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Best way to handle receiving large revenue for service?

Discussion in 'Business & Tax Advice' started by wallofiron, Feb 5, 2011.

  1. wallofiron

    wallofiron Power Member

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    My friend is currently using paypal but getting between 30-60k per month in payments (gross). Then uses that same paypal account to pay expenses on the business.

    Is it wise to use paypal for such large amounts or is there a better way/account?


    Is there another money receiving merchant account that you would recommend or a better way of handling such large revenue?:confused:
     
  2. BENNY8877

    BENNY8877 Supreme Member

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    He should probably consider using multiple paypal accounts
     
  3. Merlin22

    Merlin22 Regular Member

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    If you friend is pulling in $30-$60K a month he should spend some money and talk with a lawyer and accountant. I prefer Jewish professionals, but that is just me.
     
  4. m0nster

    m0nster Senior Member

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    yo fuck that! check out a payment processor. what is he selling?
     
  5. OnlineGodfather

    OnlineGodfather Senior Member

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    its good for now but maybe he could consider some else payment method.
     
  6. phseomaverick

    phseomaverick Newbie

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    Your friend can use other money merchants, like money brooker or just create multiple paypal accounts in order to lessen the amount.
     
  7. Markbh

    Markbh Regular Member

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    The main drawbacks of PPal being the high percentage they charge and the risk that they seize the funds every now and hold them for half a year. So yes - use multiple accounts to spread the risks.
     
  8. Autumn

    Autumn Elite Member

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    Your friend should get away from Paypal asap, putting that kind of volume through PP is just asking for trouble. Paypal is the devil.
     
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  9. misulicus

    misulicus Regular Member

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    get some payment processor, so they can pay with CC directly, like ccbill for example
    if you pay 1000$ visa fee then they will not take any more % from your transactions
     
  10. MisterF

    MisterF Jr. VIP Jr. VIP Premium Member

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    I'd recommend Moneybookers.

    PM me for more info please.
     
  11. -Jericho-

    -Jericho- Jr. Executive VIP Jr. VIP Premium Member

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    Like others have mentioned have him get his own merchant services account setup. You never know when paypal is going to dick you over with something. This way you have much more control if people are paying by credit card.

    There's a lot of companies out there that will give you good rates if you're established. Last one I used was through intuit and they had fairly good rates. I used authorize.net as my gateway.