Possible to have an unverified PayPal business account and "cashout" buying BTC?

TingCoin

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Quote from: hilariousandco on January 06, 2014, 01:21:55 PM

Quote from: TingCoin on January 06, 2014, 01:20:11 PM

Quote from: hilariousandco on January 06, 2014, 01:07:29 PM

Pretty sure Paypal will freeze your account if they find out you're dealing in virtual goods and Bitcoin. Seen it happen so many times.

That really sucks, however the PP account won't be used for BTC trades at all. Purely as an escrow account for people who want to purchase, say gold with PP.

Trust me, PP won't care about that nor will they be understanding of logic. Other people will also be weary of using PP in trades due to the ease of chargebacks.

Yeah, they do seem like real bastards from what I can gather from reading up on the subject. I might just screw PayPal and attempt to teach my users to use BTC. Their fee's are high as shit anyway.

Maybe in the future when (if) it actually starts to take off I can consider offering a PP option using what soopy452000 suggested and verifying a US account with a VCC, although it does seem a little blackhat Tongue

.
Question still stands though: Why a US account? And would I need a VPN so that it doesn't flag?

hilariousandco

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Quote from: TingCoin on January 06, 2014, 01:20:11 PM

Quote from: hilariousandco on January 06, 2014, 01:07:29 PM

Pretty sure Paypal will freeze your account if they find out you're dealing in virtual goods and Bitcoin. Seen it happen so many times.

That really sucks, however the PP account won't be used for BTC trades at all. Purely as an escrow account for people who want to purchase, say gold with PP.

Trust me, PP won't care about that nor will they be understanding of logic. Other people will also be weary of using PP in trades due to the ease of chargebacks.

TingCoin

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Activity: 720

Merit: 500

Quote from: hilariousandco on January 06, 2014, 01:07:29 PM

Pretty sure Paypal will freeze your account if they find out you're dealing in virtual goods and Bitcoin. Seen it happen so many times.

That really sucks, however the PP account won't be used for BTC trades at all. Purely as an escrow account for people who want to purchase, say gold with PP.

Quote from: soopy452000 on January 06, 2014, 01:13:28 PM

Quote from: TingCoin on January 06, 2014, 01:09:57 PM

Quote from: Olly_K on January 06, 2014, 01:01:10 PM

the amount you can recieve/withdraw is limited on un-verified accounts IIRC

Is that really the only limitation? And when you say "withdraw", do you mean to a bank account? Because I won't even need to do that for what I'll be doing.

If it's not linked to any bank accounts, and has no identifiable stuff linked to it apart from my name and business name (which will literally just be a forum and in future a webpage with an sql database), won't PayPal notice transactions going in and out and block the account because it's fishy? I've heard of people getting funds confiscated for months.

None of the transactions will be particularly big, likely all less than £50.

Better verify use a VCC or VBA , takes off limits and red flags by PP , use a US Account. You'll be good.

Why a US account? And would it be ok to do this even though I'll be logging in with a UK IP, I won't need a VPN or anything? I'll have a look at what a VCC or VBA is now, if someone here doesn't tell me first Tongue

soopy452000

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Quote from: TingCoin on January 06, 2014, 01:09:57 PM

Quote from: Olly_K on January 06, 2014, 01:01:10 PM

the amount you can recieve/withdraw is limited on un-verified accounts IIRC

Is that really the only limitation? And when you say "withdraw", do you mean to a bank account? Because I won't even need to do that for what I'll be doing.

If it's not linked to any bank accounts, and has no identifiable stuff linked to it apart from my name and business name (which will literally just be a forum and in future a webpage with an sql database), won't PayPal notice transactions going in and out and block the account because it's fishy? I've heard of people getting funds confiscated for months.

None of the transactions will be particularly big, likely all less than £50.

Better verify use a VCC or VBA , takes off limits and red flags by PP , use a US Account. You'll be good.

TingCoin

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Merit: 500

Quote from: Olly_K on January 06, 2014, 01:01:10 PM

the amount you can recieve/withdraw is limited on un-verified accounts IIRC

Is that really the only limitation? And when you say "withdraw", do you mean to a bank account? Because I won't even need to do that for what I'll be doing.

If it's not linked to any bank accounts, and has no identifiable stuff linked to it apart from my name and business name (which will literally just be a forum and in future a webpage with an sql database), won't PayPal notice transactions going in and out and block the account because it's fishy? I've heard of people getting funds confiscated for months.

None of the transactions will be particularly big, likely all less than £50.

hilariousandco

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Pretty sure Paypal will freeze your account if they find out you're dealing in virtual goods and Bitcoin. Seen it happen so many times.

TingCoin

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Merit: 500

Hey everyone,

so basically I'm thinking of starting a small business (if you can call it that) offering a service that allows people to trade virtual items in an online game for real money where I'd provide an escrow service.. I want the payment methods to be BTC and PP.

Could I just leave the PP business account unverified and to "cash-out" just purchase BTC with any profits left on it (basically just using it as a wallet)? What are the limitations of doing this, and would this be breaking any laws or PayPal rules risking the account being closed and funds stolen?

The reason I want to do this is just to keep my identity away from the business, so I don't get my main account banned on the game for assisting with RMT (Real Money Trade).

Cheers!

Topic: Possible to have an unverified PayPal business account and "cashout" buying BTC? (Read 1676 times)