Hi all,
I have a PayPal account that i've used for around 4 years as a sole trader, to accept funds from my website. We've recieved circa £50,000 turnover through this account since 2012. I've just registered as a limited company, and have updated my account accordingly, and out of the blue PayPal have completed restricted my account due to some EU anti-money laundering iniative.
No warning, nothing. I've now got a series of subscriptions that aren't being paid (because I can't pay out funds) and I have a huge amount of my monthly turnover locked away in PayPal, which is cripping my business. I've completed everything on the 'to do' list but yet it always shows as 'Awaiting Response' in the resolution centre. Today, after more than a week of waiting, someone from PayPal got in touch asking me to confirm my business address saying I can't use a virtual office and that they require proof of an actual trading address.
My problem is that I don't have an actual trading address. We use a virtual office for all mail, including our company registration. It's directed to a private address. I'm happy to confrim this (and have already provided photo ID to do so) but I have absolutely nothing to prove to PayPal the business is linked to the residential address, as it all goes straight to the virtual office address and gets redirected.
How on earth can I fix this problem before it puts me out of business?
Many thanks all.
