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I built up a business on eBay over a period of 8 years. It grew to the point where I had a an e-commerce Webpage and gross sales volume of very close to $1,000,000 per year. I used PayPal’s “Website Payments Pro” to handle my transactions. I had 99% Positive Feedback on eBay and a Chargeback rate of less than a half a percentage point (well within industry standards) and these few chargebacks were the result of fraudsters using stolen credit cards to order from me (in other words, I was the one that lost money from them). All of a sudden, I got a call from a “Ms. Stacy Stewart” of eBay’s new Merchant Risk department (or some such department). She announced that they were going to take $30,000 of MY MONEY and put it aside in a holding account permanently (though they said they would increase the amount any time they wanted to). When I told her I didn’t have $30,000 for them to take, she said, “No problem. We’ll just take 5% of your gross sales volume at the end of each day and set it aside until you have $30,000 in your new holding account.” When I pointed out to her that my net profit on each sale was less than 5%, and I would therefore LOSE MONEY on each transaction for at least 6 months, she said, “Well, you’ll just have to make some adjustments.” ?!?!?!?!?! The “adjustment” was I was having to close my business. I was driven out of business instantaneously – their stupidity and arrogance destroyed a business I spent nearly a decade creating.Similar Complaints
Posted: July 31, 2012 at 2:56 pm