Best way to receive money

[Pienbeans]

I have a personal account. I am also conductor of a youth brass band in the UK and would like to receive payments via PayPal for a fundraising CD we are selling. We have our own website and Facebook page and want to know the most efficient way of setting up PayPal to receive payment. Use my personal account or open an account in the band name? Thanks in advance for any advice.

[kernowlass]

@Pienbeans

You are not allowed to open a personal account in anything but a persons name and you are only allowed 2 paypal accounts if x1 is personal and the other x1 is business.

If you open an account in the bands name you will never be able to verify that name and unless you have a bank account in the bands name you would not be able to withdraw any funds to that bank account.

Your best bet is to go to paypals help pages and look into setting up a 'money pool' within your own paypal account to raise funds BUT you would not be able to add to that pool yourself.

[Pienbeans]

Thanks. We have a bank account in the band's name. Would that be the way forward?

[kernowlass · Accepted solution]

@Pienbeans

But as I said if you have a personal account then it has to be in a 'persons' name.

If you upgraded to a business account and used the individual pathway then you would still have to have it in an individuals name unless you were a registered business with a company name.