A vast majority of your transactions and tips you receive as a streamer will be using PayPal, however some of you may have not made the change from a Personal account to a Business account. This article will go over the key points as to why a Business account is a must for all streamers, big and small.
Personal Account Features
Firstly let’s go over the features available to all accounts. You will have access to the ability to send and receive money instantly from anyone with a PayPal account internationally. All transactions are safe and secure. Payment is widely accepted and you can easily connect it with accounts, such as eBay. However, one of the biggest problems with a Personal account, is when a user is tipping they are able to see some personal information, such as name.
Business Account Features
However, these features don’t quite meet all the needs and demands of streamers such as yourself, so this is where Business accounts come in. As a Business account holder, you can set up an account under a company or group name so people tipping you don’t see your full name. You’ll be able to not just receive payments from other PayPal users, but from credit or debit card from users without a PayPal account. You will also be able to easily add PayPal buttons to your website, allowing you setup your own personalized subscription services and online store. In addition, you can see and download a full log of all your transactions, giving you easy access to your transaction history when it comes around to doing taxes. You will also benefit from increased seller protection and advanced fraud screening, whilst having access to better customer support services.
PayPal Business also gives you access to customizable invoices, receive payments in person via the PayPal Here card reader and App, and send mass payments to multiple recipients (for example, sending a little thank you to all your fantastic moderators). When signing up for a Business account you also have the option of signing up for a Pro account. The Business Pro Account costs $20 per month, but gives you more control, greater protection and faster payments. However, the Pro account is more geared towards online stores and retailers than streamers, for further information on the Pro account visit the PayPal site.
PayPal Transaction Fees
As you all know, PayPal will place a transaction fee on every transaction, whether you are a Business or Personal Account holder. These fees depend on the method of payment, the sender’s location, and recipient’s location. A fixed fee is applied to all payments, for the vast majority of payments this will be $0.30, but the exact amount will depend on the currency you set up your account in. For a full breakdown of these fees, please refer to this table:
Setting up a Business Account
If you don’t already have a PayPal account, you can sign up for a Business Account here.
To upgrade from a Personal Account, follow these steps:
- Log in to your PayPal Account.
- Click the Profile icon next to “Log out.”
- Click Upgrade to a business account.
- Enter your business information and click Continue.
As a streamer, setting up a Business account over a Personal account provides you with a plethora of benefits, gives you access to greater tools, and presents you with improved security. A Business account is a must for all streamers, but the benefits will also be seen by almost anyone, as it is free to set up.
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