PayPal Merchant Account Questions

[BNPFlow]

We are interested in using PayPal as a payment method in our business. We would like to know the answers to the following questions. We emailed PayPal support but they have not responded yet, and we don't know if they ever will.

So, we'd like to ask the community these questions.

1. What documents are needed for merchant account verification?

2. Is there a table of PayPal merchant account charges? 

3. What's the reportable account balance threshold? We're located in Korea and the Philippines?

4. How much do the basic and advanced fraud protection cost?

5. Do you offer any insurance for hacked accounts or protection services for hacking incidents?

6. After a transaction, how long does it take before we get the payment into our account when a user pays with a credit or debit card?

Thank you in advance for your response.

[PayPal_Olivia]

Hi @BNPFlow,

Thank you for your post! I will be happy to answer to the best of my ability.

1) Documentation needed can vary depending on a lot of factors. If a need for documentation occurs, you will be informed of the requirements at that time. Typically, proof of address and proof of identification for the person named on the account might be required, but there may be other requirements for various reasons.

2) To see the fees that would be charged, please click Fees at the bottom of the PayPal website, or take a look at the PayPal user Agreement, which can be found by clicking Legal at the bottom of the PayPal website. 

3) I'm afraid I do not understand the question regarding the reportable balance threshold. Can you clarify the question?

4) PayPal offers the same fraud prevention and seller protection measures to all merchants. You can also learn more about fraud prevention with these tips.

5) We do not have any additional insurance.

6) Payments are seen in your account immediately. New sellers, sellers of high risk items, or sellers that have other indicators of risk may experience delayed funds availability.

I hope this information helps!

Olivia

[BNPFlow]

Thank you for answering the questions. We appreciate it so much. With regard to the question about the reportable account balance, I was talking about things like these:

PayPal will track the payment volume of your account(s) to check whether your payment volume exceeds both of these levels in a calendar year:

• $20,000 USD in gross payment volume from sales of goods or services in a single calendar year
• 200 payments for goods or services in the same year*

Or I've read somewhere that an account balance of $20,000  is reportable under FATCA.

We are thinking whether these amounts and these rules are implemented only for US-based accounts, or are they implemented worldwide? For example, if we reached these amounts, would PayPal report the amounts to the Korean or Philippine tax authority, since we are based in those countries?