Newbie Questions regarding Credit Cards & Paypal

[marksters]

I just purchased eBay Stealth and read it a few times. I am new to stealth technique and wish I would have used this when setting up my original accounts.

I am US based. I do not plan on selling VERO. I plan on paying taxes on all profits from all stealth accounts. I was suspended for using coupons on a linked ebay account to lessen selling fees.

I prefer to have a larger stealth account rather than a bunch of little ones. I realize I'll have to build this up over time.

Here are some specific questions:

Name Questions:
1) Is there any issue using My first initial then middle name plus last name as a name variation? Example: John A Smith is my name, then use J Aaron Smith for my stealth account?

Address question
1) Does using a street address for a PO Box increase risk with paypal or ebay. I can pay for a virtual address, but, prefer to use po boxes instead. My local post office allows street addressing with a unit number for the box.

Credit card Questions
1) How do I set up virtual credit card with a US based institution. I read about entropay, but would prefer US based company.
2) Is the virtual credit card just for set up of the account? Can I use the virtual credit card to also pay my ebay fees? What happens after the virtual credit card expires?
3) Is it better to just pay fees with prepaid gift cards that can be registered in the name of the account? Any ideas on higher limit gift cards as my ebay fees are predicted to be $2-4k per month.
4)Do American express prepaid gift cards work to set up the account and pay ebay fees?


Paypal Questions:
I find this part of the guide a bit confusing. Not sure if I should use a name variation, a friend, or an ein, or a combination of all of these.

Here are some specific Paypal questions:

1) in the book, it says that you have an account set up in a friends name that you still use today. Then you say that it's not fair to make friends pay taxes (of course). How do you pay taxes on that account? Does your friend get a 1099 from paypal? Did you upgrade that account to a business account and use EIN for taxes.
2) If I set up paypal using a friend and an EIN, how will the 1099 be reported? Will it be reported to the EIN or my friends SSN
3) How do I verify a paypal account with EIN only? Will paypal ask for things like a driver's license, ssn? If verified with EIN only, will my account me limited to $500/month in withdrawals?


Thanks in advance to anyone who can answer some/all of my questions!

[MM78]

Originally Posted by marksters

I prefer to have a larger stealth account rather than a bunch of little ones. I realize I'll have to build this up over time.

Even if you aren't selling VERO or Branded Items....putting all your eggs in 1 basket is a huge risk. Reminds me of something a newbie once said, "I only need 1 good account" but that is wishful thinking.....Even if you do it all by the book, you can still get Limited/Banned. Would suggest you have back up accounts.

Name Questions:
1) Is there any issue using My first initial then middle name plus last name as a name variation? Example: John A Smith is my name, then use J Aaron Smith for my stealth account?

Should be fine.

Address question
1) Does using a street address for a PO Box increase risk with paypal or ebay. I can pay for a virtual address, but, prefer to use po boxes instead. My local post office allows street addressing with a unit number for the box.

If you get a P.O. Box Rental at a Ma and Pa type store you can change the address to seem like a street address..

Example:
P.O. Box 321 can be changed to:
4531 Streetname #321

Credit card Questions
1) How do I set up virtual credit card with a US based institution. I read about entropay, but would prefer US based company.

The easiest method is to get a Visa or Master Gift Card.

2) Is the virtual credit card just for set up of the account?

Depends on what type of Virtual Card you get.

Can I use the virtual credit card to also pay my ebay fees? What happens after the virtual credit card expires?

Depends on the card you get and who you get it from.

3) Is it better to just pay fees with prepaid gift cards that can be registered in the name of the account? Any ideas on higher limit gift cards as my ebay fees are predicted to be $2-4k per month.

I pay my fee's with PayPal funds, never had an issue.

4)Do American express prepaid gift cards work to set up the account and pay ebay fees?

Should work, never tried them.

Paypal Questions:
I find this part of the guide a bit confusing. Not sure if I should use a name variation, a friend, or an ein, or a combination of all of these.

Sounds like 3-4 questions rolled into 1 question.

1) in the book, it says that you have an account set up in a friends name that you still use today. Then you say that it's not fair to make friends pay taxes (of course).

Not sure which version of the book you have but you should not use Friends or Family, this is due to the Tax issue.

How do you pay taxes on that account? Does your friend get a 1099 from paypal? Did you upgrade that account to a business account and use EIN for taxes.

Going to need to setup an LLC or something similar then get an EIN for that LLC, you pay taxes on the LLC.

2) If I set up paypal using a friend and an EIN, how will the 1099 be reported? Will it be reported to the EIN or my friends SSN

No friends, family.

[marksters]

Thanks for the quick and precise answers. I have some work to do to get everything set up. I'll be back!