Hi everyone in DP, I am a newbie for the paypal, my account is limited. Paypal emailed me below: Thank you for your response. PayPal appreciates that you have chosen us to accept payments for your business. You have chosen Money Service Business (MSB) as your business category. Since this is a regulated industry in the United States, we are required to gather further information. It is possible that you chose the wrong business category. To help us determine your correct category, please provide a brief, yet comprehensive explanation of your business model. Please include a list of the activities you will engage in during the normal course of your business and how PayPal will be used as your payment provider. If you believe that you misclassified your business as a MSB, please respond to us at . You may also fax the requested information to 1-303-395-2862 ATTN: Compliance-Due Diligence. Please remember to include your email address as registered on your PayPal account on any correspondence or faxed items. Once this information is received, reviewed, and found satisfactory, the restriction will be removed from your account. We thank you for your prompt attention to this matter. Please understand that this is a security measure intended to help protect you and your account. We apologize for any inconvenience. If you have any further questions, please feel free to contact us again. Sincerely, PayPal Compliance Department PayPal, an eBay Company Anyone else come across the problem, how can I remove the limits? Urgent.. Thanks in advance!
Since you are a Money Service Business as you have selected it, just fax Paypal a copy of your Money Exchange License issued by your state and that should settle the situation.
Thank you for your reply,eddy2099, as you referred above,could you tell me what is the Money Exchange License? maybe you can list some of the examples,hehe,..
If you don't know what it is then why did you register an account as a Money Service Business? You will need to obtain a license from your state so you can conduct business related to MSB. This is assuming you live in the United States of course.
i think your account is done since you open a account without knowing anything... this is why you should always read before joining any service.... now paypal give you 2 choice... you either have to provide the documents or forget about using paypal account... because they will block your name and address so that you cant open a new account in future....
The Financial Services industry as you should know is highly regulated and you need to incorporate a company, get the necessary licenses from your state, probably the Ministry of Finance, Central Bank and all that to engage in any activities which involved money exchanges or money management. The Financial industry can be easily abused to support money laundering, terrorist funding and a host of illegal activities and as such, the strict regulations are there to stem out such activities. Here are some examples of the Licenses in which Paypal has to obtain to provide their services to each and every state in the US. https://www.paypal-media.com/state_licenses.cfm
I used the payal account to receive my customer's money. Just as you said, i started the payal account from personal one, after some days, when I got to know the premier account will be ok for me. I upgrade it. Anyway, my account is limited. And paypal email to me above. It is my fault that i don not read the rules carefully. Now i should find some license that can remove the limit. Thanks for everybody's help!