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Risk of Funds Being Frozen?

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Risk of Funds Being Frozen?

Hello! Firstly, hope you and yours are all well during this current crisis. My question: I have a PayPal Business Account and going to start more widely offering PayPal as a payment option. Having not done so previously (I've had my PayPal account for five years) are PayPal likely, should there be a sudden increase in payments received, to freeze the funds preventing me from withdrawing them (which right now, being self-employed) is something I'd like to avoid if possible? I'm posting this here so as not to add to the communication burden PayPal must already be under. All help and advice greatly appreciated, thank you 🙂 Wishing you all the very best.

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Esteemed Advisor

Re: Risk of Funds Being Frozen?

@David-in-the-UK 

 

If the business account is new at receiving payments, please read this:

https://www.paypal.com/uk/smarthelp/article/why-is-my-payment-on-hold-and-when-will-it-be-available-...

Then do these steps to have the funds released sooner:

https://www.paypal.com/uk/smarthelp/article/how-do-i-add-tracking-information-or-mark-an-order-as-pr...

After you do the above steps, you may also optionally ask buyer to follow these steps to release funds:

https://www.paypal.com/uk/smarthelp/article/how-do-i-confirm-receipt-of-an-item-faq4176

 

PayPal likes slow n' steady, gradual growth, not a rush/flood of money overnight, otherwise, they will try to slow you down because they want to make sure you can fulfill your orders so you can develop best practices in your business. Play the long game.

 

In Your business info settings, you can set the a) average transaction price b) average monthly volume c) Percentage of annual revenue from online sales and increase it as you go up.

 

With UK accounts, once you go over a certain amount, your account is limited to verify your identity/business information so fill in as much as possible on the page I linked to above:

There are also other types of account limitations:


Kudos & Solved are greatly appreciated. 🙂

View solution in original post

2 REPLIES 2
Esteemed Advisor

Re: Risk of Funds Being Frozen?

@David-in-the-UK 

 

If the business account is new at receiving payments, please read this:

https://www.paypal.com/uk/smarthelp/article/why-is-my-payment-on-hold-and-when-will-it-be-available-...

Then do these steps to have the funds released sooner:

https://www.paypal.com/uk/smarthelp/article/how-do-i-add-tracking-information-or-mark-an-order-as-pr...

After you do the above steps, you may also optionally ask buyer to follow these steps to release funds:

https://www.paypal.com/uk/smarthelp/article/how-do-i-confirm-receipt-of-an-item-faq4176

 

PayPal likes slow n' steady, gradual growth, not a rush/flood of money overnight, otherwise, they will try to slow you down because they want to make sure you can fulfill your orders so you can develop best practices in your business. Play the long game.

 

In Your business info settings, you can set the a) average transaction price b) average monthly volume c) Percentage of annual revenue from online sales and increase it as you go up.

 

With UK accounts, once you go over a certain amount, your account is limited to verify your identity/business information so fill in as much as possible on the page I linked to above:

There are also other types of account limitations:


Kudos & Solved are greatly appreciated. 🙂

View solution in original post

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Contributor

Re: Risk of Funds Being Frozen?

Sharpiemarker, thank you so much for such a comprehensive reply. Kudos and Solved absolutely deserved! Thanks again. Stay safe during this crazy time. All the best 🙂