1. This website uses cookies to improve service and provide a tailored user experience. By using this site, you agree to this use. See our Cookie Policy.
    Dismiss Notice

How to take payments when not a real business?

Discussion in 'Making Money' started by icinine, Jan 14, 2019.

  1. icinine

    icinine Newbie

    Joined:
    Jul 28, 2013
    Messages:
    33
    Likes Received:
    9
    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
     
  2. arlind-

    arlind- Junior Member

    Joined:
    Apr 27, 2013
    Messages:
    107
    Likes Received:
    64
    I guess you could buy a stripe account from the marketplace here in BHW.
     
    • Thanks Thanks x 1
  3. Dresden

    Dresden Supreme Member

    Joined:
    Mar 10, 2014
    Messages:
    1,239
    Likes Received:
    539
    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% + 30ยข per successful charge as long as you're doing under 1 million a year.
     
    • Thanks Thanks x 1
  4. doepjohn

    doepjohn Jr. VIP Jr. VIP

    Joined:
    Apr 2, 2012
    Messages:
    402
    Likes Received:
    80
    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.
     
    • Thanks Thanks x 1