posted on February 11, 2004 04:45:15 PM new
I have heard all the horror stories about Paypal, and pretty much discarded them as just that, stories. But was I in for a rude awakening. My company recently embarked on online commerce and we opened a business account. We began slowly testing products on Ebay and Bidz to see what sold consistently. When we found several hot products, we began stocking our inventory with these products and heavily listing them. This led to increased sales, which of course led to increased orders. This is where it gets interesting. I questioned whether or not it made sense to keep a balance of anything over $100.00 in the account and decided that it would probably be safe.....BOY WAS I WRONG.
As I placed more orders for product, Paypal red flagged the account twice, and called me to check that there was no fraud (since usage spiked). That was fine, as I liked the fact that they were protecting against fraud, but suddenly, after 2 calls, they FROZE THE ACCOUNT! Now my company cannot order product, ship or continue to operate, since all the working capital for this unit is tied up in a Paypal account. What is worse, is they want to try to verify a business account with a social security number??!! That would be impossible, since there is no social security number for my company, rather a federal EIN.
I now wonder why I was so dumb as to nor realize these horror stories were true.
posted on February 11, 2004 05:03:52 PM new
not sure what you are saying-you open a paypal business account to buy and sell??
meaning bidders deposit fund into your paypal account and you are withdrawing them to pay your vendors??
are you using dropshippers??
give them your fed number instead of ss number.
-sig file -------the lobster in the boiling pot of water who tries to prevent the others from climbing out.
posted on June 10, 2004 06:06:38 AM new
if the money $1500 does not belong to you,then you should return that money back to paypal.
no need to call a lawyer,what can a lawyer do for you??
-sig file -------we eat to live,not live to eat.
Benjamin Franklin
posted on June 10, 2004 06:07:15 AM new
if the money $1500 does not belong to you,then you should return that money back to paypal.
no need to call a lawyer,what can a lawyer do for you??
-sig file -------we eat to live,not live to eat.
Benjamin Franklin
