Trying to start a business - paypal only gives me $100 of my money at a time ?>

billiejos-surpl
Contributor
Contributor

I am starting a business buying and selling on ebay. Idiot that I am, I went out and purchased abour 2k of items to start selling. I haven't even really started listing much yet and I sold my 1st item. I sold it for nearly cost trying to build up my feedback.
Sold it for $100 plus $18 shipping.
Great, here we go..

But paypal won't let me withdraw it, I can only withdraw $100 at a time , have to wait 21 days to get the rest ?

Say what ?

That's MY money.

I will have items that cost nearly that much to ship...

what the heck is this, 

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7 REPLIES 7

DPCreations
Frequent Advisor
Frequent Advisor

Perhaps it's just part of your business learning.  There is a lot more to business than just buying and selling.  There are costs such as eBay fees and PayPal fees.  There will be some losses of product and refunds.  You profit margin will have to cover all of thoses expenses.

Then you have cash flow issues.  You will never have your funds available for your use immediately.

 

PayPal policies are also important, expecially when it comes to seller protection.

 

Another aspect of policies which you apparently failed to read, is that new sellers automatically have a hold on their money. PayPal wants you to exablish a good policy of shipping and time and also handling buyer problems.  Once the new seller limit is removed you funds will be avaiable sooner, but it will still take several days to the ghe money into your bank acocunt.

 

The monthly and daily transfer limits will eventuallly be lifted.

 

If you haven't done so already you will need to upgrade to a business account.

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billiejos-surpl
Contributor
Contributor

part of my buisness learning ? Serriously - it's kind of hard to run a business when you are only allowed $100 every 21 days. 
I have items that will cost me $65-75 to ship. paypal says it's protecting the customers - **bleep**. 
they are tied to ebay - how's this, if so worried, once the customer gives feedback, proving hey have the item etc, replease my money...MY money.

Reason I started this - I have been helping someone else do this for quite some time. I know exactly how to do this. It's not rocket science and unlike many, I understand the value of keeping customers happy. For the last couple of months, I pretty much ran the biz of person I was working for because he had health problems, I didn't just fall off the turnip truck. 
I was the one purchasing the items for re-sale, I was the one responsible for checking everything out to make sure it worked. I didn't just plus stuff in or list it as parts non working because I didn't know how to use it, I'd get the manuals and figure it out - I spent an enormous amount of time learning about things I didn't have a clue as to what they were when it was purchased, but it's more valuable if it's known working then as parts /non working because I didn't want to take the time to learn about it. It's also better to learn it than to sell it, it doesn't work as it's supposed to so then have to pay for shipping back - plus it would make for unhappy customers. I started helping this guy out over a year ago when his health started to fail, rean it all by myself for last couple of months and I was proud I kept his 100% feedback rating. In the last 60 days, we sold $14,570 something - and I did have 2 items retruned - my 1st ever damaged in shipping and one buyers remorse. They still gave me glowing feedback because our philosophy is simple - treat everyone the same way we'd like to be treated - even if they aren't honest. The 100% feedback was worth it.
 the guy I was workinbg for encouraged me to as he's planning on shutting things down, enjoy last part of his life on a beach.

I know all about this. What I didn't know was Paypal can keep all of my money under the pretense of protecting the customer, even themselves. Bull. They are tied in to ebay, even if they weren't, if you are going to do something like this, tie it to the feedback system - the moment the customer leaves feedback - give me MY money.
That is not ideal because as I'm sure you're aware, not all leave feedback, but I bet if u tied me getting my money to it, I'd get tem to leave feedback thru incentives , discounts, makes no difference how, the point is, once they leave feedback, who is paypal protecting ?
They are protecting all of the interest they are getting - using my money to get. 
I didn't read the fine print - ebay was **bleep** me too - only allowing $1k a month to be sold, have to "prove" youself. We (I) sold over $14k in 2 months, that was more tnan normal, I worked extra hard since I was left in charge, but on an easy month I bet I'll be doing 6k, 7k......but I could work aroiund the 1k - get my 100% ratiungs, show ebay I was serious, for real...

but it is impossible to do it if I can only get 100 every 21 days.

i asked tem to raise the limits - said no, I haven't sold enuff - 

I can't sell any more, I'm not tying up all of my money.

