PayPal is one of the most popular payment processors available. It is also one of the safest ways to send and receive payments online. The platform allows you to open a personal or business account for free. What's more, you can easily create, downgrade, or even close your PayPal account in minutes.
Closing your PayPal account is a simple, hassle-free process. Here's how you can do just that.
Why You May Want to Close Your PayPal Account
You may first be wondering why anyone would even want to close a free PayPal account. There are several reasons why you may want to close and permanently delete your PayPal account.
Geo-specific restrictions could prevent users in your country from receiving PayPal funds. There's not too much point in holding a PayPal account if you can't use it–especially for businesses.
There are also some common problems with the platform, such as rising PayPal fees, arbitrary merchant charges, poor customer service, or lingering unresolved disputes.
Perhaps, your account was hacked and compromised, or there has been a breach on one of the sites where you pay with PayPal, or you found a better alternative.
Things to Know Before You Delete Your PayPal Account
Although closing your account is easy, there are some important points to note before you delete your PayPal account.
- You cannot deactivate your PayPal account, only delete it.
- Deleting or closing your PayPal account is permanent and can't be undone.
- You can't close your account via the PayPal app. You can only do so on the web.
- Once closed, you will be unable to access or use that particular PayPal account again except you re-register.
- You will be unable to view your past transaction history.
- Ensure to remove any financial information such as your card and bank account details.
- Transfer your remaining PayPal balance to your bank account, another PayPal account, or make online purchases with it. You can also request a check from PayPal.
How to Close Your Personal PayPal Account
To close your personal PayPal account, you must be logged in.
- Head to PayPal and log in to your account.
- Click on Settings (the gear icon to the right between the bell notification icon and LOG OUT).
- Under your Profile>Account options, click on Close your account.
- Enter your bank account details if prompted.
- Click the Close Account button.
Barring any unresolved issues with your account, your PayPal account should now be closed.
How to Close Your PayPal Business Account
Closing your PayPal Business account follows a very similar process.
- Log in to your PayPal account.
- Click on the Profile icon to your top right, next to LOG OUT.
- Head to Profile and Settings, and the click on Account Settings.
- In the top-right corner of the page, you will find Account Type and a Close Account button. Click on Close Account.
To downgrade your business account to a personal account, you will need to contact PayPal's customer service team.
What Happens After You Close Your PayPal Account
After you close your PayPal account, the following will happen:
- You will lose access to the account and will be unable to sign in again.
- You will have to pay using alternative payment methods, e.g. credit card.
- Your transaction history will be deleted.
- Unused coupons and redemption codes will be lost.
- You can create a new account with the same email address, but your previous transaction history will be gone.
Moving Forward: Other PayPal Alternatives to Try
If you decide to close your PayPal account, what other alternatives are there? Well, it turns out there are different PayPal alternatives that you can choose from. Popular alternatives include Google Pay, Cash App, and Stripe, depending on your account needs.
Whichever you choose, ensure that you pay close attention to their terms of service to avoid moving to a platform with the same problems.
