I am a small business owner who wants to use Paypal to start invoicing clients and taking orders through e-commerce platforms.
I've had a Paypal account for a very long time, and I've already been using it to send and receive payments for various aspects of the business. Now, I'll be dealing with the general public rather than private clients, so withholding all of my personal information such as my home address and phone number and providing a company name instead is a very attractive feature.
I am a little confused about what upgrading to a business account entails, however.
Does it effect my ability to make personal transactions or to send money to friends and family in any way, as a business account with a bank would? For example, if I upgrade from a personal account to a business account, can I still send birthday gifts or buy Steam games, or can that account then only be used for business related expenses?
I understand that the Business Pro account has a $30 monthly maintenance fee. I don't need the Pro account, but does the regular business account have any fees or extra costs I should know about?
Do I have to provide any extra information to Paypal to qualify for a business account? I already have verified bank accounts linked to the personal account, and I have a European VAT number that I can provide for tax purposes, but is there anything else I should know about?
Thank you.
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