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  • #995239
    stapleton
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    I have recently set up a family trust and now find that PayPal will not accept this as the business.

    1. Is there a way around this? If I set up a new business that is owned by the trust will PayPal be happy?

    2. Do I need PayPal for online payments or will my customers be happy paying ONLY by credit card?

    Thanks, David

    #1200775
    bb1
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    stapleton, post: 237850, member: 80829 wrote:
    I
    1. Is there a way around this? If I set up a new business that is owned by the trust will PayPal be happy?

    Easiest, quickest and most likely best way to get the correct answer, ring them,

    #1200776
    stapleton
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    they are not helpful even for simple things and all US-based people on the other end of the phone, was hoping somewhere had come across this before.

    Thanks anyway

    #1200777
    Paul – FS Concierge
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    Hi David,

    I would use a business name for PP or try alternatives such as Stripe.

    I took this approach with a previous business and had no problems from a tax point of view.

    The best thing in my experience about both is that they enable me to make it easy for the buyer to buy and a key reason in some buyer’s minds is that you do not hold credit card details in your database ie, the buyer trusts PP/Stripe.

    Good luck.

    #1200778
    LucasArthur
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    Howdy David

    Ok, couple of points in random reply will be below although i wish i retained a contact i used to have at paypal (i moved warehouses and partnership alteration and lost lots of data) as this would have been easy to address – meaning told how to resolve, or best way.

    First question, is it a straight trust with no ATF being a company or other?

    We recently set up a trust account with paypal, although used our company that was the trustee of the set up which i think makes it easier as there is a legal entity running the trust – which sometimes scares financial institutions trying to follow regulatory requirements if there isnt – alnd would ultimately fall to an individual.

    Second comment, i am so sorry to hear about the issues in getting answers – Personally i have never had an issue with paypal on the phone and have spoken to them for various reasons in the last few months :), although is it because you keep getting the same answer of being unable to do what you are trying to do? Give this number a call, i think it is the Australian BDM’s for paypal, i hope… have not called this particular number in a while so please update us.. 1800 729 725

    Just ask them what is required to operate as a trust – if they say a trust on its own needs a trustee, that will be easy to resolve (and not expensive) but hopefully its just a simple – yup, send this in and you are good to go..

    Good luck.

    Jason

    Jason Ramage | Lucas Arthur Pty Ltd | E: [email protected]   P: 61 3 8324 0344    M: 61 412 244 888
    #1200779
    bb1
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    stapleton, post: 237852, member: 80829 wrote:
    they are not helpful even for simple things and all US-based people on the other end of the phone, was hoping somewhere had come across this before.

    Thanks anyway

    The problem here is that you are hoping to get reliable advise on a forum, which may require you to change your business structure, which in my understanding could cost you $’s. Now as we all know on a forum you will ask 5 people and get 6.5 answers, and potentially all 6.5 of them will be wrong, and you may spend $’s implementing what the majority on here suggest, than when you go back to paypal, and be told no go away again.

    The most reliable information source is the business you are trying to deal with, if the person on the phone cant help you, ask for there boss.

    #1200780
    eWAY
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    Hi David,

    Unfortunately I can’t advise on the PayPal situation, but I’d be happy to chat about how you’re going about your card payments – would love to get you on eWAY.

    Maclean

    #1200781
    Pin Payments
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    • Total posts: 33
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    We support family trusts if you’re interested in having a chat.

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