Frequently Asked Questions
Difference b/w Paypal Personal and Business?
All PayPal accounts allow you to send and receive payments.
Recommended for individuals who shop and pay online, or wish to send or receive personal payments for shared expenses such as splitting of dinner bills or rental charges; for casual sellers or non-businesses who wish to get paid online, and who also make online purchases.
Recommended for merchants who operate under a company/group name. It offers additional features such as allowing up to 200 employees limited access to your account and customer service email alias for customer issues to be routed for faster follow-ups.
Why are certain payments delayed?
Payments are delayed to help ensure a safe environment for both buyers and sellers. There’s a slightly higher risk associated with manually-entered payments because the card holder and the card don’t necessarily have to be there for the transaction to take place. We want to make sure that you have money in your account to cover any payment reversals.
What are the costs in opening a PayPal Business account?
It costs nothing to open a PayPal Business account. However, when taking payments or doing purchases, there might be specific transaction fees. Check out PayPal’s pricing schedule for specifics.
When is my money available?
You can quickly access the first $5000 of card payments that you process in a 7-day period. Additional card payments will be available after 7 days.
How to top-up Paypal account?
It is easy to top-up your PayPal account – adding more funds to increase your spending limit. Topping up your PayPal account is free but charges may apply by your local bank.
How to withdraw to credit card and/or bank account?
PayPal has various ways for you to pay and get paid depending on your country. For some countries you may add a local bank and have money withdraw to your bank account; for some you can only withdraw to a U.S bank account or request for check payments.
Is Paypal currency exchange rate same with local banks?
PayPal’s currency exchange rate is always higher than market and bank rates. It is out of the way how PayPal profit from services they provide.
What is EIN?
An EIN, or Employer Identification Number, is a unique nine-digit number assigned by the IRS to businesses for tax purposes. It’s like a social security number for a company.