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PayPal Ask beneficial owner information
 

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

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

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

Re: PayPal Ask beneficial owner information
 

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.

Re: PayPal Ask beneficial owner information
 

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

Re: PayPal Ask beneficial owner information
 

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...

Re: PayPal Ask beneficial owner information
 

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!

Re: PayPal Ask beneficial owner information
 

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.

Re: PayPal Ask beneficial owner information
 

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!

Re: PayPal Ask beneficial owner information
 

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

Re: PayPal Ask beneficial owner information
 

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!

Re: PayPal Ask beneficial owner information
 

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.

Re: PayPal Ask beneficial owner information
 

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.

Re: PayPal Ask beneficial owner information
 

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!

Re: PayPal Ask beneficial owner information
 

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.

Re: PayPal Ask beneficial owner information
 

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

Re: PayPal Ask beneficial owner information
 

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

Re: PayPal Ask beneficial owner information
 

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.

Re: PayPal Ask beneficial owner information
 

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

Re: PayPal Ask beneficial owner information
 

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."

Re: PayPal Ask beneficial owner information
 

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

Re: PayPal Ask beneficial owner information
 

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?

Re: PayPal Ask beneficial owner information
 

Beneficiary request....

Ignoring the W9 will permanently kill your account.

Re: PayPal Ask beneficial owner information
 

Submitted info, said would take 24 hours to lift, been close to 48 hours and no updates. Still limited

Re: PayPal Ask beneficial owner information
 

Back in August, I submitted the W9 and it was accepted. Then about a week or 2 later, I ended up getting the beneficiary request. Was that the same for you?

I'll ignore the beneficiary request and hope for the best.

I also have two other accounts that paypal is asking for the same thing. :s

Re: PayPal Ask beneficial owner information
 

I understand your issue and I hope you get your account reinstated.

Re: PayPal Ask beneficial owner information
 

No... They asked for articles of incorporation well over a year ago on multiple accounts. At that point we can only withdraw funds similar to a regular personal account without supplying SS.

We received another request today actually. Now we have two flags instead of one lol

Re: PayPal Ask beneficial owner information
 

The easy solution is to opt into Managed Payments.

Re: PayPal Ask beneficial owner information
 

That’s very encouraging. Fingers cross that business continue as usual.

Did PayPal update the provide beneficiary info by date or it still shows old date?

Re: PayPal Ask beneficial owner information
 

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

Re: PayPal Ask beneficial owner information
 

Yes im in the US. When I checked, ebay says the account can join only if it was sent an invite link.

Did I miss something?

Re: PayPal Ask beneficial owner information
 

what type of info do they need to have to make everything legit? i have this option on my stealth accounts. both have their own EIN attached to them for paypal. should i put that down for ebay as well? or how does that work? thanks for your time. honestly, i appreciate this. i have t had issues with my accounts in over 5-6 years... thanks yankee!

Re: PayPal Ask beneficial owner information
 

Forgive me if I am not posting this in the correct area as I have never posted in a forum before. I received the following message as well just like many of you and I tried to provide them with the info but when I start and get to the second questions about what kind of business I am, there is on a button that says continue and then it boots me back to enter my name, it keeps me going in circles... anyone else have this issue? I cannot get thru to anyone at customer service as they want me to verify my SS# which is not associated with my account as I am a nonprofit and there is no one in the company that has any ownership of the nonprofit. I am so confused!

As we mentioned in an earlier email, we need to collect some information about your beneficial owners of your business because your card sales have increased. 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 January 11, 2020. If we don’t receive it by then, we'll need to limit your account, and you won’t be able to receive payments.

Re: PayPal Ask beneficial owner information
 

I thought I would join in. Pay Pal requested the beneficial ownership information from me and the deadline was January 11th, 2020. They stated if not complied with I could no longer receive payments. This is a stealth account and was not sure what to do. So I waited. Shortly after the first of the year the alert disappeared from my summery page. Then the 11th came and went with no action. I am still up and running. Not sure what will happen next. I heard , on this blog, after the first of the year this request would reset and go away. It did.

Re: PayPal Ask beneficial owner information
 

The reset is the 200 transactions and $20k.

Re: PayPal Ask beneficial owner information
 

I had over 2000 transactions and 80k in sales

Re: PayPal Ask beneficial owner information
 

I mean 200 transactions and $20k triggers 1099K for individuals.
dont know how you incorporated your business,you need to ask your lawyer or accountant or someone can chime in

Re: PayPal Ask beneficial owner information
 

Just got my account limited today, this has been an issue for more than 8 months, why are there no posts about it?