New Paypal requirement?
#31
Super Member
Join Date: Oct 2010
Location: Tennessee, UC area
Posts: 1,584
QKO..you have done a great explanation of how a PP acct works! Very clear..& I see that my acct is using 'instant transfer', so that is why I am happy and so are my sellers. PP also has my credit card info, and I have the option to "tick" the method I want to use for a particular purchase. Sometimes for a large cost (machine or such), I will choose the CC option. Maybe I think it affords me more protection if I am buying from an ebay store. ?? I don't know that I am really more secure...but the instant buying can be so easy that it becomes addictive! That is spelled..ADDICTIVE! LOL
#32
Super Member
Join Date: Mar 2007
Location: Lansing, MI
Posts: 1,038
If you use paypal as a seller, you've been being notified for over a year now that new government regulations require paypal to report to the IRS sales in excess of 20,000 dollars and 200 transactions per year. They need to have your SSN or tax number to report this to the IRS on form 1099-K. Since they don't know until after the fact whether you'll meet those thresholds, they require the SSN from anyone receiving money through paypal.
Here is the paypal information that explains it. This is not a hoax, this is the law. If you don't give them your SSN, they won't/can't allow you to use paypal to do business.
https://cms.paypal.com/us/cgi-bin/ma...ng_us/IRS6050W
Here is the paypal information that explains it. This is not a hoax, this is the law. If you don't give them your SSN, they won't/can't allow you to use paypal to do business.
https://cms.paypal.com/us/cgi-bin/ma...ng_us/IRS6050W
I was a victim of a $2K scam years ago so I don't trust anything like these anymore. Scammers can create websites that look like valid sites, even include the BBB logo (which takes you to a bogus BBB site with positive feedback). Gee, how do I know this? I fell for the whole thing and signed up for an online course to learn web design. Over $2 million were scammed from many people and, yes, the crooks did end up in jail but we never saw a penny of our money.
Sorry for rattling on but please don't fall for these scams.
#33
Senior Member
Join Date: Jan 2011
Posts: 492
I agree with the advice already given. I have gotten stange emails from PayPal and called and they had me forward to fraud dept they have. I do not give SS number to a lot of people I deal with, even in person. I tell them I do not know the number and ask why they need it. Take care.
#36
I've been using PayPal for years and have never received anything like this. This sounds like a scam to me, as well as the other post. Contact PayPal directly - not the number that might be provided in these emails.
I was a victim of a $2K scam years ago so I don't trust anything like these anymore. Scammers can create websites that look like valid sites, even include the BBB logo (which takes you to a bogus BBB site with positive feedback). Gee, how do I know this? I fell for the whole thing and signed up for an online course to learn web design. Over $2 million were scammed from many people and, yes, the crooks did end up in jail but we never saw a penny of our money.
Sorry for rattling on but please don't fall for these scams.
I was a victim of a $2K scam years ago so I don't trust anything like these anymore. Scammers can create websites that look like valid sites, even include the BBB logo (which takes you to a bogus BBB site with positive feedback). Gee, how do I know this? I fell for the whole thing and signed up for an online course to learn web design. Over $2 million were scammed from many people and, yes, the crooks did end up in jail but we never saw a penny of our money.
Sorry for rattling on but please don't fall for these scams.
If you do any receiving of money through paypal, or if you import money into your paypal account through bank transfers, you need to fulfill this requirement -- it's not a paypal requirement, it's an IRS requirement. Anyone who sells through paypal or, like our store, uses paypal as their merchant services provider, has been notified of this requirement for over a year.
It would be really nice if people researched this stuff, and commented with some understanding and knowledge, before just automatically assuming that everything that comes across their computer is a scam, and spreading misinformation. Sure, there are lots of scams out there -- this requirement just doesn't happen to be one of them.
Normally, if paypal wants to notify you of changes, they'll put a popup up that will appear when you log in to your paypal account. Sometimes they'll send an email telling you to log in to your account to see the changes. They won't include any requests to you for your login info, nor will they include links on their emails.
If you're in doubt about anything concerning paypal, first log in to your account, then contact them using the contact information found in their website.
Last edited by QKO; 07-22-2012 at 01:37 PM.
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