paypal - and previous liquidation history

clockboxs

Hi, hopefully you can give me some advice re paypal. i have a paypal account for which i sell online and have been trading for about 6 months now. all our customers are 100% happy and customer service is a big must for us so we stride ourselves in this. we would like to apply for a terminal serives account which i think you pay something like £20 per month for, the problem i may have is one of the directors of the company was involved in a liquidation about a year or so ago. as the account is under my name, do you think i will have problems with paypal if i apply for the terminal services as surely they will pick up the other directors past history? we are completely honest and not scoundrells!! but i suspect paypal will pick this up and cause us problems, do you have any experience in this as i dont want to jeopardise our account in any shape or form, i have heard that paypal can just freeze accounts as and when they want to? perhaps we just leave the terminal services alone?? any advice would be hugely helpful, thanks in advance!!

sandin

Its only an issue if they are restricted or banned as a director.

Thousands of companies go into liquidation and most reasons for liquidation are out of the control of the dircetors (economy, non paying customers, loss of a deal etc etc)

It is no hinderence whatsoever for a paypal account or bank account or even a standard merchant servces account.

clockboxs

Thank you so much for your reply. I agree most of the time its not the directors fault and he certainly do any wrong. Why would you be banned as a director? He subsequently camebon board the new company as a director with no problems so i assume we will be ok?? What worried me is we did apply for another merchant accounts a backup and to have two payment options on the sitr but were refused due to a previous liquidation...and i dont have one so much have been due to his one? Appreciate your help. Many thanks!!

sandin wrote: »

Its only an issue if they are restricted or banned as a director.

Thousands of companies go into liquidation and most reasons for liquidation are out of the control of the dircetors (economy, non paying customers, loss of a deal etc etc)

It is no hinderence whatsoever for a paypal account or bank account or even a standard merchant servces account.

kik

Is it a UK PayPal account? PayPal only offers a terminal in the UK (Uk account + UK company).

If the account is under your name, there will be no problem. it should have been a problem if it was under the name of the other director + if he was disqualified.

Hope it helps

clockboxs

Yes thanks...its a uk account and uk ltf company. Paypal have just asked me if there are any other directors so now i am a bit stumped. The other guy was not disqualified he just liquidatedhis company. I dont want to lie but also not sure if paypal uses self certification or actually do company checks on directors. Really appreciate your feedback!!

kik wrote: »

Is it a UK PayPal account? PayPal only offers a terminal in the UK (Uk account + UK company).

If the account is under your name, there will be no problem. it should have been a problem if it was under the name of the other director + if he was disqualified.

Hope it helps

Tails142

honesty is the best policy

kik

clockboxs wrote: »

Yes thanks...its a uk account and uk ltf company. Paypal have just asked me if there are any other directors so now i am a bit stumped. The other guy was not disqualified he just liquidatedhis company. I dont want to lie but also not sure if paypal uses self certification or actually do company checks on directors. Really appreciate your feedback!!

They're asking if there are other directors because for compliance reasons, they will fill them in your account or you need to do it yourself.

they''ll do a credit check on the company if you're applying for a payment terminal.

if it was a voluntary strike off, this is fine again.