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Re: PayPal TOS Update - Transfers for verified people only!
 

Probably does.

Business accounts with SSN and no EIN are possible? (I thought you had to give an EIN to upgrade to business)

Re: PayPal TOS Update - Transfers for verified people only!
 

Evidently. Had one since forever!

I think all they needed was a business name at the time. And that name isn't even a business anymore.

Re: PayPal TOS Update - Transfers for verified people only!
 

Alright then.

Guess I'll go dig through my email again to be sure.

Re: PayPal TOS Update - Transfers for verified people only!
 

Yep. I never attached an EIN to any I've had/still have.

Re: PayPal TOS Update - Transfers for verified people only!
 

But how can you have a business name registered to your SSN? That's where I'm confused. Seems like it would be a mismatch if PP submits a 1099 to the IRS with some random business name + your SSN.

Re: PayPal TOS Update - Transfers for verified people only!
 

Came on the 6th, if that helps.

Re: PayPal TOS Update - Transfers for verified people only!
 

Comes in my name. But business name is on all the labels I send out. lol

Re: PayPal TOS Update - Transfers for verified people only!
 

Actually let me look real quick and see what the 1099 says...

Re: PayPal TOS Update - Transfers for verified people only!
 

Just checked one of my LLC/EIN email accounts and I got nothing from PP on the 6th, or any time recently.

So, maybe, this update won't affect fully verified business accounts with the proper business name and EIN on file.

:pop2:

Re: PayPal TOS Update - Transfers for verified people only!
 

Ok... I just looked, and the 1099 is in my personal name. No mention of a business or EIN on it.

Re: PayPal TOS Update - Transfers for verified people only!
 

1099 comes in my personal name. If you verify with a SSN they don't match to the business name, which I change at whim any way, they match to your personal details. You can make the account a sole proprietorship during setup, they just allow a DBA name too.

Re: PayPal TOS Update - Transfers for verified people only!
 

I guess that clears things up, a little.

I've always used an LLC and a new EIN when I upgrade accounts so I can have more than one business account. I don't know why one type of business account would get the email while another type of business account doesn't, but I've checked 2 out of 3 now and neither has the UA update email.

Re: PayPal TOS Update - Transfers for verified people only!
 

I keep my SSN ones as I have the debit card for them. It has my name on the card vs business name too. I have a few EIN ones, but I only use them during the holiday months.

Re: PayPal TOS Update - Transfers for verified people only!
 

Some people are drop shippers, others buy in bulk. I don't see why I will have to withdraw to an US account(0% fee) then pay again from the same bank for example( no fee for me also) !?

:noidea:

Re: PayPal TOS Update - Transfers for verified people only!
 

I think the bottom line is they're trying to cut fraud. Too many people selling illegal stuff, then buying crypto, then letting PP eat the loss on the chargeback. (claim? idk)

You can just use Canadian accounts smartguy.

Re: PayPal TOS Update - Transfers for verified people only!
 

How is this going to cut fraud if you dont need your SSN when you send a credit card payment?
The only thing theyre saying here is youll need this verification (be it SSN or whatever) in order to send a transfer from your BALANCE. Meaning it is NOT necessary when using a credit card for payment.
How is this going to cut down any kind of fraud? If anything balance transfers involve LESS fraud cause theyre controlled by paypal and are in their system already as opposed to a credit card payment that can be chargebacked and is outside their control.

Re: PayPal TOS Update - Transfers for verified people only!
 

this is true

Re: PayPal TOS Update - Transfers for verified people only!
 

It's going to cut fraud because of the scenario I described. Paypal probably takes the biggest losses from counterfeiters. Thanks to crypto, counterfeiters can sell their stuff and cash out without ever adding a bank by purchasing crypto at a 30% markup. Regardless of how the buyer funded their purchase they come back wanting their money back. Paypal ends up slamming an account with a huge negative balance and the seller abandons it.

I understand there's fraud involving credit cards too but I was talking more about sellers scamming Paypal and Paypal having nothing they can do because they have no idea who the seller really is.

Re: PayPal TOS Update - Transfers for verified people only!
 

I highly doubt that's the reasoning behind it and that that's the reason for this update. I just dont see it being a significant factor on paypal's daily operations.
Especially since those accounts can still operate on other ebay platforms with paypal accounts in other countries. This update doesnt do anything to stop that.

Re: PayPal TOS Update - Transfers for verified people only!
 

what about "grandfathered accounts" say you have older running accounts that have a verified cc but no bank do the rules apply after April 19th? I am wondering would they claim future payments and force SSN or bank account for transfer?

What do you guys think?

Re: PayPal TOS Update - Transfers for verified people only!
 

From what certain people who have spoken to Ebay customer service reps are telling me it sounds like the plan is to request an SSN from ALL accounts.
In my opinion that move coupled with the separation from ebay will be a couple of nails in the coffin for paypal. It sounds like theyre doing everything in their power to become irrelevant by pushing future and current customers away.

Re: PayPal TOS Update - Transfers for verified people only!
 

sloker, I was understanding that they are only requiring a bank account. What am I missing about SS?