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PayPal Took Our Payroll

Writer Wishes To Remain Anonymous

In a short amount of time (2-meeks) I started generating $12,000 a week thrugh eBay and PayPal. I thought it would be great because I could accept credit cards with out leasing or buying a processor and setting up a merchant account with minimums to maintain and what not. What a great concept!! If I only would have known the road ahead I would have invested in the machine.

My first week I generated about $6000 in sales. Then eBay shut me down wondering about my legitamcy. After providing documentation of incorporation and 80 pages of invoices proving ownership they re-activated our account and then PayPal locks my account saying my personal credit is not good enough to do business with them.

OK…great. So we open another PayPal account under my fathers name, who has excellent credit, and continue to do business. Any time any signicant amount of money would get into the account we would pull it out into our bank. In a 24 hr period I had about $3500 in auctions close and PayPal decided to freeze my account before I could pull the money out. They cancelled a withdrawl of $1500 that I had putin for 48hrs before that.

So not only is my payroll and rent due, But I have invoices that have not been paid. The $5500 from this account and the $700 from the previous account would take care of these but PayPal says they are keeping the money for 180 days. This may cause me to lose everything because I trusted PayPal.

I saw reports on paypalsucks.com that this is happenning to people all over the nation. Then the thought of if you have 5000 accounts nationwide and they all have $5-$10K ea. PayPal stands to make more money on interest from witholding those accounts than they would from 2.9% of the $60,000 per month I projected to do in my first 90 days with PayPal.

Posted: April 20, 2012 at 5:07 am

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