25 Feb 12 12:40 am
Cecille pretty much got it right. The only thing is check about the pen name, I highly doubt they'll let you do it though, and here's why I suggest you be careful.
Those horror stories were true for me at one point, simply because I was naive when I first started using PayPal. Firstly, yes pretty much everything said on those sites are true, some don't apply currently (they've updated some stuff), but most do.
Firstly, don't lie. Don't put anything down that's not true or real. Keep your name, address (of the business if you register as a business), license numbers, company name/s, phone numbers, DOB, etc etc all real.
Why? Because WHEN (not if) but when you get limited. Trust me, if you start receiving too many payments too quickly, it will happen, or even if you just get a lot of money (I've had 2 accounts limited, both legit and all, but one after 2 years I think because I had a total withdrawal amount that was very high, and one after 1 month after I sold a $1500 laptop on eBay that was mine, nothing weird about it, just that PayPal thought I was fraudulent). So when this happens, they want ALL your details. I'm in Australia, but I've heard if you're in the US they even want your social security number. They've tried getting my passport number and all off me too. The problem is if you don't comply fully (I didn't the first time), and I caused up a bit of a stir, you realise there is no other way and things will never go your way. It's all in their policy. I've had funds frozen in my account for 6 months! Then only I could withdraw it out (read their policy).
I could go on and on, PM me if you have any direct questions.
But here's what I suggest. USE it, but don't rely on it. Set up some sort of a backup, because if you're product sells incredibly well (eg. look at the WF link you had on the product launch limitation, it's obviously a common occurrence for those making high volume sales), and your PayPal is limited and it's the only method you use, yes you can still receive payments but you won't be able to withdraw them out until PayPal lifts those limitations.
1) Go to PayPal support, call them and tell them what you're going to do. Ask them for THEIR advice. What account you should set up, what information you should put on, etc. etc. Tell them how much predicted sales you believe you will be receiving, and ask for the best account type and structure you should set up.
2) Do the sales without fear of the account being limited. Like I said above, you can still get a limited account and receive payments, just not withdraw to your bank account. Only when your account is restricted (banned), you can't do either.
3) If/When limited, give them what they want, but do some research (go here and read in the PayPal threads http://www.aspkin.com/forums/
) and see the sort of stuff they will ask, get it ready. Most importantly, don't lie or put anything incorrect down as your information, even if it's a mistake, because when it comes down to it, they're a massive company and do things on a mass scale. If your account isn't matching up somewhere to the documents you provide, it may ring bells for them.
4) You should be good though. They do it just to protect their customers and their business, once they know what you're doing you'll be fine. Limits get removed plenty of times, the only reason they won't get removed is:
- You're selling something illegal.
- Customers are complaining about your product/asking for refunds too often.
- Your information is incorrect or something doesn't match up.
But you probably know most of the above from your research already. Oh and by the way, if you put it in $USD, and the USD$ goes down (NZ$ goes up), be prepared to get paid less for your products in your currency... If you put it in $NZD, you can get a guaranteed price for your product, BUT it will keep fluctuating and even getting higher if you're selling to Americans. So it depends who you're selling to. Try both (you can have multiple currencies on a PayPal) and test which sells better.