Funding my own business costs a fee now?

jasontaylor7
Contributor
Contributor

I have two paypal accounts.  Personal and business.  The business one is linked to our business account and my personal is linked to my personal bank account. 

Until recently if I want to invest more money into my business I could give my business money via paypal.  No cost using the pay as a friend.  But, now if I try to do this I have to pay a fee. Obviously I can write a check and avoid the fees or drive my car from the branch of my personal bank and then to the business bank, but is there a method of avoiding feels that allows me to use electronic transfers?

I guess I could set up ACH from my personal to my business bank?  Does paypal allow no-fee payments when it is to the same actual person? Is it true they removed this feature recently? What about using a competitor to paypal like venmo or cashapp?  What about linking both my personal bank account and my business banking account to the same paypal account?  Is that another idea?

Thanks in advance for any ideas.
 

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kernowlass
Esteemed Advisor
Esteemed Advisor

@jasontaylor7 

 

Business accounts can no longer receive friends/family payments.


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jasontaylor7
Contributor
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when was the change made and isn't it odd to charge someone who wants to move their own money from one account to another?

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kernowlass
Esteemed Advisor
Esteemed Advisor

@jasontaylor7 

 

Quite recently if you check in policies.

No idea as to it being odd, you could always withdraw to your bank account from your personal paypal balance and then add funds to your business account if that's what you need to do? I believe it's to stop business sellers asking buyers to use the friends/family option to negate paying their fees.


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