Tax ID number in Paypal setting?

[ndkhoa5]

Hi there, as a new Paypal user, I have some questions, hope everyone will help me, I'll appreciate that. 🙂

Today I went to Paypal setting, and saw the tab Tax ID Number which was displayed on red, so I tried entering my SSN, but didn't bother the Tax ID thing 'cause I had no idea about it. After that, Paypal said they would review my SSN in 3 business days....

So is there any problem if I don't provide them the ID tax number? I currently have $90 and my account is unverified.

Thank you! 🙂

[snowshoe]

Are you setting up a business account?

There's 3 types of numbers that can be entered. 

SSN

EIN

ITIN

SSN is normally for the account owner or if you're a Sole Proprietor of a business.

EIN is used to identiy your registed business, i.e., LLC or Corp, etc.

ITIN is used if you don't have an SSN.

If you're not a business, then all they need is your SSN.

[arwen30]

Why is paypal asking for such things? I mean they dont required those before... Unless you provide them those, you wont be abke to use paypal...Do you have an idea why Paypal requires SSN/TIN/IENT?

[snowshoe]

Things have changed:

PayPal as well as other transaction processors now have to meet legal requirements.  For example, there's the 1099 reporting to the IRS.  For years people used PayPal and other processors to make money however, they either under reported their earnings or never reported their earnings to the IRS.  Not anymore as now all of you account transaction information is reported.  The IRS now knows that if you made $20,000 and you only reported $10,000, they may be wanting to have a discussion with you.  Even if you don't have to submit a 1099, they are aware of what you actually made regardless.

Next is verification.

Financial institutions such as banks, credit card issues and 3rd party transaction processors such as PayPal are required by law to verify the identity of the person behind any and all Accounts into which money is collected.  This stems from the USA Patriot Act, Title III, Anti-money laundering to prevent terrorism where as institutions put into place reasonable steps to identify beneficial owners of bank accounts and those who are authorized to use or route funds through payable-through accounts.

[ArchServers]

To all who it may concern.

Im going to be honest with what bothers me most about paypal.

This is my perspective as a user. i feel that paypal can litereately rape my account every time they get a chance, if my name is written on some aztec stone they can limit my account. 

Just the other day, i woke up and BAM my account was limited because "Suspicious credit card activity", well....... I have never, or never will put my credit card on paypal. Its never been on there, and i can guarentee that there isnt any suspicious activity on my credit card. One in which, i do not have a credit card currently, i was a victim of identity theft at a recent chain store incident. So... paypal may i ask if you have somehow found out the contents of my credit card without you having my credit card information, you are going to have a huge bleeping law suit on your hands.

It makes me angry that for no reason at all, for the life of my 3 year paypal account they can limit me 6-7 times a year for no reason at all until i cough up some new information that they need. 

Let me wrap this up, im sick of the trouble i go through on a monthly basis with paypal for some completely illigetimate reason why they have decided to limit my account. 

Let me ask something here,

I run a online business off of my account, https://www.archservers.com/ , I cannot come close to 3 months without paypal destroying my payment rythm, servers that i pay for on a monthly basis cannot be paid for on time because of paypals limitations. I can account many many times where i have came so close to throwing up the white flag and saying "I'm done" this is it, its over, i cant pay the bills i have to pay because paypal has decided to conquer my account yet again. 

Its frustraiting, wheather its due to new laws being passed directed by a special someone in the white house that shall remain unnamed, or wheather its due to  paypal deciding it loves to drive its customers away.

Either way, until something better comes along. im stuck with the animal called paypal

[Whac-A-Mole]

@ArchServers

when I click on your link-

This connection is untrusted

You asked to connect securely to www.archservers.com, but we can't confirm that the connection is secure due to a problem with the website's security certificate.

Such problems may indicate an attempt to steal your information.

Close this webpage

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[Whac-A-Mole]

@@@ archserver,

I think you should use a different payment processor,apply for your own merchant account to accept credit cards. 

[superman789]

Thank you Obama.

[Lissa_Lu]

And Congress for allowing stuff to happen...

[asoadya]

hi im not verified   and there is no option for me to put itin    and if i put my ssn in   would they need me to pay tax  even though i have a normal account not a buisnes one    and if i put itin   if i can that is    will i still be able to recive money   thank you