On the paypal payments settings page the vaulting option is under the paypal checkout section. I think what it does is link the paypal account to the account on your site but i am not 100% sure about that.
Hello Joost.
Thank you very much for your reply. I tried purchasing without an account and that worked indeed. I turned on vaulting and now it also works with an account. Thank you very much for your fast and helpful response. Have a great day!