The power to take online and mobile payments are rapidly evolving, an essential part of running your business.
Since PayPal has evolved the world’s largest online transaction service company, you are assumably wondering if you should open a PayPal Business Account for your company. There is no charge to set up a PayPal business account, but there are fees associated with many business account features. Arranging up a PayPal business account lets you take advantage of several features not available with a PayPal personal account.
Receiving Payments Through PayPal
Your company can accept payments for goods and services via PayPal. Using a PayPal business account, you can take online amounts via PayPal and in your store or business office through a portable card reader and by phone. Many people, especially those shopping online, prefer to pay using PayPal.
PayPal can also process amounts produced with significant credit and debit cards. There are no monthly setup or cancellation fees, and there are no minimum processing requirements. You can take credit card payments through PayPal even if you don’t accept PayPal itself as a charge option for your customers. For PayPal online payment, your website can have a checkout button for PayPal.
As with any charge processing company, there are fees for processing business transactions through PayPal:
For online transactions, PayPal seizes 2.9% of the transaction amount, plus a flat fee of 30 cents, if the funds come from within the United States.
The fee goes up to 4.4% for funds coming from other countries, plus a flat fee that varies based on the currency used.
For transactions at your store, the expense is 2.7% for funds from the U.S. and 4.2% for funds from another country, plus the flat fee. Additional fees are charged for accepting payments in other currencies.
If you process at least $3,000 per month, you may apply for a PayPal merchant rate, reducing your processing fees. Also, PayPal offers various premium accounts that come with monthly payments, different features, and different transaction fees.
PayPal’s fees may be better or worse than what you can get from other credit card processing companies. Also, as with any processing company, the prices are subject to change. It is always good to shop around periodically for the best rates and terms available at the time.
PayPal Credit for Your Clients
PayPal Credit offers its credit and terms for your customers, which may be more favorable than terms provided by their other credit cards. For example, they will pay no interest if the transaction is paid in full within six months on purchases of $99+. This may function as an incentive for customers to buy from you rather than a competitor that does not offer PayPal Credit.
PayPal Business Loans
A PayPal business account makes your company eligible to apply for two types of business loans.
PayPal Business Loan. You may apply to borrow from $5,000 to $500,000. PayPal says such a loan is best for a business with more than $42,000 in annual revenue and has been in business for at least nine months.
PayPal Working Capital. You may borrow from $1,000 to $125,000. To be eligible for this type of loan, you must:
I own had a PayPal business account for at least 90 days, and
Have processed at least $15,000 through PayPal within the past 12 months. So, if you desire the loan 90 days after opening your business account, you must have processed at least $15,000 during those 90 days.
If you want to shop around for other income processing options, you might want to see what the numerous other processors offer, such as Amazon Pay, Apple Pay, Dwolla, Google Wallet, WePay, Stripe, and TransferWise. The latter two are especially popular with businesses with many customers in other countries.
Other companies that offer invoicing programs, such as FreshBooks, QuickBooks, and Wave, may allow you to accept eChecks and ACH bank transfers from your customers, often at no charge.
PayPal is not a bank, so it is not subject to banking rules, and the funds that PayPal holds are not protected by FDIC insurance.
To determine whether a PayPal business account is correct for you, you will need to weigh the convenience versus the fees, decide if accepting payments through PayPal will increase your business, and evaluate other available payment processing options.
As with just about any company you do company with today, there is always the risk that your information might get hacked. Also, PayPal seeks to have you link your bank account to your PayPal account. To do this, PayPal asks you to provide it with your user ID and password for your online banking. This could allow a dishonest PayPal employee or someone who successfully hacks PayPal to access (or wipe out) your bank account.
PayPal has been known to freeze accounts with no warning and without explanation. This ties up the money in your PayPal account until you resolve whatever issue PayPal has identified.
This portion of the site is for informative purposes only. The content is not legal advice.
According to the Civil Code, there are several ways can acquire ownership over real estate. When selling a property in Russia, the owner needs to know their rights over the property. The following types of ownership rights are acknowledged in Russia :
– land plots or real estate properties that have been inherited by the current owners, which can sell without any legal problem;
– mortgaged properties that cannot be sold without prior notification to the bank and the person to buy the real estate.
