We are just getting into taking online payments and have question about Pay Pal vs Stripe.
If using Pay Pal to accept online payments does the Pay Pal account need to be a business account or can it be a personal account ?
thanks
It can be a personal account, but then they (PayPal) charge a higher rate (vs non-profit). Then things seem to get a little confusing because Troop Track is expecting one rate and PayPal is charging another. So, you end up getting less from PayPal than you expected. Basically the books won’t line up.
I am pretty sure you can customize the surcharge to match the PayPal rate so everything lines up. We found it a real PITA to convert our account to non-profit so are stuck paying the higher 2.9%. Non-profit rate is 2.2%. Both rates are +30 cents per transaction.
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