I've been using paypal for many years now. I feel like it protects both the buyer and the seller. But I just got a strange message from them. They said if I got over $800 a month in payments they would hold my funds for 20 some odd days while they evaluated my selling. What? Has anybody had something like this happen to them? I've received over $700 into my paypal account for parts I've sold since the first of October. So they're warning me I'm nearing that $800 mark. They gave me the option to request a higher limit, although the next number was $5,000 in a month which I would never hit. I did put in the request but am wondering if there will be strings attached? Are they going to chage fees for the higher amount. I know I've seen members here say they've had problems with paypal and will no longer use it. What is everyone doing? I know Zelle is electronic, but I don't think it protects the buyer, just the seller. Are you guys going back to money orders? Not trying to start a rant on paypal thread, but wanting to hear different ways you guys are doing payments for things you buy or sell.

John

 

I take Pay Pal only as friends now even if I don't know the people. I tell them I totally understand if they don't want the parts because of it. If it is a low priced part and they have a history here or a history on a Facebook group, I will ship first and them PP me friends after they get it. It is that or a check for me now and no other option. If someone PP's me regular I refund it till they do it right. I have only lost one or two sales over it but I am fine with that and completely understand why they didn't want to buy from me.

 

I quit P/P sometime back as well. Postal money order or personal check is fine. Snail mail sucks but it was fine back in the day so I don't have a problem with it.

 

Most of the payments have been from people who know me, and they use family/friends. I wonder if they're starting to crack down on that because they don't get fees for family/friends? I think most of us have gotten comfortable with the ease of moving money electronically. But checks or money orders may be the best option to not pay a lot in fees.

 

They are sitting on my money when it is in the PP account. If they don't get enough from that and want me to pay fees I will just quit using it all together. I don't sell as much as I use to anyway and when I do it is mostly 61-63 parts.

 

Thank your local IRS agent

 

I don't think this issue has anything to do with the IRS. The new IRS rule that caused controversy and was thus delayed a year is that Paypal or any other service that processes transactions has to provide you with a 1099 form (1099-K) at the end of the year if you have transactions over the course of the year exceeding $600. This was supposed to start with the 2022 tax year, but it was delayed until this year. There is no requirement by the IRS that Paypal withhold your funds for any reason. This is a Paypal policy.

https://www.irs.gov/newsroom/irs-ann...s-forms-1099-k

https://www.paypal.com/us/brc/articl...s-availability

 

Maybe not the IRS but the Democrats are totally responsible for this $600 law. The IRS however will get involved if you don't claim the 1099K.

 

And now they are armed, so they mean business.

 

I quit using PayPal many years ago and normally sell requiring USPS money order only and I explain to the buyer that I use this method of payment because it allows me to cash the money order at my local post office and ship the package at the same time... It the buyer doesn't have easy access to a postal system I will accept checks (Bank Check preferred) and other money orders (Walmart etc..), but will not ship until the payment has cleared my bank... So far I have not lost any sales because of it...