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Frozen funds with PayPal

My Canadian small business had an increase in chargebacks, increase in sales therefore it was determined that there was a fraudulent activity happening in November 2014. What actually happened is that I migrated to Magento in August and decided to go with ONE payment processor instead of two and Paypal offered me a great rate of 2.2%. Previously we had only 20% of our sales opting for Paypal so there was a dramatic increase in sales in Paypal but for legitimate reasons….
They froze my funds over Black Friday; $50,000 accumulated over a week as this was a huge sales period of us. They made me prove that I left Moneris, a Canadian payment processor and had to prove that I was still shipping to customers. They ended up keeping $15,000 in reserves which then caused a huge cash crisis and the chargebacks kept going….I decided to enlist another payment processor a week later to ensure that all of my eggs were not in one basket anymore. On December 20th, they decided to freeze my account again and I was not allowed to process anymore transactions. No one called me and I was supposed to have a review on January 15th. Again no manager called me. I sent two emails, called in and finally two weeks later a manager contacted me today. They will not allow me to turn on my account until I pay back the chargebacks owing. And I will also have to pay a reserve to use the service again. Not sure it is worth it…

Posted: January 26, 2015 at 8:13 pm

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