Hi everyone. I am in the process of setting up my first shop (exciting) - am wondering about other people’s experiences of opening their PayPal business accounts. I’m totally new to selling my stuff so a Business account seems very daunting - I’m not registering my business (no need with ... More on talk.folksy.com

I used to use a personal PayPal account when I first offered commissions, however my following was pretty small at the time. As my audience grew, I opted to make a business account to protect my identity bc while the majority of the internet interactions I’ve had are great, there’s definitely some sketchy people I’m glad don’t have access to my real name. That being said, the only burden I’ve had with a business account are two things. One is in regards to the new tax law that took place this year in the U.S where if you make over $600 a year, you will be sent tax forms and you will be taxed on it. And PayPal doesn’t take out tax for you, so you have to track it on your own and pay what you owe come tax season. However, this is ONLY applicable to business accounts (which is why I will use my personal account with friends I trust that way it won’t be taxed, however on their end they will be charged an additional transaction fee, which sucks). And two, unless you’re making a “friends and family” transaction (which I believe is only possible via a private account), PayPals fees are ridiculous. And again, their fees are NOT them taking out an included tax. It’s just the fee for using their site, period. For me it’s been anywhere from 3-6 dollars, which doesn’t sound like a lot but it adds up per commission! So that’s super frustrating and honestly I’m trying to find a better route for payment but as of now I’ve just had to deal with it. It really just comes down to what you prioritize, avoiding fees or your identity! More on reddit.com

If you create the PayPal business account under your tax ID, PayPal will issue a 1099 if you do enough business. If you don't report this income, the IRS will chase after you. What you'll need to do is create a PayPal account or a credit card merchant account under the club's tax ID. Then it's the club's responsibility to properly file and pay whatever taxes on this (if any). More on reddit.com

Grailed basically screwed everyone over. I can't send F&F payments since i upgraded. Paypal say you can't downgrade. Now this

Screw Grailed

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