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Talked to Paypal today - some info i got on New Verification
 

Hi , on another thread in here we had a debate about whether paypal will be giving a 1099 for the 2011 tax year as already know they will be reporting ... I was wrong as i thought it would be a 1099 ... I have had the same Paypal account since 1999 , so i called yesterday and asked .. what paypal is apparently going to do is send some king of money collected summary/statement to the irs ..i never gave them my ss number - so i asked about this and was told that it will be mandatory for me to give the ss # when the time comes - if i wish to continue to have the account .. i was also told for new account (i asked about my wife ) that they will basically be pulling the credit for id verification due to the legislation that passed due to terroist sending or laundering money through paypal and of course people under reporting their internet sales ..Once again this came from CS rep so maybe they dont know what they are talking about but just thought i would pass it on ...............................also would be great if someone else could call and see what they tell them - just wondering

terroist sending money
lol they will come up with any excuse i see

not sure ,, i dont want to call again.. maybe someone else can call too .. i just told them my accountant wanted to know how the reporting stystem to the irs would be used ..the guy at paypal did sound too happy with it either its def not something paypal wants.

How will this effect the UK , we don't have to give our SSN over?

Correct, but there is a UK equivalent that might* be required. If there are potential changes in one country, we need to consider changes elsewhere:fight:




*(B4 ya'll panic, note I said might).

I called paypal also about changing my address -called 2 diff times and got 2 diff answers ... thats why if someone else calls maybe they can ask ....

There are alternatives, no worries. :)

Alternatives to what? Once 2011 hits and they make us use SS numbers to start new accounts were ****ed

I think he meant paypal alternatives.

I wonder if they will allow EIN number instead on business PaPals.. Plus what if your PayPal is in LLC? Must be a way around it....

Yea there is a way but not online. I think you have to fax them documents pertaining to your business and then PayPal has to put in the EIN number manually. But who knows they might do that and still want the ssn for whoever is running the show.

There are alternatives AND ways around it. Don't make it a big deal because it's not. We all knew this was coming for a long time.

No worries.

Yea, time flies fast, doesn't it? Will be here before we know it...

I thought the ssn requirement was going to be for anyone making more then 20k a year?

The reporting is for those who take in more 20 thousand in a year. I think paypal will require a social on all new accounts.

yes, I was told the same thing. Social will be required on all new accounts after a short time of taking in payments as a seller ONLY using it with eBay or setting it up as a business account etc...

However you can request money with no problems as long as its for goods or a simple money request.

Paypal sucks anyway. We shouldnt even be talking about them anymore guys everyone should get an approved merchant account and take controll of your money.

Paypal only takes a second to set up and I never have any problems getting my money out since I always keep it under a thousand and spread my sales over many accounts.

Not everyone has the ability to do so, I have done it also but why bother if you can link 100 accounts to one merchant through Autiva and get your money in 24hrs, also buyers feel they have more power over you with Paypal. But however Paypal is the buyers number 1 choice of payment.

I guess I didn't know you link 100 accounts to 1 merchant, the last one I had was moneybookers and they would only let you link 1 account and google checkout wouldn't let me sell any media.

Moneybookers is not a merchant provider

Moneybookers is merchant processor, like paypal. They are not a direct payment gateway.

Dammit, well I guess I better start selling like crazy right now because this SS requirement is going to make everything were doing useless.