I'm being asked to add a beneficial owner or my account would be limited

[andrewsyto]

I got this message from paypal, but I can't add a beneficial owner: 

"Congratulations on the growth of your business! Because your card sales have increased, we need to collect some information about your beneficial owners as required by US regulations that apply to the banks we partner with to process your card payments. A beneficial owner is each person who, directly or indirectly, holds 25% or more equity ownership of your business, or a person who has a controlling influence in your business.

Please provide this information by January 11, 2020. If we don’t receive it by then, we'll need to limit your account, and you won’t be able to receive payments."

What can I do?

[sharpiemarker]

@andrewsyto 

Is your "business type" in your PayPal account settings set at "Individual", "Sole Proprietor", "Partnership" LLC, INC, CORP or what?

If you're just someone selling, then it should be at "Individual", then you wouldn't need to give beneficial owners' names, etc. As far as I know, that's indicative of partnerships, corps and the like.

I have mines set at "individual" and I get no spots or spaces for entering "beneficial owners". I don't know how ya'll be signing up for accounts, with the business info be wrong.

Maybe you need to call customer service to have them allow you to change business type, if necessary, if it doesn't let you do it on your end:

Account Settings (cog icon) > About the Business > Business Information > Update > Edit (near your business photo/avatar > Business Type 

Choose Individual or Sole Proprietor from the list.

To contact customer service for assistance:

Log on, click HELP on top menu, scroll down to click CONTACT US, and then scroll down to click CALL US or other contact options.

Call early, during business hours, west coast time to try to get a US rep. 

Or contact via social media:

Facebook (US): https://www.facebook.com/paypal

Twitter (US): @AskPayPal