PayPal Ask beneficial owner information

JamesLee · #1 04-30-2019

Hi guys

I received an email from paypal.

Congratulations on the growth of your business! Because your card sales have increased, we need to collect some information about your beneficial owners as required by US regulations that apply to the banks we partner with to process your card payments. A beneficial owner is each person who, directly or indirectly, holds 25% or more equity ownership of your business, or a person who has a controlling influence in your business.

Please provide this information by June 25, 2019. If we don’t receive it by then, we'll need to limit your account, and you won’t be able to receive payments.

Do you know what information paypal needs ?

Thanks in advance

agent006140 · #2 04-30-2019

search this forum or paypal forum to see if someone has already asked this question

Like the email said 25% ownership ,if you are the sole proprietor,it wants your SSN.
I would withdraw all the money in that account if you do not plan to comply

Quote:

Originally Posted by thready

I wish i had this option in my accounts. Checked but eBay said it’s not yet available.

You are in US?
WONDER WHY EBAY said not yet available,as many have joined

well,if you are not invited,then you have to wait.
Paypal can say 24 hours but with the volume,CS is just understaff,also it takes time to verify,it could be days/week ,you just have to be patient

yankee · #3 04-30-2019

It is asking for the owners of the LLC or Corportaion. We have received this on all of our EIN accounts back in January. So far, we have not done anything.

They basically need the articles of corporation or equivalent.

JamesLee · #4 04-30-2019

Quote:

Originally Posted by yankee

It is asking for the owners of the LLC or Corportaion. We have received this on all of our EIN accounts back in January. So far, we have not done anything.

They basically need the articles of corporation or equivalent.

This is my EIN account. I am afraid they ask owner SSN...

yankee · #5 04-30-2019

Quote:

Originally Posted by JamesLee

This is my EIN account. I am afraid they ask owner SSN...

They told you what you needed and I explained in more detail. If you dont know what your articles of incorporation is, then ask whoever made your LLC/CORP/TRUST/LLP/ETC...

jerryc · #6 07-17-2019

I got the same request from paypal and was pissed off, so I called Paypal immediately, asking what law is this request based on, and was told it sources from "PATRIOT Act“. I asked them it has been so many years since pass of the act and why it comes this new requirement, the paypal agent then answered that submitting beneficial owners' information this is not mandatory for now, we are good but it might change in the future, bla bla bla.
Anyway, I will give not **** to them and suggest anyone receive the same information ignore it!

Quote:

Originally Posted by JamesLee

Hi guys

I received an email from paypal.

Congratulations on the growth of your business! Because your card sales have increased, we need to collect some information about your beneficial owners as required by US regulations that apply to the banks we partner with to process your card payments. A beneficial owner is each person who, directly or indirectly, holds 25% or more equity ownership of your business, or a person who has a controlling influence in your business.

Please provide this information by June 25, 2019. If we don’t receive it by then, we'll need to limit your account, and you won’t be able to receive payments.

Do you know what information paypal needs ?

Thanks in advance

renzini · #7 08-16-2019

I received this message from
PayPal too.

Is in the notifications and is requesting my SS or ITIN number but I don’t know why if they already have all the business info including the EIN.

eBay seems to requiere the same in the future. Representative from
EBay said that this is a new IRS requirement.

PayPal said that I have until October 14th to add this beneficial Owner.

I’m Not going to add SS # to PayPal until I see what is going on with this new requirement.

jerryc · #8 08-31-2019

Unfortunately it's mandatory... Paypal will restrict your account not able to receiving income payment once passes the deadline it was given. No choice...It sucks!

k3deuce2 · #9 11-05-2019

has the deadline passed for anyone? what happens? did paypal stop allowing you to accept payments? please let me know thankS

TN2016 · #10 11-14-2019

Yeah I'd also be curious to hear if anyone has let this deadline pass? Does PayPal actually limit the account to not allow incoming payments?

I just got this email on one of my stealth accounts as well and would like to avoid providing any information if possible.

If anyone has let this deadline pass and has any further information it would be greatly appreciated!

