cancel
Showing results for 
Search instead for 
Did you mean: 

Paypal's reserve is thievery

Highlighted
Contributor

Re: Paypal's reserve is thievery

This just started happening to me. I have never had a chargeback, never had negative feedback. I have been selling on ebay since the very early days (around 1996).  I only sell on ebay occasionally but I feel like I am being hung out to dry in the transaction.

 

So I guess the only defense for me is quit selling on ebay and only using craigslist.

 

 

Highlighted
Contributor

Re: Paypal's reserve is thievery

yep, I'm in the process of changing over to someone else for a gateway service due to this.  The other company doesn't hold any reserve and they charge 1-2% less per transaction. 

 

currently with PayPal, my reserve is 5x larger than my available funds because they are taking out 20% on transactions that may have 10% profit if that much.  It'll be another 2 months before the first reserve funds start coming back.  That's a very long time to wait for a new company that needs their cash to pay the bills.

Highlighted
Contributor

Re: Paypal's reserve is thievery


@WigWamCrafts13 wrote:

WTF!!! PayPal is AGAIN claiming that they intend to hold 30% of all of my daily sales for 90 days with out a VALID reason. This is the second month in row that they have done this. I am NOT using their virtual terminal. And I refuse to continue to play their games. So if any one wishes to make a purchase from me, ...contact me via email at (removed) or call me at (removed).


Same!! I started using Virtual Terminal and they did it to me!! I stopped Virtual Terminal and it is still happening!!!

Highlighted
Contributor

Re: Paypal's reserve is thievery

You folks should not complain all the time. Get another card company to protect your money.

Highlighted
Contributor

Re: Paypal's reserve is thievery

This is happening to us too, except they are holding $3000!  We are very upset and truly ready to open a class action suit!

Highlighted
Contributor

Re: Paypal's reserve is thievery

This is business and paypal claiming to protect buyers.

It obvious that they are over doing it and this will invite others to come out with a service that will put them out of business.

 

They are holding 30% of my money and I am in service business.

 

You should call your bank and get a credit card machine and only use pay pal when needed.

 

Thanks

Highlighted
Contributor

Re: Paypal's reserve is thievery

I've been moved over to authorize.net for over a month now and haven't been using paypal's cc service.  they stil won't give my money back, I tried to close my paypal account entirely and they still won't citing that they can't close my account with money in it.  they said I still have to wait 90 days to get it back 1 day at a time...i'm so **bleep**ing **bleep** about this.  I have to make payroll and this **bleep** are making me look terrible to my employees, I'm sure they be quitting any day now.

Highlighted
Contributor

Re: Paypal's reserve is thievery

Here is the solution folks, just dont say you heard it here. After a sale,  contact the buyer and explain that you are going to refund their money and ask them to pay either by money order or direct credit card sale if you take them. You get paid, the buyer gets their item, and paypal gets nada. Nice picture, isn't it ?

Highlighted
Contributor

Re: Paypal's reserve is thievery


@jross wrote:

Here is the solution folks, just dont say you heard it here. After a sale,  contact the buyer and explain that you are going to refund their money and ask them to pay either by money order or direct credit card sale if you take them. You get paid, the buyer gets their item, and paypal gets nada. Nice picture, isn't it ?


LOVE IT!!!

Highlighted
Member

Re: Paypal , jumped the shark

just another cut throat business. i have used ebay and paypal since they started. never a negative mark. like most of you, i have done right by ebay and paypal, and they are doing wrong by us. that's what quasi monopolies do. one customer disservice rep emailed me "60 day hold.... 10% of the money".... another responded "60 day hold.... 20% of the money".... wow , and i thought the banks had the corner on sqeezing every drop of blood out of us depositors. now, my money is stuck in paypal hands making them money, instead of me making money. the more comments posted, the more paypal will pay attention.