as already in place.
CONS:
1. Will need to remove my personal "payments" which are setup.
New Business account
PROS:
1. Clean start
2. Can use a business email address (though I suspect I can just add this as an additional address?)
CONS:
1. Possible impact on the business if the account needs to be verified. I recall in the early days of setting up my account that payments would take time to go through. I also recall after a period of time I needed to prove my ID further with passports and other photo ID.
What else am I missing? I would hate to upgrade to business and then find I have taken the wrong route.
Any help much appreciated.
Thanks!!
