It's not a Paypal option, you set it up with your own bank.
You have TWO separate bank accounts. Paypal links to ONE of these accounts. When the Paypal funds are deposited into this one account (the linked account), you then transfer the funds into your second account (which is NOT linked to Paypal).
lol wut
I know, this is the process I already use that I described a few posts up. I was under the impression that he was then saying that you can somehow link PayPal to the account but without allowing it to debit anything even if there is money in it, so it's just a one-way link.
What he said makes perfect sense and is completely true.
Not completely. As far as I know, in my experience they never took funds from my bank account. They could stop a withdrawal in process or what they would do is make your paypal account go in the negative. So say they want to reverse $75k your paypal account balance will now be -$75k so whenever you get new payments into your account it will go towards the balance or you have to deposit the funds yourself to bring it to $0 or else your account will stay limited and locked until it reaches a $0 balance. If you don't bring it to a $0 balance and abandon the account it will go to collections and they will try to ruin your credit. So it doesn't really matter if you withdraw into a separate bank account , not saying you shouldn't though. I guess it could help you feel better, the thing is that if you're doing any significant volume you're not going to get a chance to withdraw it, any unusual high amount will flag their system, cancel the withdrawal and limit your account.
I didn't feel the need.
What POs me more than anything is they want my wholesale contacts, prices paid, ect. All of it as far as I'm concerned are trade secrets since someone with my supplier list could theoretically buy and market like I'm doing.
Are you actually concerned about that? C'mon, they are trying to mitigate risk by checking if these are legit transactions, it's not some evil plot to take over your biz model, what do you expect? If I was a Paypal rep investigating it for you , and you start jabbering that way, I'd probably be inclined to freeze the funds till i got to the bottom of it too
I don't care for Paypal personally but people need to realize there is a reason they freeze funds in situations like this. It's not Paypal's goal to freeze them, they dont make any more money on it, they just don't want to be sued and hated when scammers empty accounts, and innocent people are going to affected by their security measures. Provide the info they ask, be courteous, and if they are still being a pain after a week, turn up the pressure with a letter, but half of what people are saying in here as "advice" is going to get your money frozen the full 180 days, which they are legally allowed to do.
Can't believe I feel inclined to stick up for Paypal, mus be the holidays.
Are you actually concerned about that? C'mon, they are trying to mitigate risk by checking if these are legit transactions, it's not some evil plot to take over your biz model, what do you expect? If I was a Paypal rep investigating it for you , and you start jabbering that way, I'd probably be inclined to freeze the funds till i got to the bottom of it too
I don't care for Paypal personally but people need to realize there is a reason they freeze funds in situations like this. It's not Paypal's goal to freeze them, they dont make any more money on it, they just don't want to be sued and hated when scammers empty accounts, and innocent people are going to affected by their security measures. Provide the info they ask, be courteous, and if they are still being a pain after a week, turn up the pressure with a letter, but half of what people are saying in here as "advice" is going to get your money frozen the full 180 days, which they are legally allowed to do.
Can't believe I feel inclined to stick up for Paypal, mus be the holidays.
Completely agree with you. Why dont my other merchant accounts act with the same behavior? Are they scared? Maybe, but they always pay me, have yet to freeze a nickle.
Feel free to use them if you like. Just know that when the time comes that you need money to run your buisness, it just might not be available for 180 days.
Any merchant processor can freeze your funds for 180 days if they suspect something. Have your chargeback rate go up or something out of the ordinary and they'll be asking questions rather quickly. Paypal does it cause it's also their customer as well, and the lines of communication are rather easy for them.
I think people need to move away from Paypal too, they tried to freeze some funds of mine a while back, I call them up, told them what's up - was nice, they unfroze my money. I still recommend a real processor though.
And as a business never take American Express...
This shit just happened to me. Not $70k but mother fuckers reversed the transfer I had made to withdraw my paypal money to my bank account. I bitched on twitter but I am going to go back and read through every post to do everything that everyone suggests. It's gay though because it's thanksgiving.
They asked for a copy of our corporate bank account which is none of their fucking business. Anyways they made me install this: https://www.paypal.com/us/cgi-bin/webscr?cmd=xpt/Customer/popup/SecurityKeyVIP-outside
And now my account is a go. The upside seems to be as long as the VIP key is used I can log in from anywhere without fear of being limited for suspicious activity.
Are you actually concerned about that? C'mon, they are trying to mitigate risk by checking if these are legit transactions, it's not some evil plot to take over your biz model, what do you expect? If I was a Paypal rep investigating it for you , and you start jabbering that way, I'd probably be inclined to freeze the funds till i got to the bottom of it too
I don't care for Paypal personally but people need to realize there is a reason they freeze funds in situations like this. It's not Paypal's goal to freeze them, they dont make any more money on it, they just don't want to be sued and hated when scammers empty accounts, and innocent people are going to affected by their security measures. Provide the info they ask, be courteous, and if they are still being a pain after a week, turn up the pressure with a letter, but half of what people are saying in here as "advice" is going to get your money frozen the full 180 days, which they are legally allowed to do.
Can't believe I feel inclined to stick up for Paypal, mus be the holidays.