My cash flow issues is paypal.

I know all about cash flow , I know how to do this. I've done this probably better than you have - do u have a 100% feedback rating ? We did, he still does. I'm not pointing him out but he did things the right way - that 100% feedback was invaluable. The feedback they wouyld leave was invaluable - otrhers read it and do not think twice about buying from you because they know they will be taken care of.
It's in the simple things - shipping for instance. Are you one of those who looks at shipping as more profit ? I do not like  those people. We never looked at shipping as a means for profit - if something was more than a couple of dollars more over, we would reimburse the over charge.  
Simple, thr right thing to do and is priceless as far as feedback goes. Most aren't used to that. They send you $40 for shipping and get back $13-$14 , u get good feedback - others read that feedback.

But I'm not here to convince u I know how to run a biz. 
I can't run a biz with paypal.

I am now going to hqve to set up an authorize.net account and take credit cards. It will take me longer to get the cash but once I get rolling, I will just have a seperate account to keep working capital - and you can bet I will never tke paypal once I do that, even if I lose a little business.

$100 every 21 days - that is the most asinine thing i have ever heard. 
I could go back to where I was and he'd let me work thru him, keep separate books but I shouldn't have to do that.
I am sitting on a trailer full of stuff i bought to get started and I can't list it, have been putting it on craigslist and this isn't stuff that sells on craigslist.
I should be selling hundreds a day most days when i 1st put up new stuff I am selling, but I can't. I couldn't afford to ship what i sold using paypal.

using credit cards thru authroize will be tuff to start because I will be paying for shipping out of my own pocket at 1st as I think it takes like a week to get that money - but u do get it because it's YOUR money. Not paypal's
How many people only get 100 every 21 days ?
How much do they have sitting in accounts that's not their money, earning interest ?

Tie it to feedback, do something, it's not their money

 

part of business learning - that is so ridiculous.
Please, show me ANY biz plan where u only get $100 every 21 days -
So if I sell anything else now, shipping is out of my pocket, 
that's not any biz plan I'm awaqre of except paypal

 

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kernowlass
Esteemed Advisor
Esteemed Advisor

@billiejos-surpl

 

New seller hold >>>

 

https://www.paypal.com/uk/webapps/mpp/fundsavailability




Advice is voluntary.
Kudos / Solution appreciated.
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billiejos-surpl
Contributor
Contributor

oh yes, they replied to me - they do it top protect me. I am not capable of running my own biz so paypal wahts to hold my hand for me. protect me from chargebacks etc bdcause surely I am not smart enuff to set a % aside to cover that myself. So paypal has decided they will set aside ALLLLLLL of my money until I am grown up enuff to handle things myself.

authorize.net and paypal will never see a penny from me even if I do not sell as much. 

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billiejos-surpl
Contributor
Contributor

and let's not forget, swhat about my ebay fees. I sold an item for 100, charged 18 shipping.
paypal gave me $100 - kept the $14 whatever - 

 

I owe ebay 11.80 - 

what if I sell 5 items, 6 items, I could and woul expectr to owe ebay more money than paypal is giving me - to protect me of course.

That's **bleep** - they do it to protect themselves. If i take all of my money out and there is a chargeback, therw would bd a negative balance. At least be honest about it.


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DPCreations
Frequent Advisor
Frequent Advisor

You're perfectly free to not use PayPal if it doesn't suit your needs.

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traderthom
Contributor
Contributor

paypal just **bleep** me too. They are doing about the same to me only I'm not a new user, I have over 300 transactions with a 100% feedback rating - but they are putting my money on =hold for 21q days.

I refunded the buyer the money and am switching to credit cards.

Their loss because I will be selling 4K plus a month on average

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