Paypal Business account

MartialArtMan

I receive and sned a lot of payments through Paypal which is currently a personal account.

I'm thinking that I will make this current account my business set up as it already has verification, etc so there won't be any problems when dealing with customers, and setting up a new account for personal use (Ebay purchases etc).

Do I have to upgrade my account to a Business account or can I just leave it as it is?

Horace

I have a Premier Account with Paypal and just changed the bank - I added my business account and I changed the primary email address to my business email. I have had the Premier Account for quite a while and used it for ebay sales etc - I haven't seen the need to upgrade to a Business Account and I use the merchant buttons on my website.

MartialArtMan

Thank you Horace. I just thought it would be easier if I seperate my business and personal transactions, I presume that I would have to provide my accountant with a copy of my Paypal transactions?

Horace

MartialArtMan wrote: »

Thank you Horace. I just thought it would be easier if I seperate my business and personal transactions, I presume that I would have to provide my accountant with a copy of my Paypal transactions?

If you are sending and receiving a lot of money via paypal then I am assuming that this is business related? You can change the bank account on paypal from your personal current account to a business one.

If you keep the personal one then make sure you itemise out what is personal and what is related to the business.