I have been hearing from a lot of friends online about Paypal closing down their account because they had started making big money online. This is scary because not only are you at the risk of losing all the money you have in paypal but also a few clients as Paypal is the most preferred online payment processor. This is scary and I would love your opinions and suggestions as I cannot use any other payment processor apart from paypal.
I have had absolutely no problems with PayPal
Point one - never leave your money in Paypal. I transfer my balance regularly, so if something goes wrong with Paypal, there's not too much in there to lose.
I haven't heard of anyone losing their Paypal account through making too much money. It's possible they may have had a personal account, and Paypal will expect you to upgrade if you start using it for large amounts.
I have a personal account, which I've had for a long time. I believe I would probably have to sign up for a paid account if I joined today, but they've never said anything to me.
I agree with you Marisa that the money needs to be regularly transferred. I am sure you have heard about Warrior Forum. I am not a member yet but have been visiting the site for 3-4 months now. I have seen multiple threads about paypal issues there. I am not sure if we are allowed to give links here but you can check them if you like in the Main internet marketing discussion section.
I've used Pay Pal for years, no problems. Marisa I don't think they have "paid" accounts.
Sorry, should've been clearer. What I mean is, one where you get charged a fee to receive payments.
I use paypal and even withdrew from them yesterday. I think there is a misunderstanding of how paypal works.
There are 4 ways to use Paypal.
1. An unverified personal account - limit $500 per draw
2 A verified personal account - I think it's up to $5000 per draw...don't remember
3 The unverified business account
4 The verified business account
If you do not verify your account you may run the risk of Paypal holding your money until you verify it.
To verify your Paypal account use your debit or credit card, they will withdraw 1.95 from the account. When you get your statement there will be a code on it from Paypal. They will ask for the code when you log in next and your money ($1.95) will be refunded immediately.
Paypal only freezes money when there is issues with a customer or suspected account activity. If you suddenly start to recieve a large number of transaction in your paypal account, then for security purpose Paypal will hold than money for up to 21 days, this is to make sure that the money coming into your account is ligit. Hacking of paypal account by hackers is on the increase and this is one of the reason why money in your paypal account will be on hold for limited time, this gives paypal the time to investigate any issue before the money dissapear. The only time your account will be closed is if you do something seriously wrong, i.e. selling fake goods, or too many customer complaints, etc. Thanks.
I have only had one issue with paypal. Someone hacked my account once. I didnt have any money in there at the time so that was good. They actually changed my bank account to theres. I called paypal and they changed everything for me but kinda scary still.
Paypal for India and Germany is pretty much limited because of local laws. For indian users they're supposed to withdraw 10$ or higher from their account within 7 days. If not, that amount will be transferred to the primary bank account connected to their account. As per RBI rules, indians can't do online transactions of amount 500$ or higher so there is no way you can accept that amount with paypal and you can't withdraw it as well. If you're from india then you can't accept money from indian user and are restricted from any type of money transfer.
Paypal for Canada and US users work without any limitations because government monitors paypal for every transaction. So users from these countries are likely to have painless experience with paypal. Paypal limits any random account for no valid reason. So if you're selling using paypal and if the daily earning goes over 500$ then it's better to switch to authorize.net, CCavenue or EBS.
I've had a business account with paypal for years.The only caution I would advice people is to take most of the money out or transfer it to an account not associated with paypal. Some buyers will try to claim "item not as described" and Paypal will freeze your account until the claim is settled.
Paypal shouldn't be used as a bank account. It's a tool to have money paid to you, or for you to pay money out. So, if you have any large amounts, transfer them to your bank a/c.
I notice Paypal monitor people closely (can't go into much detail) and till today, Paypal will still not allow people in India to have "Donation Button" option on their Account. While people in UK / US have the option of that button in their account.
Blame paypal and government for that "donation button and 500$/transaction" limit. Paypal refused to comply with government policies for online payment processing, that's the reason they placed many restrictions on indian users.
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