In the latter situation, the buyer will be required to assume the mortgage over the property. However, it is good to know that mortgaged property sales are infrequent in Russia.
The selection criteria in Russia do not usually include a property’s physical condition, as in most cases, buyers prefer doing their renovations and arrangements. However, other sale conditions are seen as more important, namely the legalaspects of the propertyand the completeness of the paperwork (done by the seller). For example, if you have inherited the estate, you should register the title before selling it. If you have Russian relatives registered on your property, you should write them at another address, thus putting it on the market free of third-party rights.
The owner of a Russian property is not required to complete any specific steps when selling unless they want to. One can advertise the sale of the respective property on specialized websites or with real estate agencies.
When preparing the sale of real estate, the proprietor must ensure that:
– they have all the documents which need to be presented during the transaction;
– they are the owners of the properties – the property deed must bear their name;
– they draft a pre-sale or directly a sale-purchase agreement with the buyer;
– they have paid all the taxes related to owning a property, according to the Russian law;
– they provide all the documents the buyer will need to register the property in their name.
It is also essential to know that the property seller has the right to verify the person or company when selling real estate in Russia. Our law firm in Russia can ensure the real estate due to diligence procedure on behalf of sellers and buyers.
The sale of commercial properties in Russia is quite common. Many foreign companies setting up operations here are also interested in acquiring office buildings or land plots to carry out their functions. While there are certain restrictions related to purchasing land plots in certain areas, the purchase of private-owned commercial real estate is permitted.
It is important to note that the sale of commercial real estate will imply a thorough verification of the buyer and assistance from a law firm in Russia.
Another aspect to consider is that commercial real estate sales can be part of an acquisition deal for an entire business, a case in which specific clauses apply. Our attorneys in Russia can guide local companies interested in selling real estate as part of an acquisition deal by complying with the legislation in this sense.
Both the seller and the buyer need to prepare a set of documents when completing a real estate transaction. This set of documents must comprise:
– the identification papers (ID or valid passports) of both the seller and the buyer;
– the sale-purchase agreement, which both the seller and buyer must sign;
– the property title which the seller must bring upon the completion of the transaction;
– a power of attorney, if one of the parties has enabled a third person to complete the transaction on their behalf;
– the mortgage holder’s consent if the property is subject to a mortgage.
Our Russian lawyers can help the seller prepare the documents when such a transaction is completed. We can also offer representation during the transaction if the property owner is not in the country. We only need a power of attorney to represent them.
Once the transaction is completed, we can also ensure the former owner no longer appears in the Land Register’s records to avoid paying additional taxes.
The video below presents the main steps required to sell the real estate property in Russia :
Must register the sale-purchase contract with the State Registrar for the Property Rights and Deals. There are two kinds of registration in Russia:
– the expedited registration (which can take up to two weeks); a fee has to be paid per entry, and if the purchased property is a building that has land, a separate price is necessary for registering the ground as well;
– the usual registration (which takes up to four weeks).
The sale transaction usually takes place in a bank. The seller and the buyer execute a preliminary contract, describing all the conditions of the deal that is about to be closed and stating the list of documents that have to be provided by the seller. After the payment, both have to sign the agreement before a notary or realtor. You can ask our attorneys in Russia for more information or advice on issues related to selling a property or otherlegal matters.
The tax rates depend on the tax residency of the vendor. Typically, persons who exceed 183 days per year in the Russian Federation are seen as tax residents, and the tax rate is 13%. These sellers have to pay taxes on the capital gains. In the case of owning a property for more than three years, the vendor is exempt from all taxes. For non-residents, there are no tax exemptions, and they have to pay 30% on the sale proceeds.
If you are searching for professional legal assistance, feel free to contact our lawyers in Russia. We can help both the seller and the buyer complete any residential or commercial real estate-related transaction. However, you can also rely on us for assistance in other legal matters, such as starting a company in Russia.