Using paypal for a crowdfunding site?

Discussion in 'Payment Processing' started by SoCoolNetwork, Jul 28, 2013.

  1. #1
    I'm thinking of setting up a crowdfunding site, and I would prefer to use paypal as the payment system that people use when they make their pledges. However after some research it seems this is not straightforward.

    I have a premier paypal account, I like in the UK, and I'm registered as self-employed. My day to day work/business is game developer and that is what I use my paypal account for.

    Few questions:

    1. I have been told/seen/read lots of conflicting reports whether I need to have a business paypal account or whether a premier business account with suffice to use Paypals adaptive payment. It say's here that the application owner must have a paypal business account, but equally it says here that you can have a premier or business account. Both these links are on the paypal website, although the latter is refering to the classic API, so perhaps things have changed?
    2. As I say above I have a premier paypal account, I've clicked on the upgrade option, but I'm presented with a wealth of options which then need to be filled in relating to my "business" but of course I want to use my paypal account for a new business one which is not established yet and has no income etc, so I'm not sure exactly what paypal wants to be put in for those options?
    3. On this paypal page relating to crowdfunding guidelines it states that "the crowdfunding application must provide a legally registered Business Entity", what exactly does that mean? I'm registered as self employed in the UK for what I do, but that has nothing to do with the crowdfunding site I want to set up. Does it mean that the name of my crowdfunding site needs to be legally registered as a company in the UK?
    Thanks for any help.
     
    SoCoolNetwork, Jul 28, 2013 IP