PayPal no longer accepted. (1 Viewer)

[RSnodgrass]

As a small business I switched off PayPal for patently lying to me about fees, failure to disclose or show disclosure once confronted, and randomly holding funds for indiscriminate amounts of time and charging 1% to release.

As a club, sadly, we've also had numerous issues with them during my time.

As an unregulated bank & in light of their most recent reconfirmed intentions to fine anyone they disagree with for $2,500 and retaining the ability to draft from any linked accounts I closed my accounts.

Sorry for any inconveniences, I can pay/get paid any number of other ways.

 

[Pico bam]

Good for you, the 600$ 1099k was the last straw for me I'm not a business! Nore do I keep records that prove what I paid for things I'm selling. Really ridiculous stuff lately. Almost impossible to sell on r2r now also.

 

[spsick]

Good for you, the 600$ 1099k was the last straw for me I'm not a business! Nore do I keep records that prove what I paid for things I'm selling. Really ridiculous stuff lately. Almost impossible to sell on r2r now also.

Wow that’s pretty ridiculous

 

[Jake]

Good for you, the 600$ 1099k was the last straw for me I'm not a business! Nore do I keep records that prove what I paid for things I'm selling. Really ridiculous stuff lately. Almost impossible to sell on r2r now also.

Uh oh I just sold about $400 worth of stuff on PayPal

 

[Jake]

How is Venmo or any other payment app?

 

[spsick]

How is Venmo or any other payment app?

Venmo is owned by PayPal but it’s like a peer to peer money transfer so no protections like if you send friends or family on PayPal

 

[Jake]

I always do friends or family when buying or selling to club members have never had a problem are the issues with the business transactions I’m assuming

 

[spsick]

I always do friends or family when buying or selling to club members have never had a problem are the issues with the business transactions I’m assuming

Totally. And if you’re trading on national forums the business route is required.

 

[Pico bam]

I always do friends or family when buying or selling to club members have never had a problem are the issues with the business transactions I’m assuming

Yea for the business transactions. Venmo has this option aswell and will send a 1099k If you go over 600$ in a calender year. Friends and family still works like it did before. Buisness transactions used to be 20k or 200 transactions then youd get a tax form. It's been lowered dramatically. Really makes it difficult to sell on r2r like I said before. The expense in this hobby greatly outweighs any "profit". Really just enough for fish food and salt maybe a coupe new frags if I'm lucky.

 

[miltonkl]

Good for you, the 600$ 1099k was the last straw for me I'm not a business! Nore do I keep records that prove what I paid for things I'm selling. Really ridiculous stuff lately. Almost impossible to sell on r2r now also.

While I'm also firmly in the anti-paypal camp, this was a federal tax change, not a Paypal change. Any platform on which you earn $600 or more in 2022 will now send you a 1099. I expect a fair number of small scale facebook and ebay sellers are going to be surprised come tax time this year.

 

[RSnodgrass]

While I'm also firmly in the anti-paypal camp, this was a federal tax change, not a Paypal change. Any platform on which you earn $600 or more in 2022 will now send you a 1099. I expect a fair number of small scale facebook and ebay sellers are going to be surprised come tax time this year.

PayPal volunteered it ahead of the law as I recall... not that it matters.