Difference Between Personal and Business account when Sending/receiving money via paypal id?

[kazi_hasan]

Hi,

I have a personal Account in Paypal. I started a small business  but its growing bigger.
I am planning to Open a Business account via Paypal. So I have few questions:

1. Do I need an EIN or SSN to open the Business acccount? (I dont want to use SSN )

2. I mostly receive money via email(paypal Id) from clients and there is no charge for the Incoming amount. Is it the same for Business account too? Or there is any extra charge involved?

3. Do I need a Business Credit card to link with Paypal or Any credit card would do?

Thanks.

[sandypurins]

@kazi_hasan

1) You will need to supply a Tax ID Number... it can be an EIN or a Social Security number.

2) There is a PayPal payment receiving fee when you accept payments for goods or services... the standard fee is 2.9% plus 30 cents. How are you managing to accept payments for goods or services without paying a fee?

3) I don't think you need a business credit card.

-Sandy

[kazi_hasan]

Hello SandyPurins,

Thanks for your prompot reply. Really appreciate it.
And I made a mistake about the receiving fee. There is about 3.5% charge.

Thanks. Your answer was helpful 🙂

[DPCreations]

The SSN is a requirement for government reporting purposes; you can't avoid that (or an EIN) if you have a business (either reported or not).