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  1. #1
    Join Date
    May 2011
    Location
    London, UK
    Posts
    131

    PayPal Business (UK)

    I have created a PayPal Business account but I'm uncertain about a few things.

    1) What is the difference between adding a "Bank account", instead of adding a "Card"?

    2) If I try to add a bank account it states that "Please note that we charge a fee if the funds are returned (to your bank account) because your PayPal account Business Name does not match the business name on your bank account." My bank account is in no way linked to my "Business", in fact, my "Business" isn't even a registered "Business" -- so what does that mean for me?

    3) I had a payment processed on 31/05 however nothing is in my bank as yet -- how long should it take?

    Thank you

  2. #2
    Join Date
    Dec 2005
    Posts
    3,077
    For paypal business you really need a business bank account. If you are trading at all you should at least be registered as self-employed..

  3. #3
    Join Date
    May 2011
    Location
    London, UK
    Posts
    131
    Guess I'll have to stick to a Premier account then. I don't really want to be opening up new bank accounts and registering as self-employed because at this point in time I have no idea how this is going to work out. Sorry if it's a stupid question, I'm 21 years old and to be honest I'm not familiar with all the rules etc

    What's the disadvantage of using a Premier account; other than the business name not showing up on purchases?

  4. #4
    Join Date
    Mar 2010
    Location
    England
    Posts
    373
    In the UK, there is nothing wrong with being self-employed and using ones own personal bank account, there is no requirement to have a "business" bank account.

    I've often wondered how well this works out with Paypal Business accounts though, and I guess you found out for me. Shame.

    EDIT: Though you should be registering as self-employed, of course. That's the law. You do get a little leeway at the beginning though, but you shouldn't ignore it IMO, even if your income is below taxable. (Not a lawyer or accountant etc. etc.)
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  5. #5
    Join Date
    May 2011
    Location
    London, UK
    Posts
    131
    Quote Originally Posted by The Hairy Sysadmin View Post
    In the UK, there is nothing wrong with being self-employed and using ones own personal bank account, there is no requirement to have a "business" bank account.

    I've often wondered how well this works out with Paypal Business accounts though, and I guess you found out for me. Shame.

    EDIT: Though you should be registering as self-employed, of course. That's the law. You do get a little leeway at the beginning though, but you shouldn't ignore it IMO, even if your income is below taxable. (Not a lawyer or accountant etc. etc.)
    Guess I'll just stick with PayPal Premier, don't see much of a difference except not having the company name show up. Thanks

  6. #6
    Join Date
    Aug 2010
    Location
    United Kingdom
    Posts
    199
    Long before we had a business bank account, Paypal Business was just attached to a bank account in my name without any problems. I let them know and they didn't seem to care about it.
    I do things. - Consumer and b2b IT solutions.

  7. #7
    Join Date
    May 2011
    Location
    London, UK
    Posts
    131
    Quote Originally Posted by Akisoft View Post
    Long before we had a business bank account, Paypal Business was just attached to a bank account in my name without any problems. I let them know and they didn't seem to care about it.
    A payment I made on the 31st using my business account hasn't gone through to the receivers bank, so I'm guessing there's some issue... I'm guessing it's to do with having a business account but not a business bank account.

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