PayPal is a free platform or financial service to do online payments. It is an instant, safe and secure procedure to send or receive money using a secure internet account. PayPal is used for both personal and business purposes as it allows you to pay for items and even set up a merchant account.
While it is beneficial to have a PayPal account, one may still want to delete it for various reasons. if your account has been hacked, if your account is for a business that is no longer active, if you want to switch to some other online payment platform, or even if you are simply planning to open a new account under a different email address.
Important things to check before deleting your PayPal account
Pay off balances: Before initiating the deletion process, one must complete or resolve any pending payments or issues that are associated with your account. If there are any unauthorized transactions, one may even contact customer service for the same
Withdraw money: You will not be allowed to close the PayPal account if you still have money in it. Hence, you have to transfer your PayPal amount to any bank account or any other Pay Pal account.
Create a copy of your transaction history: Once the PayPal account is closed, then all the transactions history will be gone forever. Therefore, keep a record of your transaction history (have a printout or screenshot) in case you need it in the future.
Steps to delete your PayPal account
- Log in to your PayPal account using a computer or laptop. You can’t delete a PayPal account with the help of the smartphone
- Click on the gear icon given in the top-right corner of the screen and this will open the Settings menu
- In the account section under the ‘Account options’ tab, tap on the ‘Close your Account’ option
- Now, you will be reminded if you still have money in your PayPal account. You will also be prompted to use or transfer it before deleting your account permanently
- Enter your bank details carefully
- Finally, click on the option named ‘Close Account’ to delete your PayPal account permanently
Points to note:
- One will not be able to reopen your same PayPal account after its closure. However, you can open a new account with the same email address
- The process for deleting both the personal and business account is the same
