Why do i have a premier paypal account

Though PayPal does have millions of customers, not all users have had such a pleasant experience. In fact, so many people have felt slighted by PayPal that entire websites exist to discuss problems about PayPal and mock its business practices.

Perhaps the most prominent is PayPal Sucks. One of the biggest criticisms of PayPal is that it acts like a bank , but it isn't regulated like one. Critics maintain that PayPal offers none of the protection that real banks offer, and it isn't required to maintain any of the security, customer service or dispute resolution services that banks provide.

At the same time, PayPal holds large amounts of their customers' money, makes millions of financial transactions and even offers credit and debit cards. So why isn't it considered a bank? In , the Federal Deposit Insurance Corporation FDIC declared that because PayPal didn't meet the federal definition of an entity accepting deposits as a bank, hold any physical money or have a bank charter, it was not a bank [source: Wolverton ]. In other words, PayPal isn't a bank because it doesn't call itself a bank.

As a result, most states license PayPal as a "money service. One of the most common problems encountered by PayPal users is the sudden and inexplicable freezing of their accounts. If your PayPal account is frozen, you can't add or withdraw any funds from your account, and you're required to go through a long, complicated process to verify your identity. Some users claim that PayPal has simply seized their funds and never returned them. Other complaints against PayPal include rude customer service representatives, a long and confusing user agreement and loose hiring practices that may have led to account fraud [source: PayPal Community ].

Despite these criticisms, PayPal continues to be the most popular money transfer service for online transactions. For more information on PayPal and related topics, check out the links that follow. Basically, this means that you can recover your money even if the bank fails. This insurance does not protect you if PayPal itself fails. Sign up for our Newsletter! Mobile Newsletter banner close. Mobile Newsletter chat close.

Mobile Newsletter chat dots. Mobile Newsletter chat avatar. Mobile Newsletter chat subscribe. Starting a Business. How PayPal Works. PayPal is headquartered in San Jose, California. Send or receive payments for online auctions at eBay and other Websites Purchase or sell goods and services Make or receive donations Exchange cash with someone. A PayPal account is verified if you've associated that account with a current bank account or credit card. This is more than just entering account information.

PayPal will ask you to follow certain steps to complete the verification process. For a checking account, for example, PayPal will make two micropayments to that account, usually about five cents each.

Then, you'll need to enter the amounts of those micropayments as verification. A PayPal account is confirmed if you've completed one of three options to signal to PayPal that the address on your account is valid. The fastest of these is to verify a bank account or credit card matching the address you've entered as the PayPal account's address. As an alternative, you can request a confirmation code by mail after you've had the account for 90 or more days, or you can apply for a PayPal MasterCard which confirms your address by running a credit check.

PayPal Infrastructure " ". PayPal's mobile app can be used just like the website. Preventing Fraud in PayPal.

PayPal History " ". Levchin and Thiel co-founded PayPal. In order to send money using your PayPal account, you'll need one of two things: Funds already transferred to your PayPal account before the transaction An instant transfer account, usually a checking or savings account , from which PayPal will withdraw the necessary funds to cover the transaction.

Using PayPal: Receiving Funds " ". PayPal-owned Venmo is very popular with millennials as it has a public feed where you can see all transactions your connections have made.

Transfer money to a bank account associated with your PayPal account Request that PayPal mail you a paper check for a certain amount Make purchases using a PayPal debit card. PayPal Subsidiaries. Problems With PayPal Though PayPal does have millions of customers, not all users have had such a pleasant experience.

PayPal only charges fees for sellers, international transactions and for sending money with a credit or debit card. How do I log into my PayPal account? The primary method of logging into your PayPal account is through PayPal's website. You can use any web browser on your phone or computer to visit the site. Now all you have to do is enter your email address or mobile number and your password to log into your account.

If an ad pops up, you'll have to click "Proceed to Account Overview" to reach your account. Can you be scammed on PayPal? Despite having million active users and an international reputation for safety and security, PayPal has occasionally had trouble with fraud, lawsuits and zealous government regulators. What is PayPal and how does it work? PayPal is an online payment service that allows people and businesses to transfer funds electronically. While you can send funds to anyone with an email address without any need for them to have a PayPal account, the recipient has to have a PayPal account associated with that email address to be able to receive funds.

How do I go to my PayPal account summary? On your PayPal account, your most recent activity appears on the "Summary" page under "Recent activity. Sources Balko, Radley. Cable News Network. March 11, Kane, Margaret. CBS Interactive. July 8, March 12, Cite This! Before you can answer that, you must first identify your situation. The first thing that you should take note of is the fact and reason why you signed up for a PayPal account in the first place. If you want a virtual or digital wallet for all your online purchases, the personal account will suit you just fine.

