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Company dissolved, will paypal close Business account?

Discussion in 'PayPal' started by nyabynghi, Jul 26, 2009.

  1. #1
    Hi,

    So I had a Business account on paypal. The business was registered in the UK, however, there is a strong possibility it may be dissolved. I wish to keep the paypal account as I'm trading but in another country now. What are my options? I believe the company account in the UK may be frozen but i don't know how this affects paypal.

    Thanks in advance.
    SEMrush
     
    nyabynghi, Jul 26, 2009 IP
    SEMrush
  2. jestep

    jestep Prominent Member Premium Member

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    #2
    You can change the business name on the account or downgrade it to personal or premier. I would strongly recommend closing the account down, if you have accepted any reasonable number of transactions over the past 6 months. If someone makes a dispute, or a chargeback, you will still be liable even if the business no longer exists.
     
    jestep, Jul 26, 2009 IP
    mentos likes this.
  3. Radz

    Radz Notable Member

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    #3
    if you aren't living and doing business in UK anymore... and want to use PayPal.. you have to close that account and create another one from the country you are living in :rolleyes:
     
    Radz, Jul 26, 2009 IP
    mentos likes this.
  4. mentos

    mentos Prominent Member

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    #4
    You better close the account coz your company dissolve already.
    And you can always create a new paypal business account using a new company name.
     
    mentos, Jul 26, 2009 IP
  5. Moses8595

    Moses8595 Peon

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    #5
    Yup.Just close this account,Then create another one..
    But I think you had better contact paypal in advance..
     
    Moses8595, Jul 26, 2009 IP
  6. Imbo

    Imbo Member

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    #6
    As long as you don't owe Paypal money or have open disputes, they are not going to close your account. You can just change your bank account information within Paypal and you should be good to go.
     
    Imbo, Jul 27, 2009 IP
  7. nyabynghi

    nyabynghi Peon

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    #7
    Yeah, seeing as you don't need to be a registered company i'd find it a bit strange if you had to close down the account and set a new one up. Been with them since 2001 or so.. i'd rather downgrade than start again.

    There are no outstanding issues or disputes neither do i owe them any money. If anything, I'm worried they might just keep the money i have on the account.

    Thanks for the various inputs, any more welcome.
     
    nyabynghi, Jul 27, 2009 IP
  8. zephyr1977

    zephyr1977 Peon

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    #8
    I can't speak to changing the account into a different company name, however paypal has a dirty little secret. You can NOT close accounts and they will keep your personal, bank and credit card information indefinitely. They also will not disable logins to accounts. Even if you don't use an account anymore and it has no valid account information others can get in and add a credit card not in your name and charge your account. It's happened to me. So be very careful about "abandoning" your paypal account.
     
    zephyr1977, Jul 28, 2009 IP
  9. mfashraf

    mfashraf Active Member

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    #9
    Are you serious? Then what's the close account button for? Do mean by them keeping your personal data or something even after you've closed your account?
     
    mfashraf, Jul 30, 2009 IP