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If you sell or purchase products for your business online, you know how convenient PayPal is for sending and receiving money. PayPal has many benefits, but the high transaction fees for receiving funds on a business account can cut into your profits. If you've found another payment service that better meets your needs, you can withdraw your PayPal funds and close your account. Once you close a PayPal account, though, you can't reopen it.
Open your Internet browser and go to the PayPal website. Enter your PayPal email address and password at the top of the page, then click "Log in."
Point to "Withdraw" at the top of the page, then click "Transfer to Bank Account."
Enter your entire PayPal balance in the Amount box. Click the drop-down menu and select the bank account where you want to send the money. Click "Continue" and "Submit."
Click "Go to My Account" on the confirmation page. Click "Profile" at the top of the page.
Click "My Settings." In the Account Type section, click "Close Account" and "Continue."
Select up to three reasons why you want to close your account, then click "Continue."
Click "Close Account" on the final confirmation screen to permanently shut down your account.