Read this easy guide on how to close a business bank account in 5 steps. You can also find some things to watch out for when closing your account.
PayPal is a tool for making and receiving payments for both personal and professional reasons. Yet there may arrive a point at which you’re ready to move on from the service.
It could be that your budget no longer allows for the various PayPal fees, or that another platform could serve your needs better.
Regardless of the reason, this post will guide you through how to delete a PayPal business account.
|💡Want to make international business payments with ease?|
If you wish to close a PayPal business account, you have two options.
If you’re thinking about how to delete a business PayPal account, you should first confirm you have no outstanding transactions.
You should also remove any banking or credit card information, just to be on the safe side.
If you’re ready to close the PayPal business account, go through the following checklist to prepare the account before closing:
- Make sure there’s no outstanding balance (either positive or negative)
- Cancel any scheduled or incomplete transactions
- Unpaid money requests will be cancelled once you close your account
- Remove your email address from the account if you haven’t yet confirmed it
- You won’t be able to re-open the account once it’s closed.
Once satisfied, you can proceed to close the account. Bear in mind that to use the same bank and credit card details for PayPal in future, you’ll need to contact customer support to re-link them.
You might also want to save a copy of your transaction history, as this is something you’ll lose access to once you close your account.
|Here’s are the steps you’ll need to take to close your business account:|
If you get stuck at any point in the process, be sure to reach out to the customer support team for assistance.
Your second option is to downgrade your business account to a personal account. There are various reasons for wanting to make the change, such as reduced fees and making different types of transactions.
To do so, there’s only one course of action you can take. Reach out to PayPal customer service, and they’ll guide you through the process.
You can talk to the customer service team by clicking the ‘help’ or ‘contact’ button at the bottom left-hand side of the PayPal website.
|🔍 Discover the differences between PayPal Business vs Personal|
Wise Business is a safe, stress-free account for international businesses. You can use it to send business payments up to 19x cheaper than PayPal.
Sending and receiving international payments is a breeze, and you’ll always get the mid-market rate. Any fees are shown upfront, so you’ll never be surprised by hidden costs.
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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