When it comes to creating an Online Payments account, there is an option to choose between an Individual account and a Business account.
Choosing Between an Individual or Business Account
When setting up your Online Payments profile, you can choose between an Individual account or a Business account, depending on how you're operating.
Individual Account
An Individual account is intended for users who do not have a company or business entity registered in their name.
You’ll only need to provide basic personal information to get started.
Business Account
A Business account is designed for companies, LLCs, or partnerships.
This account type requires:
Identifying information about the business
Details about the individual(s) who directly or indirectly own 25% or more of the company
Information about the person with control over the business
Business accounts offer the ability to separate bank accounts by entity, which is helpful for managing multiple businesses or properties under one platform.
Payment Limits and Capabilities
Both account types allow you to send and receive payments with other individuals or businesses registered in the platform.
There are no limits on the number of transactions you can process per day, week, or month
The maximum amount per transaction is $10,000