How to take payments when not a real business?

icinine

Registered Member

Jul 28, 2013

66

17

• Jan 14, 2019

• #1

I'm looking to start something in the online space as a side-hustle.
My issue is:-

• I won't be a real business (right away at least)
• This entitly won't be registered for tax (probably and ideally)

I'll need to take payments in multiple forms

• paypal- I have a Business Account there that I can rename to be more appropriate;
• Bank Transfer - Don't have a business bank account. Is this a big problem? I am presenting myself as an 'organisation' rather than an individual or company. So ircan't have my name on it.
  
• Credit Card processing - how is this done? Are there costs involved etc?

Thanks for any help you can provide

 

A

arlind-

Junior Member

Apr 27, 2013

130

82

• Jan 14, 2019

• #2

I guess you could buy a stripe account from the marketplace here in BHW.

 

Dresden

Elite Member

Mar 10, 2014

2,662

1,608

• Jan 15, 2019

• #3

Be careful when using paypal because they send out your earnings/transactions to the IRS after hitting a certain threshold.
For credit cards you could go with stripe. They charge 2.9% + 30¢ per successful charge as long as you're doing under 1 million a year.

 

doepjohn

Regular Member

Apr 2, 2012

436

107

• Jan 15, 2019

• #4

You can still use Stripe and Paypal.

You don't need to be registered for tax to pay taxes. You can pay taxes on your business as a sole proprietorship/individual.