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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