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In setting up paypal account, is it mandatory to use a bank account or can you set up your account with only a debit card to receive funds?
Thank you for your post! In the US, you have a couple of different options for receiving funds. Upon receipt of the first payment, you can opt to have received funds automatically withdrawn to a bank or debit card, or you can complete the steps for a PayPal Cash or Cash Plus account to allow received funds to be retained in your PayPal account to be used or withdrawn at a time of your choosing.
I hope this helps!
Ok. Bear with me as I'm new to this. So paypal has an account that you can simply hang onto the funds until we need to use them for anything, correct? Then, when we need funds we can just transfer whatever we need to a debit card?
That's correct, with a PayPal Cash or PayPal Cash Plus account, received funds would be in your PayPal balance until used or withdrawn to a bank account or debit card, or withdrawn by check.
Great question about fees for non-profit entities! PayPal offers a reduced rate for 501(c)(3) charities. I'm not familiar with 501(c)(4), but the FAQ does specify that the 501(c)(3) status is needed to qualify.
I hope this information helps.