Is Paypal really the best way to accept payments?

Claraviolet

Member
BizNotes
470
To be honest, I am not sure anymore.
I have a Paypal business account and it doesn't accept any gifts at all. As everything is getting linked to our Social security number, while paying taxes I had mention this amount as well. It's just less than 100$ and yet I had to pay extra tax for it and the reason given was, it's a small business and I will have to pay for maintaining it.

So, I have been thinking of this for a while now. Is Paypal the best way to accept payments for individual transactions? What about gift cards like Amazon gift cards? I am not sure whether I can purchase an Amazon.com gift card when I am in India.

Anyway, what do you all think?
 
BizNotes
405
It really depends on what other payment processors are out being used. Example being, Venmo is owned by Paypal. It is essentially a separate service similar to PayPal, that was bought out by PayPal at one point. I don't know enough of other services to make a comparison on capabilities compared to the standard PayPal use features.

I have a PayPal Plus account, which allows me to not have to keep money in it all the time, like the Business Accounts. And since I live in the U.S., I have recently taken advantage of the Business MasterCard Debit Card, and now have Direct Deposit information to use, if I ever want to switch over entirely to online banking.
 

Alexander

Owner & Managing Director
Staff member
BizNotes
1,159
I have been using PayPal for many years and once you fully verify your account & lift any limitations, it's one of the best payment processors to use. Withdrawals from the balance are usually instant to your bank, & payments are received within a matter of minutes. PayPal offers buyer protection for goods & services purchased which protects us as consumers.
 

Lämmchen

Member
BizNotes
566
I didn't realize our social security account numbers were given to PayPal? I don't recall giving them mine in the past. But then again my PayPal is not business so is that the difference?

Paying taxes on any money you make is part of working a business. In the US you only have to file a tax return if you made a certain amount of income. When I was making money at home I filed every year regardless because I never wanted it to come back to haunt me but that was my husband's fears getting through to me. I probably didn't have to file at all thinking back on it.
 
BizNotes
405
I didn't realize our social security account numbers were given to PayPal? I don't recall giving them mine in the past. But then again my PayPal is not business so is that the difference?

Paying taxes on any money you make is part of working a business. In the US you only have to file a tax return if you made a certain amount of income. When I was making money at home I filed every year regardless because I never wanted it to come back to haunt me but that was my husband's fears getting through to me. I probably didn't have to file at all thinking back on it.
Social Security Numbers usually are given for verification to account upgrades. For example, if one wants an active account without funds in it, upgrading to paypal plus requires a social security number and proof of ID and address.
 
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