DLGJ0602 - PayPal Working Capital Decline

robynnstorey
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Contributor

I've been a PayPal merchant customer for about 20 years.  I've taken out over 1M in PWC and paid back without issue.  Last loan paid off a few days ago...3 quick declines this AM.  Call support, zero answers, they have no idea and cannot provide any insight, support, guidance or advice.  PayPal has made millions in fees off my business and I am so disgusted that my next call has been to a new merchant processor.  PayPal did absolutely NOTHING for their business customers during Covid and are continuing to do NOTHING for their business customers now.  It is a complete joke and waste of time to even call into the office - all I hear is about 'the algorithm' which is all BS.  I told her I needed the number for their corporate office and she told me I could send a letter.  "An email?" I asked...."No" she said, a letter.  Like a USPS letter.  In 2021.  Complete joke.

RMS4937
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SRTWY
Contributor
Contributor

Yup.

 

This is why I've been saying I don't think they're lending to anybody (if they are, it's maybe 10% of their usual base) and tbh I'm pretty sure PWC may not be a thing at all soon.

 

Literally all I've heard from dozens and dozens of people on here, Reddit, Facebook, etc. over the last two months is that PWC is refusing to loan to pretty much all of their previous customers, with the 602 "industry ineligible" being the most common denial reason.

 

Either they've shut it down and still haven't had the common sense or balls to be transparent about it, or something is very broken with their algorithm (again; it wouldn't be the first time it's happened over the years) and for some reason no one at PWC or WebBank has had the brain cells or wherewithal to notice.

 

They certainly don't owe us loans, and if a business isn't going to survive without a PWC loan then tbh it wasn't going to survive anyway.  But it's certainly an absolutely laughable way of doing business...and even if they start loaning to people, or fix the problem with the algorithm, or whatever else is going on, they're quickly losing their entire previous customer base.

 

Believe me, we're all just as frustrated with it.  PWC is great when it works, but the program, system, and customer service is amazingly inept when it doesn't and it's probably the least dependable system in the industry.

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