need help to lift limit on paypal account !!

[ozpassion]

Hi guys

I opened a business paypal account a while ago.

When the amount hits $1000, they asked me to upload personal ID and proof of address, I did, limit lifted.

Then guess what, 5 mins later my account was limited again, says I need to upload business documentations this time.

I don't even understand what exactly they are asking for, something like "The Certificate of Registration", "business documents", "Certificate of incorporation - company", what are these??

I'm a sole trader, all I got is a ABN.

What to do now.... please advise....

[digital*ghost · Accepted solution]

They are referring to the documents and/or certificates you receive if you have registered your business name, and so on.

If you register a business name, you should receive a document confirming that the business name is registered to you. 

I would suggest upoloading any business documentation you do have, even if it's just the confirmation of your ABN, and then call PayPal to ask for further advice - I'm only guessing, but I suspect the list of documents are examples of what will be accepted, rather than a list of everything you need to provide. 

[dylan11235813 · Accepted solution]

I have no idea. I opened a new acount recently and it started with a $7500 limit.

Maybe adding credit card info can help raise the limit.

The rest seems like garbage to me, sometimes to register as a business with the ATO (or whoever it is through)), you need to sometimes prove it is a business, like with invoices. I got a letter with my ABN which I assume is a certificate of registration. I have no idea what the incorperation thing is.....maybe different busineses under the same name

[ozpassion]

Thanks for your replies.

Just called them, they said they would switch this business account to a personal account, then all is good.

Oh well, still better than being limited I guess....

Problem solved, kinda.

[digital*ghost]

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@dylan11235813 wrote:

 I got a letter with my ABN which I assume is a certificate of registration. I have no idea what the incorperation thing is.....

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I have an ABN for my business, but also registered the business name last year, which has to be done separately after you have an ABN, and at a cost of $30 p/a, but I received a document confirming that my business name is officially registered to me.

The incorporation certificate seems to be more of a US thing, according to Wikipedia, anyway, which is why I think the documents PayPal have listed might just be examples of the type they're looking for (a bit like when they ask for ID, and then list a dozen different options, though you only need enough to make up 100 points, which is usually 2-3 from the list). 

@ ozpassion, I recently had to go through the ID verification as well, but was never asked for business related documents - my account is premier rather than business, though, which means I can still accept credit card payments etc (there's a limit on how many a personal account can accept), so you may want to upgrade to premier, or call them back and request it. 

[lyndal1838]

You will still have to provide proof of identity when your account reaches a certain limit....it is all to do with the Australian money laundering laws.  Unless you provide the documents that are requested they will actually close your account.

[dylan11235813]

I did the same about a year ago as well, as in registering a business name. I thought it cost more than $30, the funny thing is though I could go through the entire process of online registration withough any mention of a cost and then a day later I got a bill. Actually I think it was 2 years or something which was $70, I think it was a thicker type card and not just standard paper.

[kopenhagen5]

You are better with a personal account to make payments.

Then upgrade it to a premier when you want to receive payments. 

[dylan11235813]

I have never provided any document to paypal and I have a business account now. I think I used a credit card to sign up to a normal account and then upgraded to a premier, and then a business account with an ABN.

All I have ever given paypal is a credit card number, and confirmed it when they transferred a few cents.

[lyndal1838]

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@dylan11235813 wrote:

I have no idea. I opened a new acount recently and it started with a $7500 limit.

Maybe adding credit card info can help raise the limit.

The rest seems like garbage to me, sometimes to register as a business with the ATO (or whoever it is through)), you need to sometimes prove it is a business, like with invoices. I got a letter with my ABN which I assume is a certificate of registration. I have no idea what the incorperation thing is.....maybe different busineses under the same name

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Dylan, you are talking about an ebay account, not paypal....$7500 would be your selling limit.

Paypal limits you to spending/receiving $1000 before they request proof of identity/address etc.  This is to do with Australia's money laundering laws.

You obviously have no idea about business registrations...the information being requested is not garbage.  You can be a business trading under your own name with an ABN or you can be a business with a registered Business name and an ABN.  When your register for an ABN you get a Certificate of Registration which states your business number.  If you have registered a Business name you will also get a Certificate stating that name.

Incorporation is the ultimate in Business registration....your business is then ABC Pty Limited and you have the right and obligation to pay ASIC large sums of money every year to keep that registration in force...it costs a lot more than a registered Business name and you have to submit company returns and pay Tax on the company income as well as tax on your personal income from that company.