The distinction between profiles offered by the payment service centers on intended use. One is designed for individual transactions, while the other caters to commercial activity. The former is generally employed for activities such as splitting bills among friends or sending gifts. Conversely, the latter is purposed to facilitate sales and receive payments for goods or services.
Understanding the correct account type is important for both compliance and functionality. Utilizing the appropriate option ensures adherence to the platform’s terms of service and may impact transaction fees and tax reporting obligations. Further, the business version unlocks specific features, such as customized branding, tailored for professional applications, potentially streamlining financial management.