I keep pondering this.....and I can't come up with a good solution that will be EASY.

We currently have our personal checking and savings, which of course, I don't want to use for the business.

I also have a PayPal account and can accept credit/debit card payment.

I plan to utilize PayPal for most if not all of the transactions related to people paying me for services.

Can I get some feedback from you fine ladies? Where do you save your money for taxes? I would love to have a secondary PayPal account so I can just move money between the two accounts, but I don't think I can have a 2nd account. I also have the ability to set up a high yield money market through my credit card company, but unfortunately it doesn't appear that I could transfer $ from PayPal to the money market acct.

I want this part of the business to be as streamlined as possible, but can't get my mind around what would be the best option. Thanks!

Hi,

I posted this link a while back to an article titled '5 PayPal Alternatives', which might be of help. I myself have used 'AlertPay' one of their suggested alternatives with no trouble.

Hope that helps!

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Kate V. Kerans
Kerans Virtual Assistance

I think you're right that two Paypal accounts might not be the best solution if for no other reason than the fees involved with sending it back and forth.

We're still waiting for our LLP paperwork to finish up, at which point we'll set up a business bank account but in the meantime I have set up an additional savings account attached to another account (which is attached to Paypal) and I just move the money over there on a semi-regular basis.

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I have a personal checking, business checking, PayPal account and an online savings account through ING. My PayPal account is linked to both checking accounts. Whenever I receive money into the PayPal account I transfer it to one of the checking accounts, depending on whether it's personal or business (mostly business these days).

I use QuickBooks to keep track of both personal and business expenses. If it is business income then I transfer it from PayPal and apply it to the appropriate client invoice, I then make a deposit less the PayPal fees.

My savings account is also linked to both personal and business accounts.

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Rebecka Melson ~ Virtual Business Services

Rebecka, I had never realized you could add more than one bank account to a Paypal account - LOL....you learn something new every day (and this is info I need!) Great to know!

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Originally Posted by Rebecka

I have a personal checking, business checking, PayPal account and an online savings account through ING. My PayPal account is linked to both checking accounts. Whenever I receive money into the PayPal account I transfer it to one of the checking accounts, depending on whether it's personal or business (mostly business these days). I use QuickBooks to keep track of both personal and business expenses. If it is business income then I transfer it from PayPal and apply it to the appropriate client invoice, I then make a deposit less the PayPal fees. My savings account is also linked to both personal and business accounts.

Exactly the same thing I do Rebecka. I think ING is great. There are other high yield online savings accounts you can check into as well.

Originally Posted by YourLeftHand

I keep pondering this.....and I can't come up with a good solution that will be EASY. We currently have our personal checking and savings, which of course, I don't want to use for the business. I also have a PayPal account and can accept credit/debit card payment. I plan to utilize PayPal for most if not all of the transactions related to people paying me for services. Can I get some feedback from you fine ladies? Where do you save your money for taxes? I would love to have a secondary PayPal account so I can just move money between the two accounts, but I don't think I can have a 2nd account. I also have the ability to set up a high yield money market through my credit card company, but unfortunately it doesn't appear that I could transfer $ from PayPal to the money market acct. I want this part of the business to be as streamlined as possible, but can't get my mind around what would be the best option. Thanks!

I have a business checking and savings account. I transfer the money from the checking account to the savings account for my taxes. I will be looking into doing a LLC or LLP very soon.

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Gina Murray, MGM Virtual Office Solutions
www.mgmvirtualoffice.com

Originally Posted by Tess

Rebecka, I had never realized you could add more than one bank account to a Paypal account - LOL....you learn something new every day (and this is info I need!) Great to know!

Yes, it makes it very convenient. I already had a personal PP account so I just use it for my business, I don't need ANOTHER account to keep track of. Actually I had forgotten, but I have my savings account linked to it too. I'm not sure if there is a limit on how many you can add, but so far I have 3 accounts linked to it to transfer money from plus several credit cards for sending money out.

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Rebecka Melson ~ Virtual Business Services

I have a business bank account with cheque book, PayPal account (attached to cheque account), Merchant account that deposits straight to the cheque account once the transaction has cleared and a savings account to save up for tax time. I keep all my personal transactions separate in a different savings account.

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Kylie Short
Tilda Virtual Services - Making virtual personal

Thanks for all of the great ideas, ladies! This is the part that hurts my brain a little bit, but you all helped make it a little less painful. I'm going to be meeting w/ tax person in the very near future, so she should have some good ideas as well. Have a great day!