Over 10 years with PP as a business account with top ranking. 240k in Working capital loans paid back perfectly. We loved PP so much when i rolled out my new web site last year i let PP process all my Credit cards as well. Smooth sailing until Set 2022, i log in to see we were a few thousand dollars away in sales before money would be held for 21 days? I had never seen this even when the account was new. 12k was my monthly limit and there reason was an increase in sales. Seriously? 12k is about a 1/4 of my monthly sales so they would be holding 36k on average for 21 days. PP has 13 years of my sales records and we have had much better years than 2022.
I called in immediately and the conversation with customer service resulted in more frustration so i did what any one would do
tand that was remove as many sales from PP as i possibly could. I removed them as my CC processor from my web site. I let Intuit start processing all my CC sales again. So i login a few days ago and notice my limit has been reduced to 9k and there is $1257 being held for 21 days. The reason for the reduction of monthly limit is drop in sales?!!?! I called in today because after following their guidelines and posting tracking numbers 9 days ago i still have money on hold for those transactions. The PP rep tells me she doesn't see any transactions on hold but can see the amount on hold. she says its a glitch in the system and she's never seen this before and will have tech look at the issue. I was even more frustrated at this point, and said if your gonna hold my money for 21 days can you do it right at least?
So i asked the rep why my account was restricted out of no where and she said it was due to the increase in sales that the funds are not FDIC insured and they have to protect themselves. Yes PP needs to insure the account is going to stay in good standing with positive results. 13 years is not enough?
I feel like PP no longer wants my business. Can any other small business allow PP to hold 3/4 of there monthly sales and still have the capital to buy product and pay payroll the next month? Anyone else suffering from the 21 day hold?
