Business account and virtual terminal

[Lou6]

1. does a business account cost to have?  Are fee's exactly the same as a personal account ? do you need to qualify to have one ?

2. The virtual terminal has a monthly £20 fee. Once you sign up to this do you have to pay this for a cer tain amount of months? if so how many?  or can you subscribe one month here and there ? can you terminate this at any time? is there a cancelation fee ? 

thank you for any answers i recieve

 

[PayPal_david]

Hi there Lou6,

There is no cost associated with having a Business account instead of a Premier account. The fee's that would be applied vary depending on your monthly volume that is received in to your PayPal account. 

We charge fees when:

• You receive money from a purchase
• You receive payments from outside your country or region
• You send personal payments using a credit card. The sender determines who pays the fee

Transaction fees can range from 1.4% to 3.4% + 20p. If you receive a payment from outside the UK, an additional cross-border fee may apply.

You are eligible for our Merchant Rate if you have a PayPal Business or PayPal Premier account. You must also have received at least £1,500 GBP in payments in your PayPal account within the last month.

Here’s how to apply for the Merchant Rate:

1. Go to www.paypal.co.uk and log in to your account.
2. Click ‘Fees’ at the bottom of the page.
3. Click ‘1.4% to 3.4% + £0.20 GBP’ under ‘Get paid.’
4. Click 'Are you eligible for lower rates?' near the bottom of the page.
5. Click ‘Apply now’ and complete the Merchant Rate application.
6. Read the User Agreement, and then check the box to indicate that you’ve read and accept the agreement.
7. Click ‘Submit.’

If you’re approved for the Merchant Rate, we automatically adjust your fees at the beginning of each month. The adjustment is based on your payment volume for the previous month.

You must maintain a minimum monthly payment volume of £1,500 GBP to remain eligible for the Merchant Rate. If your payment volume falls below £1,500 GBP or you have unresolved chargebacks, you’re eligible for the Standard Rate. 

For Virtual Terminal and Websites Payments Pro, there is a set fee of £20 GBP per month for each service. This is one payment for each service on a monthly basis. For example, if you had both services linked to your PayPal account, you would be charged an amount of £40.00 GBP per month.

I hope this helps,

David.

[Lou6]

so there is no difference between a personal and business account ?  

With regards to the vitual terminal, i would only use it 6 months of the year and not 12 months. Is it flexible? would i have to pay the set £20 per month if i do not need it certain months ? or can i choose each month whether i would like to use this service ? like a pay and go service ? 

thank you 

[PayPal_david]

Hi again Lou6,

If you signed up for Virtual Terminal and Website Payments Pro, it's not possible to suspend it or put it on hold for a particular month if you didn't require the service.

Even if you didn't receive a payment through Website Payments Pro or Virtual Terminal, you would still be charged also for being set up for both services through your PayPal account.

I hope this helps,

David.