PayPal is ending fee-free Friends & Family payments for business accounts

  • 📰 verge
  • ⏱ Reading Time:
  • 27 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 67%

Business News News

Business Business Latest News,Business Business Headlines

Business owners will now need to use a personal account.

PayPal is putting new limits on a feature in its payment system that allows people to receive money without paying extra fees, the company. Starting July 28th, only personal PayPal accounts will be able to get funds via Friends & Family, a transaction method intended for trusted recipients.

G&S is intended for purchases, and money sent this way is subject to PayPal fees. Everyone hates fees! But with G&S, if the thing you buy isn’t as described, it’s damaged when it arrives, or it just never gets to the buyer, you can often easily get a refund for the purchase. With this new change, US business accounts won’t be able to accept fee-free personal payments, and people who use PayPal for their company will need to create a personal account to receive money fee-free from friends and family.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

The rest of the story is this means you can't move your own $ between your personal & biz accounts. PayPal4Business made us get personal accounts cuz biz has 0 direct deposit. So SBA/EIDL had to go into a personal & get moved into biz. More ....1/x

Are you fucking serious?

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 94. in BUSİNESS

Business Business Latest News, Business Business Headlines