PayPal - Rolling Reserve

[Andrew Scherer]

10% is nothing, be happy its not more

I'm on 30%

 

[Jeeta]

PayPal is such a fucking waste of space. I agree about the merchant account too.

 

[Gekko2.0]

I've had a 5% rolling reserve for a couple of years with those bastards, I know it could be worse but it pisses me off that they are constantly sitting on between $5k-$10k of my money for no reason.

 

[bobsoap]

yep, cost of doing business. Sorry but this is reality. I've spent my time pissed, now just work harder.

Just launched: Bofu's paypal money transfer bot for the PP haters in all of us. Only $100/m but there's a 5% rolling reserve.

Review copy plz?

 

[Bofu2U]

Review copy plz?

I would love to, but it was just bought out by StormPay <3

 

[Fatbat]

Eh, I prefer Serve and my merchant account, anyway.

Unfortunately Serve is only available in the US.

Fuck GayPal Get a merchant account

He already said he has one.

...no? if it's a rolling reserve that means you maintain that as long as the account is processing volume. on top of that, he's lucky it's not 6 months like some processors are requiring.

Yeah, exactly. We have a 10% 6 month rolling reserve on our merchant account though we're looking at changing to another system where the reserve may or may not be imposed.

PayPal is such a fucking waste of space. I agree about the merchant account too.

WTF is wrong with the reading comprehension around here? Furthermore, you'd be a fool to not offer PayPal as a payment option to your customers, many of whom may not have the cards you accept or even a card at all.

 

[flx89]

paypal sucks man, for most of the users, that's why it's called GayPal

 

[mgtarheels]

Thing is even if you drop paypal as your processor you will have this same problem with another card processor if you're pushing volume to them.

Paypal is not a processor.

 

[mgtarheels]

lol every credit processor for high risk requires a rolling reserve, this is standard operating procedure. If you're doing anything that tipped them to thinking it's even the slightest bit riskier than normal, it's understandable.

As said, I understand the reason for rolling reserve, despite me having been doing this over 4 years and never once having a chargeback and only having 1 dispute.

My issue lies with the minimum reserve placed on my account with no warning. What they're doing is illegal in my state, Florida, seeing as they're only licensed as a money transmitter. By the State of Florida, money transmitters are required to transfer all funds to the recipient within 10 days of receipt.

 

[mgtarheels]

10% is nothing, be happy its not more

I'm on 30%

You're probably not on 120 days and doing as much volume.

 

[mgtarheels]

Yeah, I think a lot of the people reading this thread don't know how much your conversion rates drop when not offering PayPal...

 

[BlokBlok]

If your doing over $50k a month you should have an account manager at Paypal

 

[mgtarheels]

If your doing over $50k a month you should have an account manager at Paypal

I do, they won't tell me anything. They just refer me to their legal counsel and legal dept, but they don't have a working phone number. I have to send them an inquiry via snail mail.

 

[cardine]

I take it you don't transact over like $300 a day. It's kind of hard to keep up on something like that when you're transacting a lot more.

We have a number we always wire out at, and I make sure to always answer the phone fast when their "reps" call me. Though I know it's a numbers game, and we're "lucky" so far.

Noob. Real ballers have bots coded to withdraw money from your Paypal whenever you receive a payment.

 

[Bofu2U]

Noob. Real ballers have bots coded to withdraw money from your Paypal whenever you receive a payment.

Real ballers finish reading the thread before saying something that was already said.

 

[papajohn56]

Real ballers finish reading the thread before saying something that was already said.

Pimps don't search, just post it again.

 

[papajohn56]

Yeah, I think a lot of the people reading this thread don't know how much your conversion rates drop when not offering PayPal...

ok, so then deal with their rules? treat it like normal processing

 

[cardine]

Real ballers finish reading the thread before saying something that was already said.

tl;dr

 

[mgtarheels]

ok, so then deal with their rules? treat it like normal processing

Their rules are illegal in my state, thus the problem. That's why I'm here asking for recommendations on courses of action.

 

[papajohn56]

Their rules are illegal in my state, thus the problem. That's why I'm here asking for recommendations on courses of action.

Take it to the AG's office then