What is the difference between individual and business accounts?
When it comes to creating an Online Payments account, there is an option to choose between Individual account and Business account.
An individual account is designed for individuals who may not have a company in their name. For this type of account, you will be asked to enter the basic information.
A business account is designed for companies, LLCs, and partnerships. The business account requires entering identifying business information and providing data about the business’s control, including all owners who, directly or indirectly, own 25% or more of the equity interests of the company. This account type allows separating the bank accounts into different entities.
Both accounts allow you to receive and send money from/to other individuals and businesses registered in the software. There are no limits on the number of transactions you can do each day, each week, or each month. Per transaction, the limit is $10 000.
Jul 29, 2022