Since its launch in 1998, PayPal has continued to dominate the digital payment industry. The brand offers payment services and solutions to personal consumers and businesses. In the first quarter of 2022, PayPal registered 429 million active users and approximately 30 million active merchant accounts. On average, 41 million transactions are done via PayPal every day. In addition to online payments, PayPal also offers various services, including debit cards for payments, credit card readers for small businesses, and lines of credit. Consumers can use PayPal’s website or application to shop, make payments, and transfer money relatively quickly.
Main Features and Uses of PayPal
PayPal offers a wide range of unique features and a straightforward user interface to make transactions quick and seamless. With an easy onboarding process via the website and app, aesthetic design, and an interactive user experience, PayPal keeps its consumers engaged. An engaging website design plays a critical role in conversion rates.
The app supports multiple currencies, so you can easily transition between euros, pounds, and more. Each PayPal account has a unique QR code that users can share to transfer money. PayPal also offers invoicing, payment tracking, payment scheduling features, Cloud integration, and data encryption. You can use PayPal to send and receive money worldwide by linking your bank account, credit card, or debit card details with PayPal.
Whether shopping online, paying bills, splitting rent, paying for online gaming, or a plane ticket, PayPal enables you to make payments instantly. Major retailers, from Adidas and Airbnb to American Airlines, accept PayPal. The app has also made its foray into the entertainment industry with entertainment giants like Facebook and iTunes and some top no-deposit bonus casinos like BetMGM, now accepting PayPal payments.
PayPal Personal
A PayPal Personal account is essentially designed for people who are making online purchases. You can also use your PayPal personal account at most online stores to pay bills and rent or send money to friends and family. A PayPal personal account can also be used for selling, and it is the default payment option on eBay. You can use your account if you want to sell your old guitar or vintage comics. PayPal Personal can also be used by small businesses, artists, and freelancers to sell goods and services. So, if you are selling hand-made soaps on a small scale or offering writing services on the side – PayPal Personal is the right choice.
PayPal Business
A PayPal Business account comes with all the features of a personal account and several others. PayPal Business offers features such as Payment Integration, Flexible Payment Options, Subscription Services, Finance Management, and Account Sharing. With PayPal Business, you can use your website as an e-commerce portal. A business account enables you to register your account in the company’s name instead of yours. This adds a professional touch and protects your privacy online.
PayPal Personal vs. PayPal Business: Pros and Cons
To sum it up, here are the pros and cons of PayPal Personal vs. PayPal Business:
PayPal Personal
Pros
- Easy registration and setup process.
- No setup charges or monthly fees.
- Sending money is quick and easy.
- Creates invoices and records transactions.
- Mobile friendly.
- End-to-end encryption.
Cons
- Fee for using online debit or credit cards.
- High international costs.
- Currency conversion fees.
PayPal Business
Pros
- Convenient invoice feature.
- Easy to install a PayPal button for your website.
- Easy to set up recurring payments.
- Availability of live customer service.
- No setup fees or maintenance fees.
- Access to business products and tools.
Cons
- Lengthier account setup process.
- High merchant fees.
- A business account can’t be downgraded.