UK eBay & PaypalGeneral discussions about eBay.co.uk Suspensions and Paypal.co.uk limited accounts. This forum is geared towards UK eBay & Paypal sellers.
Re: Bank asking where the money comes from and about my business
Quote:
Originally Posted by Haidukken
Could you start paying your suppliers with Paypal? Perhaps could move less money into bank account and directly pay suppliers from PP?
Just an idea, as I don't know what you sell.
How many accounts do you have at the moment and how many products are you selling? Surely you could make listings look different and work on it, to try and avoid linking of the account?
Other people here do it, so perhaps its worth a shot.
It all depends how many accounts you are already selling on and how many products you are trying to sell I guess- Its all about scalability and how creative you can be, whilst pushing the limits and taking all the right steps in order to build sustainable business.
Just as an example, I can say that when I started selling on eBay I did it has a hobby and never took it seriously- Then I started making serious money and 2 weeks later I got kicked off.
I had 2 days to think about my situation and then I decided to learn from my mistakes and really imporve my business model as a whole. Been successful ever since.
These little problems are sort of reality checks for all of us- How well is out business set up and how sustainable the whole thing is.
Take it as a little learning curve and take your time solving the problem. If you take shortcuts, you will end up in a same situation or worse.
Solve the problem, don't try to avoid it.
this is not a solution for me, for too many reasons to list
I need a new bank account that won't be a problem.
The complete step-by-step guide to get back to selling today!
Re: Bank asking where the money comes from and about my business
If you are taking in 450 GBP that is $219,000 US Dollars per year. ANY bank is going to be curious, especially when you throw in different names. In the US the answer is easy, use multiple banks. But I understand it is easier said than done in the UK.
Any possibility of splitting that between 2 banks, or no?
Re: Bank asking where the money comes from and about my business
Quote:
Originally Posted by jjscruff
this is not a solution for me, for too many reasons to list
I need a new bank account that won't be a problem.
You see, thats the real problem.
You want to keep everything the same without changing what you do, with hopes of finding a magic bank that will never question your business model and how you move money.
Every experienced user here is giving you very similar advice, but for some reason you can't take their advice.
You can't make an egg without cracking some chickens.
Re: Bank asking where the money comes from and about my business
Quote:
Originally Posted by Haidukken
You see, thats the real problem.
You want to keep everything the same without changing what you do, with hopes of finding a magic bank that will never question your business model and how you move money.
Every experienced user here is giving you very similar advice, but for some reason you can't take their advice.
You can't make an egg without cracking some chickens.
no that's not good advice
and no i want to change what i do. I want to use a business bank
Other members mentioned UK business bank accounts as being the way forward. good advice.
But I want to ask them what banks they use and if having multiple business bank accounts is a problem? As natwest would not entertain the idea of me holding another business bank elsewhere
Re: Bank asking where the money comes from and about my business
Quote:
Originally Posted by jjscruff
no that's not good advice
and no i want to change what i do. I want to use a business bank
Other members mentioned UK business bank accounts as being the way forward. good advice.
But I want to ask them what banks they use and if having multiple business bank accounts is a problem? As natwest would not entertain the idea of me holding another business bank elsewhere
Re: Bank asking where the money comes from and about my business
Been using lloyds business account for long time never had issue
Did used personal account aswell it was ok for me
Hsbc closed one of my friend account on 30 days notice they not even bother to mention reason simply says we can't offer our services it must be name issue with paypal
Re: Bank asking where the money comes from and about my business
Putting stealth aside, I have heard Lloyds is a horrific bank to do your banking with. Albeit most testimonials I read were from personal customers. Maybe their business banking is worth a shot?
I noticed nobody mentioned Barclays - Whats wrong with their business banking services?
Re: Bank asking where the money comes from and about my business
I found lloyds so far very good for business banking maybe just my branch!!
Barclay I tried to open in past for some reason not manage to get account as it was for Ltd banks require lot of information lloyds was quite good and fast
Re: Bank asking where the money comes from and about my business
Quote:
Originally Posted by e2free
I found lloyds so far very good for business banking maybe just my branch!!
Barclay I tried to open in past for some reason not manage to get account as it was for Ltd banks require lot of information lloyds was quite good and fast
Re: Bank asking where the money comes from and about my business
just curious.. did you solve your problem.
Quote:
Originally Posted by moibrahim
Hello there,
I have been withdrawing on a daiy basis around £450 to my bank account for the last 4 months from various different stealth accounts.
Today, I have received a letter home regarding the transactions like where do I get the money from and what business do I own.
I was going to say, I have a business in another country but they send me the money through Paypal then I withdraw through the bank. Which is basically divident. But the stealth ebay account names are different and Im sure it will show up on the each transactions.
So can you guys please advise, what can i tell my bank about the business i own and where the money comes from?