Hi, I have a business paypal account that still hasn't beed confirmed (I started the process, but I have to wait for my credit card statement to arive). I'm planning a new marketing strategy for a new product, and I expect it to be a big hit. Is there a limited amount of money that can be on my account at a given time while I'm limited? What happens if I surpass that limit? Thanks.
yeah there is a limit on sending for sure, not sure what it is though. I'm sure there is a similar limit on receiving.
Yeah, sending is limited. If you have an online account for the card then the 4 digit number will appear within 4 days
I mean receiving, not sending. Sending is $100, but they don't say the limit balance... is there any? And if there is, does it apply to business accounts? Thanks.
No limits on receiving money because Paypal is mindful that it takes for credit card statement to arrive. You only have limits of spending so that should not be an issue for you. However depending on which country you are from, your account may be locked once you crossed a certain receiving limit. From what I see, it is about EUR1,300 . You will then be required to fax them a photo ID and a utility bill. If you have a Business account then you probably can also fax them your business incorporation or registration information.
I see. Thanks. I have a business account, but it's not a registered business... Maybe I'll have to contact them in so they downgrade it?
The Premier account is exactly the same as the Business account, the main difference is that the premier account is for individuals and the business account is for registered business. The other difference is that the business account since is for companies which would typically be ran by more than 1 person and thus have multi-person access.
yeah, but I want it to be run by multiple people (I have like 3 partners for future projects) the problem is that it's not a registered business...
Well, the choice would be to maintain as a Business Account and register a Partnership or Company in your country and open a bank account for the business OR to downgrade to a premier account and you manage the incoming payments and pay your partners their share from your premier account by whatever means available such as sending their share to their paypal personal account.
Use the Contact Us after you log into Paypal and use the Email Us to tell them you want to convert to a Premier account.