TN2016 · #11 11-14-2019

Quote:

Originally Posted by agent006140

Like the email said 25% ownership ,if you are the sole proprietor,it wants your SSN.
I would withdraw all the money in that account if you do not plan to comply

I understand what they're asking for, I'm just curious to hear from someone who actually got the email on a stealth account and if there were any possible workarounds/solutions.

cruiserdaddy · #12 11-15-2019

I got it and my deadline was November 7th, the cut me off today.

I had entered it online and they kept showing the limitation, but when I would click to add info it said my information was verified and approved. I called in and they had me fill out another form online. Said it will be lifted in 24 hours if info is what they need.

TN2016 · #13 11-15-2019

Quote:

Originally Posted by cruiserdaddy

I got it and my deadline was November 7th, the cut me off today.

I had entered it online and they kept showing the limitation, but when I would click to add info it said my information was verified and approved. I called in and they had me fill out another form online. Said it will be lifted in 24 hours if info is what they need.

That sounds encouraging, keep us updated if/when it gets lifted after the online form. Just out of curiosity, did you have to submit this for a stealth account or one using your real details? Thanks for any additional information on this!

yankee · #14 11-15-2019

Quote:

Originally Posted by cruiserdaddy

I got it and my deadline was November 7th, the cut me off today.

I had entered it online and they kept showing the limitation, but when I would click to add info it said my information was verified and approved. I called in and they had me fill out another form online. Said it will be lifted in 24 hours if info is what they need.

We have ignored the request for well over a year.....zero problems at all a long as your dont want to spend the balance and only withdraw.

thready · #15 11-15-2019

Quote:

Originally Posted by yankee

We have ignored the request for well over a year.....zero problems at all a long as your dont want to spend the balance and only withdraw.

Are you referring to the one where PayPal accepts the w9 form for the ein or did you mean the issue where PayPal is asking for beneficiary info?

The beneficiary info request from PayPal is asking for ssn and photo ID. It does not have the option to enter ein or w9

agent006140 · #16 11-15-2019

Do you plan to spend your PAYPAL balance,like sending it or buying something?

thready · #17 11-15-2019

Quote:

Originally Posted by agent006140

Do you plan to spend your PAYPAL balance,like sending it or buying something?

No. Just to point out, PayPal requesting beneficiary information is not due for spending or buying something. It’s because card sales has increased.

Here’s the exact wording PayPal used:

Provide beneficial owners by Nov 30, 2019. Because card sales have increased for your business, we need you to provide information about your beneficial owners. To continue receiving payments, please provide by Nov 30, 2019.

leenie · #18 11-15-2019

Quote:

Originally Posted by cruiserdaddy

I got it and my deadline was November 7th, the cut me off today.

I had entered it online and they kept showing the limitation, but when I would click to add info it said my information was verified and approved. I called in and they had me fill out another form online. Said it will be lifted in 24 hours if info is what they need.

Were you able to keep withdrawing your money up until you were limited?

leenie · #19 11-15-2019

Also, I read this.... "After the existing eBay-PayPal agreement ends in 2020, PayPal will remain a payment option for shoppers on eBay, but PayPal will cease to process card payments for eBay at that time."

cruiserdaddy · #20 11-16-2019

Quote:

Originally Posted by leenie

Were you able to keep withdrawing your money up until you were limited?

I can still withdraw and send money, I just can't receive any payments.

TN2016 · #21 11-16-2019

Quote:

Originally Posted by cruiserdaddy

I can still withdraw and send money, I just can't receive any payments.

Damn, so you still can't receive any payments even after submitting what they were asking for in regards to the beneficiary information? Or have they just not lifted the limit on your account as they said they would after the online submission of info?

yankee · #22 11-16-2019

Quote:

Originally Posted by thready

Are you referring to the one where PayPal accepts the w9 form for the ein or did you mean the issue where PayPal is asking for beneficiary info?

The beneficiary info request from PayPal is asking for ssn and photo ID. It does not have the option to enter ein or w9

Beneficiary request....

Ignoring the W9 will permanently kill your account.