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information PayPal changes update, late 2022

NameSilo

HotKey

Made in CanadaTop Contributor
Impact
10,457
As per latest email, dug in a bit:

Amendments to the PayPal User Agreement
Effective November 15, 2022:


  • Business accounts will not be able to receive personal transactions.
  • PayPal accounts will not be able to send personal transactions to business accounts.
  • Pricing for sending and receiving donations is being updated. The new pricing will result in fee increases for some transactions. You can preview Consumer Fees Page and the Merchant Fees page that will be effective following such changes.
  • We are clarifying that PayPal may be required to place limitations on your account and/or withhold on certain gross payments received if you do not provide required tax-related information.
FYI, take notice.
 
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The views expressed on this page by users and staff are their own, not those of NamePros.
Impact
16,521
Looks like an added layer of protection against potential tax evasion and fraud.

I'm sure there are mixed feelings about it, but personally, I think they should have done that a long time ago.
 
Impact
2,115
It will hurt people with very small transactions and transfers. But I guess they have to cover their a$$es. Countries are going after their taxable transfers.