When most people start a paypal account they usually start out with a personal account. It is great because you don’t have to pay any fees for transactions and basically, you don’t have much worries. Personal accounts also let you add and remove bank accounts and credit card information just as a business or premier account would. After you lift certain limits, you can withdraw as much money as you want from that account. That’s a businessman’s dream where you have to pay no fees and you benefit from so many features.
But here are some of the bad parts to a parsonal accounts. You have certain limits. First, you cannot deposit more than $500 into your account per month. So if you have an advertising ploy in hand and you need to spend $1000 for that month, your only hope is to upgrade the account. Also when someone pays you with a credit or debit card, they cut off fees of about 7%. So there is the only fee you have to pay. Also for credit or debit card payments, you cannot receive more than 5 of both a year. Yes a whole year. If you want to get a 6th credit card payment, your only choise is to upgrade to a premier or business account.
Well these are just few of the pros and cons to a paypal personal account. Use it Wisely!