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  #1  
Old 07-22-2016
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Default Commercial Entity Agreement - WTF?

Is everyone seeing the new "Commercial Entity agreement" when logging into business Paypal's this morning?

Anyone have any idea what this is all about? It appears to be a separate contract between business accounts and visa/mastercard, and a few banks.

It says we have until October 1st to accept the terms or we won't be able to accept payments anymore. I don't really mind accepting, but I'm worried about the possible implications for a stealth business account. I don't want to enter into an illegal contract with visa/mastercard.

Any input would be appreciated. . . .
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Old 07-22-2016
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Default Re: Commercial Entity Agreement - WTF?

Got a picture of what it says and what you are agreeing too?
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Old 07-22-2016
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Default Re: Commercial Entity Agreement - WTF?

They changed the rules of this. Relates to credit card processing.

warning paypal link

https://www.paypal.com/au/webapps/mp...agreement-full

I only got an email a couple of hours ago. More bed time reading.
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Old 07-23-2016
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Default Re: Commercial Entity Agreement - WTF?

Bump??

I'm nervous about this and would really appreciate the input of other business account operators.

For the record these notices only seem to be going out to very large accounts. I only got it on one of my 3 business accounts yesterday..
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Old 07-23-2016
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Default Re: Commercial Entity Agreement - WTF?

What is the worry about?

You have two options.
First option is to wait until October and then accept if they wont allow payments.

Second option : Do not agree and no longer accept paypal and go with a merchant account.
Not really seeing what your concern is. Not very many options to choose from.
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Old 07-23-2016
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Default Re: Commercial Entity Agreement - WTF?

I know I'm obligated to accept these new contracts regardless, I just wanted to make sure I'm not doing anything illegal before I accept.

As I've mentioned before none of my business accounts have my actual name on them. I'm thinking that won't be a problem though, since the contract would be between my business (not me, personally) and the financial institution(s).

Thoughts?
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Old 07-23-2016
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Default Re: Commercial Entity Agreement - WTF?

What you click accept, are you just checking boxes?
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Old 07-23-2016
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Default Re: Commercial Entity Agreement - WTF?

Yes. Here's a screenshot:



I don't know if you've seen it or not yet, Yankee. But when I log on there are 5 or 6 of these notices which I have to accept before October 1st.
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Old 07-23-2016
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Default Re: Commercial Entity Agreement - WTF?

You must have just now hit certain dollar amounts for the year. I have seen them in the past for american express and prabally this exact one as well.

I just accept. They are not asking for SS or proof of address. All MC is doing is acknowledging that you are operating a business and the wording will get into chargebacks and fraud etc...

If you used a processor other than paypal, you need to accept these terms before accepting MC, Visa, Amex. Sometimes they run your credit and that is something I do not like at all. This is not going to be like that.

Paypal is only the processor so when you get to a certain size, MC needs to make sure they are protected as well.

I would find it flattering and be a bit proud lol

Last edited by yankee; 07-23-2016 at 09:33 AM. Reason: auto corrections lol
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Old 11-02-2016
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Default Re: Commercial Entity Agreement - WTF?

somebody sounds paranoid - must be selling phakes
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Old 11-02-2016
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Default Re: Commercial Entity Agreement - WTF?

Quote:
Originally Posted by sergfro View Post
somebody sounds paranoid - must be selling phakes
Is there any particular reason you bumped my thread from several months ago back to the top? For the record I'm not paranoid at all, I was just unsure about what I was agreeing to and also why I was being prompted to agree to the agreements.

Somebody sounds like a troll. Must not be getting enough sales to stay busy.
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Old 11-02-2016
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Default Re: Commercial Entity Agreement - WTF?

Im a busy troll.
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Old 11-02-2016
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Default Re: Commercial Entity Agreement - WTF?

What is all the fuss about? The only problem would be if the intent was to defraud or why would it be an issue? The only reason Visa or MC would care is if it cost them $$. In any event good luck.
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