Change From Business To Personal Paypal: Everything You Need To Know

Introduction

PayPal is a popular online payment system that allows individuals and businesses to send and receive money electronically. However, if you signed up for a Business account on PayPal and now want to switch to a Personal account, you may be wondering how to do it. In this article, we’ll guide you through the process of changing your PayPal account from Business to Personal.

Why Switch to a Personal PayPal Account?

There are several reasons why you might want to switch from a Business to a Personal PayPal account. For example, you may have started a small business that is no longer active, or you may have decided to use PayPal for personal transactions only. A Personal account is also more suitable if you’re not planning to receive payments from customers or clients.

Steps to Change from Business to Personal PayPal Account

Step 1: Log in to Your PayPal Account

The first step is to log in to your PayPal account using your email address and password.

Step 2: Go to Account Settings

Once you’re logged in, click on the “Settings” icon on the top right corner of the page. Then, select “Account Settings” from the dropdown menu.

Step 3: Click on “Close Account”

Scroll down to the bottom of the Account Settings page and click on the “Close Account” button. This will take you to the “Close Your Account” page.

Step 4: Select “Change My Account Type”

On the “Close Your Account” page, select the “Change My Account Type” option. This will take you to the “Choose Your Account Type” page.

Step 5: Choose “Personal Account”

On the “Choose Your Account Type” page, select “Personal Account” and click on the “Continue” button.

Step 6: Confirm Your Information

On the next page, PayPal will ask you to confirm your personal information. Make sure all the details are correct before clicking on the “Submit” button.

Step 7: Wait for PayPal to Confirm Your Account Change

After submitting your information, PayPal will review your request and confirm your account change within a few minutes. You’ll receive an email from PayPal once your account has been changed.

Things to Keep in Mind When Changing Your PayPal Account Type

Before you switch from a Business to a Personal PayPal account, there are a few things you should keep in mind:

1. Money in Your Account

If you have money in your PayPal account, make sure to withdraw it before closing your account. Once your account is closed, you won’t be able to access your funds.

2. Payment History

Your payment history will not be deleted when you switch to a Personal account. However, your account activity reports will only show transactions made after the switch.

3. Fees

Personal accounts have lower fees compared to Business accounts, but they also have limitations. Make sure to check PayPal’s fee structure before making the switch.

4. Business Account Features

If you’re using PayPal for business purposes, keep in mind that you’ll lose access to some of the features available with a Business account, such as invoicing and seller protection.

Conclusion

Switching from a Business to a Personal PayPal account is a straightforward process that can be completed in a few simple steps. However, before making the switch, make sure to consider the factors we’ve mentioned in this article, such as any money in your account and the limitations of a Personal account. With the right preparation, changing your account type can help streamline your online transactions and make managing your finances easier.