I currently make a few sales per month through PayPal. I have a Premier account but want to know if there is any point in having a Business account.
I like the idea of people being able to make payments to my business name rather than just my email address. But this seems to be the only difference.
Are there any legal issues I need to consider when deciding to switch accounts? Everything else about the accounts seems identical. Surely there must be some significant difference between the two?
The only difference between a premiere account and a business account is the display of the business name instead of the account owner’s name wherever it’s used. It’s significant from a legal/accounting standpoint, not a feature standpoint.
If you have a legal business entity, and you’re attributing income and expenses going through this account to that business, you would probably want to use a business account. If you had an LLC for example, and were selling with a Premiere account in your name, that may be evidence the buyer could use to go after you personally in a lawsuit, rather than the business.
If you don’t have a legal business entity, or at least a DBA filed, then I wouldn’t recommend making up a name and switching the account type.
In addition, some PayPal services and upcoming APIs require a business account.