Paypal froze $70k+ in my account.
- Thread starter schockergd
- Start date
Paypal called me last night about everything.
We had 72k, refunded the remainder, one guy had an order of around 7k and found our story on reddit, felt bad for us and ended up just wiring money to our business account so he could secure his place in line for pre-order. This took our account balance down to 65k or so.
Out of the remaining ~$65k in the account Paypal released $14k-$15k to us, keeping the $50k as a reserve till the remaining pre-order stuff goes out. Unfortunately that pre-order is only $35k worth of stuff, so they've taken a extra $15k worth of product that's already been sent out to customers. That $70k included money for a early pre-order (Already shipped out and delivered to customers) and money that was from non-preorder November orders that were taken care of a long time ago.
We had 72k, refunded the remainder, one guy had an order of around 7k and found our story on reddit, felt bad for us and ended up just wiring money to our business account so he could secure his place in line for pre-order. This took our account balance down to 65k or so.
Out of the remaining ~$65k in the account Paypal released $14k-$15k to us, keeping the $50k as a reserve till the remaining pre-order stuff goes out. Unfortunately that pre-order is only $35k worth of stuff, so they've taken a extra $15k worth of product that's already been sent out to customers. That $70k included money for a early pre-order (Already shipped out and delivered to customers) and money that was from non-preorder November orders that were taken care of a long time ago.
+1 for stickies. Got lots of info here! Thanks for putting this up schockergd
Anyways I had an account before where they froze just $3k for 6 whole months. What i was earning back then was $20 per order, got around 1-2 orders daily then I got a bulk client for $3k for a custom order of 3 straight months and they froze my account as well.
I think its because of a certain percentage of what you are regularly earning compared to what got in now. But got the tip of CC to call a business associate and Ill do that next time
Thanks for this thread!
+1 again for stickies
Anyways I had an account before where they froze just $3k for 6 whole months. What i was earning back then was $20 per order, got around 1-2 orders daily then I got a bulk client for $3k for a custom order of 3 straight months and they froze my account as well.
I think its because of a certain percentage of what you are regularly earning compared to what got in now. But got the tip of CC to call a business associate and Ill do that next time
Thanks for this thread!
+1 again for stickies
In the mean time, we set up Bitcoin payments along with chase through auth.net
Bitcoin has been fantastic (No fees, instant payment without any reserves).
Chase is around 2% per transaction, and since the pre-order stuff is 'high risk' they want 20% of each purchase as a reserve till we hit $17k in the reserve account. Not a fantastic deal, but we're processing again.
Bitcoin has been fantastic (No fees, instant payment without any reserves).
Chase is around 2% per transaction, and since the pre-order stuff is 'high risk' they want 20% of each purchase as a reserve till we hit $17k in the reserve account. Not a fantastic deal, but we're processing again.
i 2nd this.. i found a story about doing this on-line and it worked for me as well for almost all accounts but 1. HOwever, that account did have fake names, etc.
Make it clear you will file with Califorinia State Attorney & the others listed.
....
Would never keep that much $$$ in PP. Bank > PP > Bank > PP on a daily basis if I had to.
My gripe with PP..
I've gone through 2 CCs now.. They have some $4,000 guest checkout limit. ($8K)
I don't want to sign up outside of my own personal account.
Lame.
Would never keep that much $$$ in PP. Bank > PP > Bank > PP on a daily basis if I had to.
My gripe with PP..
I've gone through 2 CCs now.. They have some $4,000 guest checkout limit. ($8K)
I don't want to sign up outside of my own personal account.
Lame.
It wasn't my choice. I was withdrawing money every day, then they decided they were going to reverse the ACHes (Until the money is in your account, confirmed by your bank, they can do that).
Now, Chase has canned the merchant account for being 'too high risk' selling bitcoin products. They EXPLICITLY said they will not allow anything related to bitcoin.
Now, Chase has canned the merchant account for being 'too high risk' selling bitcoin products. They EXPLICITLY said they will not allow anything related to bitcoin.
Make sure you confirm with Chase that they didn't place you on the MATCH file.
Also has anyone sent you any payments via bitcoin yet?
It's not gov file. It's a Mastercard owned and managed database. MATCH stands for Member Alert to Control High-Risk. It's essentially a blacklist for terminated merchants. Once you're on it, it's hard to be removed from it, and it's extremely difficult to apply for merchant accounts once you're on the MATCH. Pretty much all the domestic processors will deny your application without giving it a second thought if you're on the MATCH. Good luck bro.
One silver lining is that your record is purged from the MATCH after 5 years. Some people have also managed to be removed from the MATCH by hiring a lawyer and disputing the listing. Be prepared to pay a large retainer though.
Plenty of bitcoin business, however it makes up just 10% of volume compared to paypal or credit cards.
I wonder what would happen if you only offered bitcoin as a payment option and included easy to follow instructions on how to deposit money and convert it into bitcoins for the newbs. Any interest in trying that?
I think it would be a cool experiment to do while you're lining up other forms of processing.
It could work, but it'll take 3-5 days to deposit USD into BTC to use it to buy.
With such an expensive product, I don't think the extra 3 to 5 days would be much of a problem. It's a major purchase so I imagine the customer put some thought into buying this anyway.
You should go for it and let us know your results! I am sure Lukep would approve.
This thread makes me understand having an online presence can be very useful in situations
Your post makes me understand genocide, and indeed, encourages me to support it.
Friend of Influence
If you have a friend or relative who has a good deal of community status, online or off, let them call on your behalf.
Paypal might be an internet company, but it's still a company. See who's around that you can hit up for a favor to call someone in their upper staff.
If you have a friend or relative who has a good deal of community status, online or off, let them call on your behalf.
Paypal might be an internet company, but it's still a company. See who's around that you can hit up for a favor to call someone in their upper staff.