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Upgrading to Business Account
 

I received email from PayPal stating I can't receive credit card payments unless I upgrade to a business account. Is it safe to upgrade to an business account? Account is 2 weeks old. This is a stealth account so I can't provide SSN. No bank account attached yet. Only credit card.

Re: Upgrading to Business Account
 

Yes its safe to upgrade to business account. So people do it when first registering the account.

I would also add a bank account to paypal before you start receiving payments.

Re: Upgrading to Business Account
 

Be sure to add it as an LLC. Sole proprietor or partnership will still cause you to provide a SSN if you hit the 200 item or $20k threshold.

Re: Upgrading to Business Account
 

Do you need an EIN right away for that?

Re: Upgrading to Business Account
 

No it will give you the option to add it or wait, I personally think it's better to wait, because if your account gets banned , there goes another tax ID burned

Just have everything ready if you plan on selling a lot on on account that way when,they do ask to provide the tax ID your able to plug it in right away and have no interruption in sales

Re: Upgrading to Business Account
 

start getting ready for the future.

Look at working options.

check what steps to take to avoid the worry of supplying an SSN.

(they exist ;) )

Re: Upgrading to Business Account
 

OP: this is pretty normal as it'll happen eventually.

So just upgrade it to a business account.

THen apply for EIN now. But make sure that the EIN name is the same as the business name on the paypal info you put in. I use the name of my eBay ID so it all matches.

One day when they request more documents, you'll have the EIN ready and you can easily submit it.

Re: Upgrading to Business Account
 

Nice preparatory tactics. I like that. Gonna keep that one filed away in case I ever get in to using EIN's.

Re: Upgrading to Business Account
 

Oh trust me, you will eventually...

Re: Upgrading to Business Account
 

Just remember they ask for tax ID when your on Pace to go over both 200/20,000

So depending on how you sell will determine when u get asked, in the past I would get asked around 150/$4500, but I would baby the account for 3 months and than once the holds lifted and limits raised I would than make $3000 of that 4500 in one month

So be prepared