posted on January 9, 2001 10:12:35 AM
Credit Card Receiving Limit. Personal Accounts are limited to receiving $100 per
month of credit card payments. Payments funded from the sender's bank account
or existing PayPal account balance will not count against the recipient's limit.
Payments funded wholly or partially by a credit card are classified as credit card
payments in the PayPal system.
Does this mean, that I can only sell 2 items of $50 a month? <---for example
Cash out and wait till the month is over?
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Not DaMNiT on eBay! ICON, the last change for hope!
posted on January 9, 2001 10:24:44 AM
That's IF your customers use credit cards to fund their PayPal accounts. There's no limit for transactions funded by checking account --- or money they've received from other Paypal users.
You also can upgrade and pay fees. Or you can keep your personal account and open a business account for the overflow.
posted on January 9, 2001 10:29:31 AM
So if my business is doing good
(I do this for fun and part time, I don't have a company)
I can receive millions (by matter of speaking of course)
And cash out anytime I want and it will be transfered to my personal bank account?
Sorry for all the questions, but I don't wanna be screwed (if you know what I mean)
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Not DaMNiT on eBay! ICON, the last change for hope!
posted on January 9, 2001 11:33:12 AM
Whether you do it part time or full time, PayPal has decided that if you receive more than $100 a month funded by credit cards, you are a business. Therefore, they require you to have either a Premier or Business account to receive more than that. The down side is that they also collect fees on your transactions, if you have one of those types of accounts. I have a Premier account. It's the least expensive option I've found for accepting online payments. I routinely exceed the $100/month limit, so it would be pointless for me to try to avoid it.
Once you've verified your account, I don't believe you have a limit for receipts (check their FAQ to be sure). However, once you've verified your account, be d*mn careful about where those millions you're receiving are coming from. If one of them comes from a stolen CC or one of your buyers does a chargeback against his card, and you didn't meet the terms of the Seller Protection, then PP is going to help itself to a matching amount from your bank account. PayPal's been a great service for me, but you've got to know what you're doing in order to stay out of trouble.
