Are you having trouble creating an invoice on PayPal? Invoices can only be created from a business account in PayPal. So let’s know how to convert a PayPal personal account to business account.
If you are a freelancer or any person working online, then you must have got a chance to do transaction with PayPal. It is a great, economical and secure way to do international transactions. Whenever someone sends you money through PayPal, that money is automatically deposited into your bank account through PayPal. Through this in India, we are able to do only international transactions.
Why you should go for business account?
PayPal’s business account has all the features of a personal account, along with some additional features as mentioned below:
- Very important benefit of business account is that only through this invoice can be created.
- Business account provides subscription services. Using this service your customers can sign up for recurring shipments for the big transaction.
- You can use PayPal business as a payment gateway on your e-commerce website which makes online purchase more easier to your customers.
- People using PayPal business account get more features and benefits. They can get offer a loan or credit for small business.
While you make any type of transaction using PayPal’s business account it charge more amount than it take in personal account. And this is the only disadvantage of using PayPal business account.
How to change a PayPal personal account to business account?
When you are going to get paid or at the of making an invoice, PayPal asks you for upgrade to PayPal business account. To convert to a business account, you require to provide certain information, which is for your own safety.
1. Click on the “Upgrade” button which display on screen when you request to making invoice.
2. Now you have to choose your business type. If you are freelancer, blogger, youtuber or a person want to run sponsorship on your feed then you can go for “Individual” option.
3. In the first part you have to describe your business.
Product or service keywords: You just need to type few alphabets then the PayPal suggest you the pairs of keywords.
Purpose code: This represents the nature of your export business.
Personal PAN: Enter here your PAN card number.
CC Statement Name: Enter your name which is on your PayPal profile.
4. In second part, it will automatically get your name and nationality from your profile. You just need to enter your Date of birth.
5. In third part, you have to enter your address, mobile number, and currency. Here India Rupees is not available so select US Dollar as currency.
6. Check the box if your business address and home address is same and then click the “Agree and Continue” button.
Now your account has been completely converted into a business account. If you have not added our bank account, then now you have to add it. And if the bank account is added but not confirmed, you will be asked to confirm it by PayPal.
Related | How Can You Cancel PayPal Transaction If Not Claimed?
