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I have spent the last 3 days on the phone with PWC. They have my business classified as stenography services. I own a high volume executive resume firm. We work with Fortune 50 leaders and have 85K a week in revenue running through PayPal. As we are expanding and growing, I wanted to take advantage of PWC but get the 'your industry is not eligible' decline code. I called, said you have me 'mis-classified' and they said 'typing services' are classified as stenography. I laughed. We are NOT a typing service, but they would not change the classification to what we really are, which is professional services or consulting. So, I asked, if this classification was what was keeping me from getting the line, and was told yes. But they will not change it. Millions in transactions since working with PayPal for 20 years, millions in fees paid to them. But I am apparently not a good candidate. So there you have it.
PPWC declined my request because of a recent HOLD. The hold was because I took out a sizeable advance to buy another company which dramatically increased my sales.
If I didn't dramatically increase my sales it would have taken more than 2 years to pay it back.
I paid off $84,000 in 248 days.
Today they won't lend me a ham sandwich but soonthey are going to spam me to death offering over $150k.
I think that most people are experiencing similar results after applying. Let's face it, if you were Paypal, what would you do?
I don't agree with them leaving everyone in the dark though, however, I can see why they are not lending at the moment. The biggest divide in history is about to happen between Paypal and eBay. On top of this, then we have COVID! Businesses are going bust everywhere!
It's damage limitation!! Paypal is sitting on the fence and planning their next move possibly re-writing the algorithms for lending based on the new eBay payment structure knowing that it is possible that cash advances may take longer to be paid off.
Let's keep doing what we do guys, sell sell sell. stay safe.
All the best
I just applied today and was turned down for the first time ever. I do think they stopped lending due to covid. Right when Covid began; they were begging me to take out a loan. But I didn't as I was worried about what would happen. Then we had the biggest 3 months we have ever had. Right now July/Aug are our traditional slow months. But like all of you gearing up for fall. We just moved to a bigger retail space. Wanted to buy a new piece of equipment. Denied. Added: we use pp here everyday in our store so everyday we have money going into our PP
Mine said denied because your business is "seasonal" or inconsistent. Which is crazy as PP knows that we sell all year long. July/Aug are the slowest months for almost every retail business out there. I have not received a letter yet; this is just what it said on the lending page.
PP should just make an announce that they aren't lending anymore.
Added: I did get a flash up messages saying "did you know we can now take payments from your bank account?" so this must be addressing the Ebay split thing. So I figured they were lending again.