Same thing happened to a new startup company I ran over 12 years ago. PayPal froze two+ months of revenue. No reason given. Can’t remember if we got it back.. but it was very hard at the time.
PayPal won’t change. I’ve never used them again for custodial and avoided all transactions where possible.
To this day I don’t understand how they get away without being a bank, with all other associated regulations. They have less heat than Bitcoin. Certainly corruption at play here… no other way.
That’s sucks bro. I agree with though!
-Followed 🫡⚡️
They are one of the worst actors in the space. In addition to having a personal account suspended and the funds held for 6 months without explanation, I have a PayPal account for a SaaS business and even with nearly 1 year of processing history (and several years with Braintree, same company) they still hold the majority of customer payments for 21 days before releasing them.
For the first time last month, they “approved” an instant limit increase from $100 to $300 a month and those numbers are not a joke…
It’s crazy. PayPal and Western Union should perish by 2030.
I have a friend who uses them for a subscription business. And he fears the day they freeze him for no reason.
You can get PayPal loans based on a % of active subscriptions value. Like a payday loan. No doubt zero regulation somehow again - they know moving your customers subscriptions to any other method will be extremely painful. They have full power.
Absolutely. Though moving from any credit card processor is a nightmare. Had to do it once and the process is so archaic. Requires a lot of manual intervention from both processors and needs to be properly scheduled with several teams.
I held off integrating PayPal for a few years, but ultimately it was the most requested checkout method. I saw an increase in customers basically the day I added it. Unfortunate reality.
Yep. That’s my friends challenge. Customers are less eager to pay via Bitcoin, or he would swap.
That and easy/simple Bitcoin subscriptions don’t really exist yet. Maybe lightning bolt 12 helps to solve that.
I’ve accepted bitcoin as a payment method since the beginning (just because I’m a fanboy) and I generally see <10 use it per month. I do get particularly excited when someone pays over lightning though!
