Entrance Fee Request question

[jman1076]

I am having a party and we are charging an entrance fee of $20 that includes alcohol, food and a tshirt. There will be approximately 200-300 people  prepaying via paypal.

I thought I read somewhere that there is a $500 limit on personal accounts per month. I don't want my money sitting in paypals accounts for months while I try to get access to it. 

Does anyone see any issues with receiving the money and being able to pull it all out at once?

[TekGems]

Yes.

You should read the Paypal Personal account terms carefully. There are also limitations on how many credit card funded transactions you can receive. Either pay for a Premier/Business account or figure out another way to collect payment like cash at the door or pre-sales at a secure location with cash.

They also have iPhone apps, while not free, is merchant account in a box with a virtual terminal (ProPay) or magnetic card reader like Square. 2.9% + $0.30 is actually quite high even for card-not-present and you have alternatives that can give you a better rate.