Basically I have only one C.C and looking to start using it as my primary payment receiver meaning that I use it on google checkout, 2checkout, and paypal. The last one scares me a bit (paypal) because I have had trouble with them in the past so nowadays I don't leave my $$ in their balance. My question is, should I only use one CC or sign up another bank? If you can recommend a bank that would be great as well (I currently only have a Chase Acc.). How should it be set up? Should I use one credit card to receive ALL of the payments and then transfer them over to another bank for safe keeping? Thank
I used to run multiple bank accounts and transfer money as needed. Got to be too much of a pain in the butt. I run paypal, 3 credit card accounts, checking, etc all from the same bank account. As long as you reconcile each month; its not a big deal.
But do you see any harm in only using one bank to receive and transfer money to? or should I set up another bank account to basically protect the money?
basically to safeguard it incase something happens, like another paypal episode. But from the looks of it one bank acc is more than enough unless anyone has any objections.
Yes, one account is definitely more than enough. Anything more may complicate things around. Of course, if you are running a business, it may be better to keep your personal account separate from your business account for legal and logistics reasons.
If you are considering incorporating, then a separate business account is a must. If not, then you'll still be liable for damages and no matter where your money is, it can be taken.
as long as you are being legit about everything...you shouldn't need to worry about 'protecting' your money at all... though like everyone else has said...one account would be much easier to manage (except of course you have a registered company...in which case you NEED a business account to keep the 'Man' off your back)
I be more worried about being sued than the "man," but yes, that is also something to consider. Makes tax season a lot easier when you have a separate sheet of all of your business transactions.
i meant 'The Man' in a more broad sense of the term...as in anyone (private persons or government) though i've found the easiest way of doing taxes for me is to throw 50% aside...then get a good lump some of 'whatever cash' at the end of the year sorry for jumping off topic...