Venmo/paypal to my business account?
Summary of the user’s inquiry and responses:
- Main Problem: The user, Speissofcake, is seeking to send payment requests via Venmo or PayPal from their business account but cannot find an invoicing option.
- Solution 1: Fidelity representatives clarified that only non-retirement individual accounts are eligible for digital payments like Venmo and PayPal, and business accounts do not have this capability.
- Solution 2: As alternatives, Fidelity suggested using ACH, bank wires, direct deposits, check writing, or Electronic Funds Transfers (EFTs) for requesting funds from the business account.
- Additional Information: Links were provided for more details on wire transfers, direct deposits, and information about Fidelity accounts for businesses.
Here’s the full thread
Hi, I have a business account and I was wondering if I can send out requests to accounts to get paid in Venmo or PayPal. I don’t see anywhere where I can invoice.
Hi, @Speissofcake. Thanks for reaching out!
At this time, only non-retirement Individual, Joint, and Trust accounts that are registered under a client’s social security number are eligible to use digital payments, such as Venmo and PayPal. This does not include business account.
With that said, I will pass your post along as feedback for our development teams to review including business accounts for digital payments.
Please let us know if any other questions come up. 🟢
Besides ACH is there a way I can invoice or request funds from my bizz account?
Great question, @Speissofcake.
In addition to ACH, our business account features generally allow bank wires, direct deposit, check writing, and Electronic Funds Transfers (EFTs).
I’ve included some links below for you to learn more.
Information needed for Wire Transfers: https://www.fidelity.com/cash-management/information-needed-wire-to-fidelity-account
Information needed for Direct Deposits (login required): https://digital.fidelity.com/prgw/digital/login/full-page?AuthRedUrl=https://digital.fidelity.com/ftgw/digital/direct-deposit-information/
Learn more about the Fidelity Account for Businesses: https://www.fidelity.com/open-account/fidelity-account-for-businesses
If there is anything we can clarify or if additional questions pop up, please don’t hesitate to ask! We’re always happy to help. 🟢