Small Business Nightmare

[jms816]

Paypal holds funds whether you are verified or not and then takes 5 days for transfers- if you are a small business owner RUN as fast as you can from Paypal - what a nightmare it has been! 40 days of **bleep** to get MY money from Paypal - RUN RUN RUN!

[kernowlass]

@jms816

Yep, every single seller on Ebay or selling on other sites via paypal goes through the new seller hold.

As its for buyer protection most of us understand why as we want buyers to be happy buying from us.

Also the new seller hold does not last long.

If you don't want to go through it fine, don't, more buyers for the rest of us.

[jms816]

You must work for PayPal! You obviusly are not a small business owner who depends on credit card transactions for their business. If I were  told up front about these mysterious holds and transfer delays, I would never have used PayPal. I'm glad your business doesn't have to reply on being paid promptly by yur cc processor but mine does and I'm getting out ASAP!

[kernowlass]

@jms816

You must work for PayPal!

Well thats original, someone disagrees with you so they must work for Paypal.

Well no I don't and Paypal is one of the last companies I would want to work for.

You obviusly are not a small business owner who depends on credit card transactions for their business.

Really? You think?

If I were  told up front about these mysterious holds and transfer delays, I would never have used PayPal.

You were, its called the user agreement.

I'm glad your business doesn't have to reply on being paid promptly by yur cc processor but mine does and I'm getting out ASAP!

Try running a business in the real and not online world, where you send out invoices and it takes weeks for folks to pay you.

[jms816]

I know that running a business and keeping the bills paid is hard no matter what kind of business it is. The thing about Paypal is that they mislead you by having their site say transfers take one businesss day while the fine print says up to 5 days. They say you need to verify your business and bank so that funds are not held up so you spend time providing them everything they ask for and you are told its all verified but they still won't release funds or transfer faster and they say it's a security issue but won't say what the issue is. I only know that they are more like an adversary than a business partner and it's been really disappointing and has caused my business to have overdrafts and problems

[DPCreations]

When you operate a business you need to plan for the unexpected by keeping adequate reserves.  Reserves are an important part of business cash flow management.

[jms816]

YOU ARE SO RIGHT! IF you use Paypal to process credit card payents and you are a new customer who is a small business. PLAN FOR THE WORST. I did not think that PAYPAL was my adversary but they are! I paid $86.00 for the transaction fee which is fine because it was agreed to up front and then they took my money and played games with it for 36 days. Paypal is not business friendly and their ridiculous system allows them to become a problem for your business. ATTENTION SMALL BUSINESS OWNERS - LISTEN TO THIS ADVICE. DO NOT PLAN TO USE THE MONEY THAT PAYPAL RECEIVES FROM YOUR TRANSACTIONS FOR AT LEAST A MONTH!!!! They are not your partner, they are your ADVERSARY!!!!!!

[DPCreations]

If you read PayPal's User Agreement you'll see that there is user protection, but the polcies are really to protect PayPal from too much risk.  This shows up in the policies for holds, limitations, and restricted activities.  PayPal is a for-profit business and offers members to use it's credit card processing features while PayPal generates a profit for it's business.

If have your own merchant account such as with FirstData the service also has the advantage but you, as a business, get lower rates and faster money transfers for payment.  FirstData would also do a very thorough credit investgation to minimize it's risk.

PayPal does not do such an extensive credit search and accepts members with credit rating that FirstData would not accept.  PayPal, therfore, needs more policies in place to protect it's own financial interest.

[jms816]

I won't argue about it further. The whole site says that transfers take one buiness day but the agreement (fine print) says it can take up to 5 days. They tell you that one of the reasons they may be holding your payment for 30 days is that you need to verify so you spend time sending them the docs they need and they verify you. Then they say they can't release your money anyway and that the user agreement  shows that they can hold funds. I have never felt so angry at a service provider as I do with PayPal. They mislead you and then quote the user agreement to get out of doing what they said they would do. They act as if they are a monopoly and they certainly don't work with you as a partner. They are leterally the worst financial problem I've had and I paid them to do it to me! I'm glad they work for you but I only tried them because Paypal seemed to be so customer friendly and business oriented. They spend all of their money on advertising and PR because they certainly don't spend it on customer service or programs that are business friendly. I hope that you never have a problem and call them for help because quoting the user agreement and telling you they're sorry but they can't do anything regardless of how much verification you provide or what hoops you're willing to jump through because they have your money and there is nothing you can do but read the user agreement and kick yourself in the **bleep** for believing them will be the only things available to you!

[Whac-A-Mole]

what do you sell and where do you sell and how long have you been selling?

did you upload tracking and print shipping labels online?

i agree some of things Paypal said is not accurate,like it takes one day to transfer fund to your bank,not always,if you use a large money center bank,it is probably one day,I have bank of America and transfer does take one day,but if you have a small bank,credit union or bank which is a member of the Federal Reserve system,it could take up to 5 days

also other factors could delay collecting the payments,like obscure credit cards,oevrseas banks ,echecks,if NSF,Paypak will wait 2 days and try again,so you could be look at 7-10 days.

It does take time to verify all the documents,so they should al be taken care of before you start selling,also a good idea to have some idle fund around,called working capital.

but 40 days is rare,could it be the kind of items you are selling are high risk/any iphone?