If all you want is to shop online using the PayPal platform, there is nothing more to discuss. You will only need to connect your bank account or credit card to put funds on your PayPal account when you go shopping galore. Do you want to get paid using the PayPal account? If you intend to use the account for all your online purchases and transactions, this is the best account for you. To upgrade your PayPal personal account to a premier account, you will need to verify your identity.

Otherwise, your account will be limited after a series of transactions and probably be held pending verification. Thus, PayPal will not become an instrument for money laundering. So you need to verify your account. If you intend to use the PayPal account for a business or a company, you will need many documents for verification.

Just provide all the needed documents and valid IDs, and you will be all set. Click this link to check the standard rates for receiving and sending money with PayPal.

If you receive more than 2, Your fees can be as low as 1. For receiving money for product or service sales at the merchant rate, these are the prices:. Note that the rates in the table above are for domestic transactions. If you have customers offshore then you will incur what is known as a cross-border payment charge.

Click here to view the higher cross-border transaction fees. You will still benefit from lower rate bands with cross-border payments once you apply successfully for the Merchant Rate. See also : Should you withdraw from PayPal to a credit card or to a bank account? The Pro solution is for heavy PayPal users, and allows you to benefit from lower rates among other services.

Click this link for more information about Pro. Go for Pro if you need full payment gateway functionality, as this system will allow you to create a fully customized checkout process that will enable customers to complete the purchase from your site rather than being transferred to PayPal as is the standard procedure. If you are using PayPal to collect payments for products and services that you are selling online, you will also need to choose a checkout service.

All e-commerce solutions such as Shopify, WooCommerce, and Easy Digital Downloads will allow you to select one out of several e-commerce checkout business solutions offered by PayPal. See also : Should you open separate PayPal accounts for each of your e-commerce stores? Read my separate post about the pros and cons of each and then decide accordingly. You can choose what currencies to accept and how you would like to accept them.

When a buyer sends a payment in a currency you hold, the money will automatically appear in your account in that currency. You can choose a primary currency as the one you use most often for sending and requesting payments. If you convert a payment into your primary currency, PayPal offers conversion rates that are pretty bad. You can read my guide on PayPal currency conversions for more information about that.

You might also want to change your PayPal withdrawal currency before you withdraw money to your credit card. So how do PayPal transactions look? Since this is a cross-border payment US to Malta , it can be broken down as follows:.

If I remember correctly, with a Personal account you can accept or deny payments. If you deny the payment, the fee is not charged. With a Premier or Business account, there is no such option to accept or deny payments. Click here to see the full refund policy together with a worked-out example of how refunds work. PayPal has recently changed its policy, stiffing sellers, unfortunately. Not all countries offer the same facilities for withdrawing funds from Paypal.

For example, in my home country Malta, we used to be able to withdraw money only to a credit, debit, or prepaid card as well as a US bank account, but no local accounts. This was then changed to allow withdrawals to EUR based local account s, but unlike with other payment providers, we are not able to withdraw to local accounts in other currencies. This is a big disadvantage if you are making most of your sales in another currency such as USD.

Paypal provides a handy checker where you can select your country and see which withdrawal options are available for that country. Launched in and headquartered in New York, Payoneer is a payment services provider that allows users to send and receive money online.

The platform currently services more than 4 million customers located in more countries. Payoneer is also a notable PayPal alternative due to its highly rated customer support. You have the option of contacting support via telephone, live chat or through a support ticket. Check out Payoneer. Stripe is recognized worldwide as the most painless way to accept credit cards online as a merchant, and it was created with developers in mind, making integrations easy.

Please be aware that there are two different types of payments that can be sent using PayPal — Purchase Payments and Personal Payments. With a Personal payment type, the sender of the payment can choose who pays the fee which is incurred. However, it is not free to send the payment. Either the sender or the receiver must pay. It is possible to receive personal payments to a Personal or Premier PayPal account. If you are planning on receiving payments for a business you are running, you may need to upgrade your account type, as a Personal account is not suitable for receiving large amounts of payments.

However, if you are only receiving a small number of payments, you are free to do so. In case you are into gambling and want to make a deposit using Paypal , you should be aware that the payment platform has a strict policy about casino transactions. See also : How to change ownership of a PayPal account. It is possible to have two PayPal accounts, however only one can be for personal use, and must be either Personal or Premier type.