admin : Friday, December 4, 2009, 13:28
PayPal Funds On Hold
I had just changed my merchant service from another merchant provider to paypal, due to PayPal’s claim that online sales will increase up to 14% if you accept payment online by paypal. But I quickly came to realize that if you want to destroy your business please use paypal as your merchant service provider.
My business was running without money because PayPal puts limitations on your account and holds the money for 10-15 days and claims that they are the world strongest financial institution (as said my customer service adviser). PayPal stated that they needed certain information about my business, and were holding the money for 10-15 days. However, the questions only lasted 5-10 minutes?!
The information they said they needed from me was-
1) Personal or Business Bank Statement.
2) Business Fax No.
3) Business Registration
They asked that I send the personal bank statement by fax on 23/11/2009. However, I opened the account (verified account) recently and also their were no transactions because I tried to send money twice from paypal to my business bank account, both times paypal’s system listed the transactions as pending. I called the customer service regarding these transfers and they said it will take 4-5 working days, after five working days paypal system shows that transaction complete but when I check in my bank the money was not there.
When I checked again the next day it showed that the transfer reversed in my paypal account! I called again to paypal to ask about this transfer and the adviser said that the bank rejected the paypal deposit, so I called the bank and they confirmed that they never received any payment from paypal.
After that I called paypal again and the adviser insisted that it was the bank that refused to accept the paypal payment. I ask her for an explanation as to why the bank would have done this, and after half hour conversation she admitted that the problem was indeed with paypal, not with my bank account.
Because the money did not transfer into my account, the bank returned all the direct debit and cheques unpaid because there was insufficient fund available to clear the DD and cheques. Now my business is completely shutdown because my suppliers stopped doing business with me due to the unpaid return checks, and Google stopped displaying my ads on their network due to unpaid Direct debits.
I called everyday to paypal customer service regarding progress on limitation on the account, and every time adviser told me I am going to escalate your case today and you will receive the answer at the end of the day.
Three weeks ago I receive a email from paypal to participate a survey. and my feedback was quite obviously negative.
Submitted by Shakil
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