Forum

Important deadline: 14/september/2019
 

On 14 September 2019, a new European regulatory requirement called Strong Customer Authentication (SCA) will introduce two-factor authentication requirements for many online payments in Europe. We expect this regulation to be enforced in the UK regardless of the outcome of Brexit. Payments that aren’t authenticated will be declined...

PayPal must comply with this... Are you ready for Strong Customer Authentication?

Keep no funds on your PayPal account!!!

Re: Important deadline: 14/september/2019
 

What does this mean?

Re: Important deadline: 14/september/2019
 

I dont see if effecting stealth much to be honest. Maybe it will cause an issue with VCCs... but I dont expect it will.

Re: Important deadline: 14/september/2019
 

Rule number 1:
Never leave any money you can't afford to lose in paypal.

Re: Important deadline: 14/september/2019
 

This is great news...
Thanks

Re: Important deadline: 14/september/2019
 

The day to day upkeep of PayPal accounts won't change. At most, you may be forced to use 2FA when logging into Paypal (similar to how Amazon forced sellers to do a year back, and stealth Amazon accounts are still working just fine).

Re: Important deadline: 14/september/2019
 

But when you withdraw your funds, with the new PSD2 european regulation, it seems that the bank provides the name and adress to third parties, in this case paypal, and for a stealth account ...
From now on if you want to open a new stealth paypal account, when adding bank details and they try to send you the 2 deposits in your bank account to confirm the account, they will see that there's a missmatch between the registered name/ adress on paypal and the ones on your bank account so paypal or the bank will decline the transaction and confirmation and so withdrawals will be imposible. Am I wrong?

Re: Important deadline: 14/september/2019
 

Technically its not an online payment.
Paypal aren't a bank.

Re: Important deadline: 14/september/2019
 

Banks would of always seen a mismatch in names when receiving withdrawals. Most major banks don't usually care.

They tend to be more lenient with business bank accounts too.

Re: Important deadline: 14/september/2019
 

***JIMBO1001:*** "PayPal is duly licensed in Luxembourg as a bank (or “credit institution” in legal terms).
PayPal (Europe) S.à r.l. et Cie, S.C.A. is duly licenced as a Luxembourg credit institution in the sense of Article 2 of the law of 5 April 1993 on the financial sector as amended and is under the prudential supervision of the Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier, with registered office in L-1150 Luxembourg."

***SO IS IT A BANK?

***PLAY: And what about the EBay managed payments?, this is a true 2021 DEATHLINE for stealth accounts,:

***NO PAYPAL, EBAY DOES IT ALL !!:

"To get paid, you’ll need to add a bank account to your eBay seller account. You’ll get paid directly to your bank account, regardless of which payment option the buyer selects. If you sell daily, you will receive regular payouts into your bank account. There’s no need to transfer funds between accounts. Depending on your bank, you can typically expect payouts to be sent to your bank account within 2-4 business days of an order confirmation. We aim to pay you as quickly as possible, but are dependent on the credit card brands (Visa, Mastercard, American Express, etc.) and banks for payout processing and timely funds settlement. We are also looking into ways for our sellers to have more options and faster access to their funds."

***Will eBay then act like a bank?, we must pay eBay FEES through a bank account !!!

"You will see a new line item for payments processing fees on your monthly eBay invoices alongside your standard eBay selling fees. You will pay payments processing fees only to eBay, and not separately to a processor"

https://pages.ebay.com/seller-center...s-on-ebay.html

Re: Important deadline: 14/september/2019
 

I hear that every couple of weeks. A new scare comes out, and everyone gets worried. In reality, people always find a workaround. ;)

Re: Important deadline: 14/september/2019
 

No -its not a bank.
It doesn't have a banking licence.
It doesn't offer current or savings accounts & fulfils none of the requirements of a bank.

Re: Important deadline: 14/september/2019
 

Having a banking licence on Luxembourg doesnt in of itself make you a bank, in as much as the consequences of the OP would apply to you.

Well its now well past the deadline day of 14th September and the sky hasnt fallen in, so its a moot point anyway.

Re: Important deadline: 14/september/2019
 

Still not because "Confirmation of Payee" has been delayed in UK. But stealth accounts will have serious problems withdrawing funds or confirmating bank codes in early 2010 if they do not match the EXACT NAME:
https://www.choose.co.uk/news/2019/b...payee-delayed/
https://www.wearepay.uk/confirmation-of-payee/