Oct
31
2007
Personal or Premier PayPal??
I was all these while using only Personal Account to accept money, but for Personal Account. I am wondering if I should upgrade it to Premier Account based on the difference of both accounts:
Personal Account
- Accept credit or debit card funded payments to a LIMIT OF 5 TRANSACTION ONLY per year with 5.4% plus $0.30 USD.
- Accept the following funded payments for free. (PayPal Balance,PayPal Instant Transfer,PayPal eCheck)
Premier Account
- Accept UNLIMITED credit or debit card funded payments with only up to USD to 3.4% + $0.30 USD
- Will be charged up to 3.4% + $0.30 USD for accept the following funded payments for free. (PayPal Balance,PayPal Instant Transfer,PayPal eCheck)
Wonder which should I choose? Anyone can explain what does PayPal Balance ,PayPal Instant Transfer and PayPal echeck mean?
If you are not receiving a lot of credit card payments, the personal account is suffice. For paid posts, I don’t see the need of premier account, because most of them do not use credit cards to pay us. So far only the text links brokers and the direct advertisers have paid me through credit cards, but they were far and between. I wouldn’t mind upgrade to premier if they were more than 5.:-)
Paypal balance means the source of funding is the money already sitting in the paypal account.
Paypal Instant transfer and Paypal echecks are fund tranfered out of a bank account.(I think only for US bank accounts) Someone corrects me if I am wrong.
CN: THanks Leah for the detail explaination. Have wrote to PayPal for a change back to Personal acc. Hope no more payment will come into this account for the time being until this has been solved
Besides what I mentioned in my email, another option is to open a Premier account specifically for credit card transactions only. Hence, you get a lower charge for receiving them and don’t use this account for non credit card transaction so you do not get unnecessary charges.
CN: But we wont know if the advertiser is going to pay by credit/debit card upfront, isnt it? Oh dear, just realise what a great mistake i did by switching just now. Just hope PayPal would reply and help me switch back to the Personal Account asap
LOL
I am still using the default one… I think the defafult one should be personal account.. am I right ?
CN: Yes, it is :p
I am using premier because I make transactions at Ebay as a seller. I really depends on how much money you are going to transact.
CN: Now I understand. Thanks a lot, KK!
Interesting discussion here. Im still new with Paypal. However I believe if you’re doing online business, eg. selling stuffs either thru your own site or thru ebay.. you need premier account. Other than that, the default, which is the personal account is enough.. especially for receiving payment from the advertisers or the paid posting. pls correct me if im wrong.:)
CN: Just the problem with some advertiser paying thru their cards, which is only limited to 5 transactions for Personal Account
Happened to stumble upon your blog. I have been using paypal to recieve payments. Started with personal, and it got upgraded to premier without me doing anything. Maybe they upgrade to the appropriate account after they analyse our history.
CN: Hi david, I should have made myself fully understood before making any changes. Learned my lesson now.
i used personal account. Leah’s explanation is very good for clarifying my doubts too :
CN: Leah is really good at those terms :p
I accidentally upgraded my account.. then I downgraded it again. No point in using Premier.
But I just realised.. they went ahead and charge me 6% also for a payment I received from another Paypal account.. I’d written to complain.
CN:Mine was downgraded liao. But i notice they din charge (or forget to charge) when I received money this morning b4 the change of status.
You are not doing biz, personal acct should be ok.
CN: Due to the limitation of credit payment acceptance…pening me!