Using PayPal for your business

Heatman · Jun 15, 2022

PayPal is one of the most used payment processor in the world. I have been using their services for more than 6 years now and I have satisfied with it. I can send and receive money for my business transactions with ease and have it sent to my bank account.

Although, PayPal can be very frustrating when they decide to limit your account and suspend it for 180 days which will take you out of business completely.

fords8 · Jun 15, 2022

Paypal has good and bad things about it. I really have had no issues with it for the most part.

Heatman · Jun 15, 2022

fords8 said:
Paypal has good and bad things about it. I really have had no issues with it for the most part.

Neither have I experienced any issues with my account with them as well. But I have two of my friends they had their account limited and one was banned from using his account after he was asked to provide a lot of documentation which he did. It was very frustrating for him.

Devin · Jun 15, 2022

I've been with PayPal for a minimum of 10 years now, I had joined before I was legally eligible to join lol. With this being said, I have never really had too many issues with PayPal. I actually have a PayPal business account for PostingBay.com.

Heatman · Jun 15, 2022

Devin said:
I've been with PayPal for a minimum of 10 years now, I had joined before I was legally eligible to join lol. With this being said, I have never really had too many issues with PayPal. I actually have a PayPal business account for PostingBay.com.

Have you used a personal account of PayPal? What's it like compared to a business account? I haven't used personal account yet, it's been business account all the way.

Devin · Jun 15, 2022

Heatman said:
Have you used a personal account of PayPal? What's it like compared to a business account? I haven't used personal account yet, it's been business account all the way.

Yes, I had a personal account years before I had a business account. Not too much of a difference, same interface, just with the business account you have "business features."

Heatman · Jun 15, 2022

Devin said:
Yes, I had a personal account years before I had a business account. Not too much of a difference, same interface, just with the business account you have "business features."

Oh, that's just it. I was thinking there was going to be something unique with the personal account. I think a business account is better since it can do everything a personal account can do and a lot more.

Devin · Jun 15, 2022

Heatman said:
Oh, that's just it. I was thinking there was going to be something unique with the personal account. I think a business account is better since it can do everything a personal account can do and a lot more.

Yeah, it's all the same, you just have business-type features on a business account. It's nothing much different. It's all used for the same purposes.

fcbetting · Jun 16, 2022

Avoid use PayPal on faucet or PTC sites. Even better is for all micro jobs. PayPal exclude of those sites because of to many scams and now it is just time when they will block your account if you use it for such purpose.

saoussen5765 · Jun 17, 2022

It doesn't allow to use guest checkout with cryptocurrencies like concurent websites supporting crypto deposits are doing. This is one of inconvenience of PayPal services.

Heatman · Jun 17, 2022

saoussen5765 said:
It doesn't allow to use guest checkout with cryptocurrencies like concurent websites supporting crypto deposits are doing. This is one of inconvenience of PayPal services.

I read an update last week that they are working on incorporating buying cryptocurrencies from PayPal directly. I would be interested in seeing that done.

Nebulous · Jun 17, 2022

I have a $10,000 limit in PayPal credit but I never use it. I heard use of paypal credit doesn't get reported to credit bureaus or effect your score so why bother using them? I'd rather use my real credit cards and build up my score. Hoping to get a score over 800 eventually. I've been hanging around in the mid to upper 700's for a while now.

Devin · Jun 17, 2022

Nebulous said:
I have a $10,000 limit in PayPal credit but I never use it. I heard use of paypal credit doesn't get reported to credit bureaus or effect your score so why bother using them? I'd rather use my real credit cards and build up my score. Hoping to get a score over 800 eventually. I've been hanging around in the mid to upper 700's for a while now.

That's awesome. Not reporting to the credit bureau would be good for some people who fall behind on their payments. However, if you're looking to build your credit, it's definitely not the best option. I have been using credit cards since I was 18, I'm 21 now, and my credit score is 757. I currently have 8 credit cards and a $30,000 loan that I pay once per month. By the time I get my loan paid off, my credit should be at least 800 (I hope).

Heatman · Jun 17, 2022

fcbetting said:
Avoid use PayPal on faucet or PTC sites. Even better is for all micro jobs. PayPal exclude of those sites because of to many scams and now it is just time when they will block your account if you use it for such purpose.

I have been using my PayPal on PTC sites since 2011 and I have never had any issues with it. I think PayPal gets into scrutiny of your account when it gets a lot of clients asking for refund from you.

Nebulous · Jun 17, 2022

Devin said:
That's awesome. Not reporting to the credit bureau would be good for some people who fall behind on their payments. However, if you're looking to build your credit, it's definitely not the best option. I have been using credit cards since I was 18, I'm 21 now, and my credit score is 757. I currently have 8 credit cards and a $30,000 loan that I pay once per month. By the time I get my loan paid off, my credit should be at least 800 (I hope).

I believe they do report to the credit bureaus if you have any negative activity (such as late payments), they just don't reward you for good behavior. Its weird. Feel free to research and confirm, I don't know if anything I am saying is accurate. Lol

Devin · Jun 17, 2022

Nebulous said:
I believe they do report to the credit bureaus if you have any negative activity (such as late payments), they just don't reward you for good behavior. Its weird. Feel free to research and confirm, I don't know if anything I am saying is accurate. Lol

Gotcha. I'm not sure how it works, I just assumed. I know I used to work for a loan company, they'll run your credit before you can have a loan, then if you didn't pay it back, they would never report to the credit bureau so it would never affect you negatively. However, after a period of time, they would turn you over to a collections agency.

saoussen5765 · Jun 20, 2022

Heatman said:
I read an update last week that they are working on incorporating buying cryptocurrencies from PayPal directly. I would be interested in seeing that done.

This is not the main problem. The main problem is paypal is performing send money only and only with debit card and only few countries will cherish from crypto deposit (where you can send and receive) if you create an account in several countries however you have to perform guest checkout with crypto in such situations to avoid such problem limitation.

Heatman · Jun 20, 2022

Devin said:
Gotcha. I'm not sure how it works, I just assumed. I know I used to work for a loan company, they'll run your credit before you can have a loan, then if you didn't pay it back, they would never report to the credit bureau so it would never affect you negatively. However, after a period of time, they would turn you over to a collections agency.

It's the same thing with most loan applications in my country now. Most people actually abuse it and it's why they are being very strict when it comes to approving loans now.

nomad · Jun 22, 2022

I made my first money online in 2007, the company paid only through PayPal but I did not have paypal account back then as it was not available in the country. These days I use PayPal for personal and business transactions.

Hate2Wait · Jun 23, 2022

Paypal sucks and is the reason most people are going away from it and finding other ways to get paid. Although there are not many better and easy ways to get paid but since Paypal is blindly limiting accounts we don't have any other option other than to move away from it.

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