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The clause establishes procedural requirements for business account termination and specifies conditions under which PayPal may restrict how funds are accessed or withdrawn, contingent on completion of identity verification procedures.
Business account holders must complete identity verification steps and execute a transfer or withdrawal action before closing their account. Accounts with unverified information have restricted withdrawal options limited to linked bank accounts or debit cards rather than other potential transfer methods.
How other platforms handle this
In the European Union, developers can distribute iOS apps outside of the App Store through alternative distribution. Developers can also use third-party payment processors in their apps. These options are available under the Digital Markets Act and require developers to agree to additional terms.
"This will be saved as the default payment method for your subscription. You can change your payment method at any time by visiting your account settings."
The Coinbase Fee varies based on the payment method used for the transaction. Transactions funded via bank account or Coinbase USD Wallet are subject to different fees than transactions funded via debit card.
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"If you have a business account, you must withdraw or transfer any balance from your business account before closing it, and if you have not provided the required identifying information to us, or if we are unable to verify the required identifying information you provide, you must transfer any balance in your business account to a linked bank account or debit card.— Excerpt from PayPal's PayPal User Agreement
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The clause establishes procedural requirements for business account termination and specifies conditions under which PayPal may restrict how funds are accessed or withdrawn, contingent on completion of identity verification procedures.
Business account holders must complete identity verification steps and execute a transfer or withdrawal action before closing their account. Accounts with unverified information have restricted withdrawal options limited to linked bank accounts or debit cards rather than other potential transfer methods.
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