PayPal is a popular online payment platform used by millions of businesses and individuals worldwide. While it offers various features and benefits, some users may want to switch from a business account to a personal one for different reasons. In this article, we will guide you through the steps to change your PayPal account from business to personal in 2021.
Why Change from Business to Personal Account?
There are several reasons why someone might want to change their PayPal account from business to personal, such as:
- No longer running a business
- Prefer the simplicity of a personal account
- Lower fees and charges for personal accounts
- Not using the advanced features of a business account
Step-by-Step Guide to Change PayPal Account from Business to Personal
Step 1: Log in to Your PayPal Account
To change your PayPal account from business to personal, you need to log in to your account first.
Step 2: Go to Profile Settings
Once you are logged in to your account, click on the gear icon in the top right corner of the screen. This will take you to the Profile and Settings page.
Step 3: Click on My Settings
In the Profile and Settings page, click on the My Settings option on the left side of the screen.
Step 4: Choose Account Type
Under the My Settings section, click on the Account Type option. This will display the current account type, which is likely set to Business. Click on the Edit button to change it.
Step 5: Select Personal Account Type
On the next screen, you will see the options to change your account type. Choose the Personal Account option and click on the Next button.
Step 6: Confirm the Change
PayPal will show you the details of the change, such as the new account type, fees, and charges. Carefully read the information and click on the Agree and Continue button if you agree with the terms.
Step 7: Verify Your Information
Finally, PayPal will ask you to verify your information to complete the account type change. Follow the on-screen instructions to provide any necessary details and confirm the change.
Tips for Changing Your PayPal Account from Business to Personal
Here are some tips to keep in mind when switching your PayPal account type:
- Make sure you have cleared any pending payments, refunds, or disputes before changing the account type.
- Check if there are any subscriptions or recurring payments linked to your current account that you need to cancel or transfer to the new account.
- Be aware of the differences in fees and charges between the business and personal accounts.
- Consider the impact of the change on your financial reports, taxes, and accounting records.
Changing your PayPal account from business to personal is a simple process that can be done in a few steps. Whether you are no longer running a business or prefer the simplicity of a personal account, it is essential to understand the differences and implications of the account types.
By following the guidelines and tips provided in this article, you can make a smooth transition to the new account type and continue using PayPal to send and receive payments with ease.