Business Account Q?

[jh756]

So I know I've read other folks on here have gone the business account route with success, using an EIN instead of your SS# to avoid being linked to a limited account. My question is once that EIN is in there, does the account act exactly like it was verified using a SSN? Will they ever ask for SSN in addition to the EIN?

I had just abandoned PP entirely & was using Google Checkout, but that's about to get shut down, so I've got to find something to replace that with. I take payments in excess of $1000+ every month, so I'm wondering if I'm just going to spend the cash to set up the business account & then get shut down immediately or what?

[Dmshark25]

Maybe you should first get your Paypal account up and running and ebay if your selling on ebay also and if everything is running well for 2-3 months than is form a corporation and get the EIN , in the beginning u can fully verify ur Paypal and lift all limits with a bank account and a VCC, create a couple accounts than after 3 months the one that u feel is the best that's the one to put the EIN

On the other hand if your running only $1000 a month you probably won't be asked for a ss# or EIN , it's usually needed if ur on pace for 200transactions/$20,000

[Dmshark25]

I feel the less information you provide ebay/ Paypal the better you are, I feel they use our information against us

Now don't take this the wrong way paying taxes is a given I'm not saying anything in that direction it's just that Paypal is not a bank so unless required I give the least info necessary to operate

[jh756]

This isn't for selling on ebay. I've other accounts that I'm set up for on that with no problems.

The reason I'm looking at the business/EIN route is that I'll be taking individual payments of $1000+, which I'm sure is going to trigger PP to review the transactions & account.

[Dmshark25]

Yea your probably right there, if each transaction is that high you will need a ss# or EIN to show credibility to receive those funds

[jh756]

The question is though, if there's an EIN on the account will they ever ask for the SSN?

[Dmshark25]

They can ask for both

[jh756]

You've had that happen before?

[GreenBean]

Originally Posted by jh756

The question is though, if there's an EIN on the account will they ever ask for the SSN?

paypal will do whatever they want.

Now, a correctly made account can supply the EIN and have that accepted by paypal.

If that accounts runs well, then paypal tends to avoid asking for the SSN.

However, if the account has issues, paypal then demands an SSN to be supplied.

Bottom line is an EIN is acceptable with the proviso the SSN could be required.