Paypal account creation

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Paypal account creation

I wish to create my PayPal account to create a paid course in Udemy. Which type of PayPal account should I create? 

 

Personal (or) business ? 

 

PS: I am from India.

10 Replies
ElianaC
Community Moderator
Community Moderator

Hi @Aswin94 Currently our Premium Instructors can select either PayPal or Payoneer to deliver the revenue they earn from their Udemy courses. For more information on how to apply to become a Premium Instructor and set up your payment methods, please click here.

 

Hope this helps!

Eliana Cerna

Any helpful reply!?

Business or Personal account, simply

Hi Mostafa,

 

I have a paypal India account. Mine is a PayPal Business account.

 

The benefit with Business account is that there are less restrictions with the amount of money you can make.

You might have to submit a GST to the paypal business account. Because you will get a GST bill every month.

 

Hope this helps!

 

Thanks,

Dilip Sundarraj.

@dilips  For making a business account, it asks for many details like Paypal CC statement name, setup date product/service etc. How did you fill those details?

 

Also, if I keep my personal account only and not change it to a business account, would there be an issue in receiving the payment?

@Manan904 Sorry for the delay in response. The only issue i forsee is that, if you make more than 1lakh per month paypal might ask you to upgrade your account to business. So instead of doing it later, my advise would be to set it up as business account in the first place.

For Business Information:

  • I gave my name as the business name
  • product/Service -> Online Teaching

Information about Transferring the money to your account:

  • Paypal automatically transfers the money to your bank account the day next to the payment recieved from Udemy.
  • Make sure you Business Information name matches your bank account name

GST

  1. You need to have a GST account set up ready.You can reachout to https://cleartax.in/ for setting up the GST 
  2. Paypal generates a GST bill everymonth
  3. I file GST every month with https://cleartax.in/

I hope this helps lot of Indian Instructors in Udemy

 

Thanks,

Dilip

 

Hi Dilip,
I am Chetna and recently I have launched a course and I created a Paypal Account. I read that you made business account for the same. Can you please help me about what option to use for service and product because as you mentioned above there is no option such as Online teaching in the drop down option. And also, what option did you choose for Purpose code?
It would be great if you help me. Been trying for so long and found your answer here.
Thank you.

@Chetna_Morkhade Thanks for reaching out. I just gave my name as the Business Information. Make sure it matches your name in the Bank Account you have it linked to.

I don't exactly remember what option I chose during the set up. 

But I am pretty sure I selected something related to education.

What are the options do you see ?

 

Best Solution: Reach out to PayPal itself. It's better to call than email.

 

Thanks,

Dilip Sundarraj

Hi Dilip,

Thank you for your prompt reply. I reached out to PayPal and they advised me to take help of my tax advisor. As there was no such options as education in the products code. 

I selected P1109 (Other personal, cultural, or recreational services) 

Once again. Thank you :) 

@Chetna_Morkhade  we have just put the code the same as you. Paypal told me it will take 2-3 days to confirm. 

What are the further steps in the process after that, to receive payment? Can you help us? 

Did they cut any tax? If, yes how much?

I have the same question and i still can't find a satisfactory answer... Are these the only differences between a business and a personal account? What other implications are there, any impact on taxes or other aspects?

Are there benefits to offering the course as owned by a company or by you personally? Any more insight on the topic would be really helpful :)

Thanks in advance!
Petar

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