Do we need a business account for withdrawal through paypal

[itikabhattachar]

I’m trying to withdraw my first amount via paypal. I have a personal paypal account and it has been 2 days but I’ve not received the payment. My paypal shows me to upgrade to business account to receive payment. Is it absolutely necessary to have a business account for receiving money. I’m going to use paypal only for fiverr. Or should I wait to get the money?

[itikabhattachar]

Please someone help me I’m really confused

[dopenl]

A business account is handy, and provides a better means to receive your payments.

There are no extra charges or fee’s (im my experience).
Just more ways to recive?? money and keep good acount of your transactions, and ability to invoice and send recipts.

[itikabhattachar]

Aah alright… are there any hassles with payment of taxes in case of a business account?

[dopenl]

Aah alright… are there any hassles with payment of taxes in case of a business account?

Umm how do you mean? I have to declare all transactions and it dose involve making good accounts also I do declare the earnings in my returns, but it depends how you use paypal and fiverr. Also Im in Europe so the law may be different.

I have found in the past paypal to be quite special when it come to payments.

It may also be the case that you need to verify your personal paypal account with a bank account linked.

I would perhaps think about what your pro’s and con’s are when it come to the amounts of money you receive and want to transfer, sometimes there are minimum pay out limits.

You can always contact paypal and discuss it with them. They can actually be quite helpful on the phone :•)

Best of luck 🤞

[itikabhattachar]

Thanks so much for the help?

[dopenl]

Thanks so much for the help?

You’re welcome I hope this shed a little light for you.