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have you used the paypal donation setupthinger

So I have a lot of online friends and one of my closest (real life)friends is "youtube famous" somewhat..... not like that idiot fred, just, he does covers and a ton of little girls are in love with him
so i can get around to a lot of people and
I want to make a paypal account and accept donations towards my kids college fund. i mean I'm not expecting much but some people might donate a dollar you know so, could be fun, could be a good idea.

but has anyone used it? whats it all about? will I run into problems?

Answer Question
 
ElsaSalsaaa

Asked by ElsaSalsaaa at 2:39 PM on Jan. 2, 2011 in Money & Work

Level 20 (9,139 Credits)
Answers (2)
  • People use paypal to send your account donations. Because they are donations, people can't come back and do a charge back or file a complaint that you did not send them something. You will not be able to take credit card donations unless you set up a business account and if you go that route paypal will take a percentage of every donation as their fee. Also, you will not be able to get money from a business account without your own business account.

    scout_mom

    Answer by scout_mom at 2:43 PM on Jan. 2, 2011

  • You need to start by setting up a tax exempt organization with the IRS, otherwise the money will be taxable (I think it is called a 501c)
    rkoloms

    Answer by rkoloms at 2:46 PM on Jan. 2, 2011

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