Paypal limits???

[snake]

Hi,

Been using ebay and paypakl for some years now without issue.

I was thinking of using them for a business of mine, I have been told to watch out for paypal and their withholding of monies for completely illegal and unproven reasons.

I have also heard they impose very small limits on transactions and then start badgering you for information if you are using your account regularly?

What are the limits? (will i be able to run a business using their service)
What do they want to know?(is it just like my bank photo id info about business etc)
Is it worth using paypal given the risk of them holding money?


thanks in advance

Snake

 

[webcreationuk]

Mate, from what I know, PayPal has a maximum withdraw limit of 500 Euros and for verification they ask an ID copy and an electricity/home phone bill copy etc.

Yes, using PayPal or any other payment methods implies risks, but hey, that's all about security and not illegal reasons.

 

[nitish kunal]

Yaa above said correct.. I am also a user of paypal services and i know very well about it!

 

[Clinton]

While many use Paypal with no problem and I use it a lot myself, it needs to be noted that they moved out of the UK to get themselves away from UK regulation and FSA rules. When dealing with them do bear this in mind.

There are numerous "Paypal sucks" type of sites if you wish to read about cases where Paypal rode rough shod over customers or treated them unfairly and caused them to lose large sums of money.

The limits on a single transaction via Paypal is $10K.

 

[Eagle]

There are numerous "Paypal sucks" type of sites if you wish to read about cases...

Mostly populated by little Timmy (aged 12) who shouldn't have a PayPal account any way.

Seriously, if you play the game and stick by their rules, you shouldn't have any issues. Some say their fees are too high - but compared to what?

 

[webcreationuk]

Exactly on my thoughts Eagle, if you follow their rules everything is fine. I am using PayPal for some time and haven't had any problems with them until now.

 

[I, Brian]

Got limited briefly a couple of years ago - the main issue is that once your transaction volume goes over a certain threshold, Paypal are apparently required to make further security checks.

Was very unsettling when the account was limited, but was only very temporary and no problems otherwise in 5+ years.

 

[OldWelshGuy]

six figures through PayPal no problem. As brian said above, sometimes they will ask for further ID etc, but they allow you to continue taking payments, they just freeze withrdrawals for a day or two while they carry out the statutory requirements with regard International money laundering regulations.

PayPal is like Adsense, practically all those who complain about losing out, were up to no good