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Questions involving PayPal

Discussion in 'Business & Tax Advice' started by sten harms, Mar 17, 2020.

  1. sten harms

    sten harms Newbie

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    Hello everyone,
    I've recently begun a small business endeavour, or side hustle, where I'm selling online videogame items through PayPal, but I have some worries about the near future. I'm currently making roughly 100 euros every few days and after I've just upscaled I could be making close to 1000 euros a month. Now the issue is that I'm 17, so I believe my account isn't verified. Many places say that there is a $500 withdrawal limit on unverified accounts, and other places also mention that when you have around $1000 worth transactions, which I am nearing, PayPal reviews your account and requires verification. Now that you have a bit of an understanding of my situation my questions are.
    1. Is the verification at 1k transactions true?
    2. How do you check your monthly PayPal withdrawal limit? (or if you don't have one)
    3. Is there a way to verify your account without proving age? (address perhaps)
    4. I have verified my debit card which is connected to PayPal, is that enough?
    5. Once I turn 18 in 6 months, am I able to verify my account properly, or will they realize that the account was made when I was a minor?

    I hope someone is bothered to read this and even just answering one of these questions or giving a bit of advice would be greatly appreciated.
    Thanks in advance
     
  2. TomTheCat

    TomTheCat Power Member

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    One question. How you will be able to change your date of birth or haven't you fiiled it?
     
  3. AutoPoole

    AutoPoole Newbie

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    1. It only depends on PayPal when they will ask for verification - my advice, withdraw often and avoid to be with too much in PP balance.
    2. Check on their FAQ and see the link.
    3. No. ID is required and also some bank statements or so.
    4. That is not enough. I mean is enough for now, but not to be legit as a business and once someone will open a dispute you will be asked a lot of info.
    5. They will sure realize that, but my advice again is to open a new account, and to change the CC linked there.
     
  4. sten harms

    sten harms Newbie

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    Honestly have no clue what I put as my age, made it a couple of years ago and don't think its possible to change.
     
  5. sten harms

    sten harms Newbie

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    Thanks for the quick response. As you stated i withdraw the money as soon as I get it so at most I'll ever have is 100 euros in my account if it gets blocked. So a follow-up question for that is, would I be able to withdraw that amount if my paypal was limited for not being verified? I heard my friend was able to transfer $500 out of his account when it was blocked, but different people say different things.
     
  6. TomTheCat

    TomTheCat Power Member

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    Forget about this PayPal account. Sooner or later it will be limited.
     
  7. sten harms

    sten harms Newbie

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    I could make a new paypal account but it wouldn't change the fact that I am under 18. I've also accepted that it'll get limited at some point but just dont know how to avoid that.
     
  8. deadjack

    deadjack Newbie

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    as far as i know you won't just get limited, you will be banned completely from PayPal if you are found to be underage, so if you are using your real detail you better close your PayPal account soon!
     
  9. Highr0ll34

    Highr0ll34 Regular Member

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    I've been using PP since I started my hustle to receive advertising revenue. Originally I had it as business account, changed in the middle to private. When I reached 1k monthly I was asked to provide ID confirmation, one I reached 10k in total transactions I was asked to provide address proof and again ID proof. None of the processes were troublesome, I withdraw cash when above 200$ mark, ~20k in transferred funds and there was no trouble since last verification. If you're trying to hide your age they WILL find out at some point its just a matter of time, I would consider a back-up plan.
     
  10. sten harms

    sten harms Newbie

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    with no way to retrieve lost money? does it not become available to withdraw after like 6 months? perhaps with a bit of tugging of the customer service
     
  11. sten harms

    sten harms Newbie

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    should i look into a verified stealth account? also are there downsides to using a personal paypal account for business? im sure paypal isnt fond of me sending and recieving all these f&f payments. and just a clause im not so worried about paypal holding my balance since I withdraw everytime i hit 100