I just thought people should be warned that when you take out a Merchant cash advance through paypal the funds are as described immediately available in your paypal account however should you try to transfer any of the funds to your bank account in the hope that you could buy stock you will notice that your transfers immediately go into pending for 72 hours !!
even a small amount of £50 going straight into pending
I have spoken to 3 paypal staff regarding this and try as they might nothing can be done ! apparently a glitch affecting a few merchants and supposedly nothing to do with the loan itself, they have contacted the tech guys in China to try and resolve this and nothing works, there is no mechanism to complete the transfers in anyway !
However this is my second loan and this happened the first time too so i have my doubts regarding the truthfulness of this excuse
In fact this is the only 2 times that i have experienced this problem in over 2 years of trading, my account has no limitations and is without fault in anyway !
So if you do take out a paypal merchant loan be prepared that you will not have access to any funds for up to 72 hours !
not the loan nor any funds coming from your sales into your account in anyway !!
Basically your Business is financially put on hold for the entire period of 72 hours perhaps even longer as i will first have to see if after the 72 hours the transfers complete and even if future transfers will also be affected in the same way.
I'm not a happy bunny as you can imagine due to the harm this is causing me and blocking me from completing purchase orders with my suppliers
Personally i suspect this is normal practice and a setting within paypal that affecvts your account as soon as you take the merchant loan out and the poor paypal employee's are having to make up excuses to cover it up
be warned !
Sincerely martin
