RE: Quickbooks Closed My Merchant Account Yesterday | Perfect Example of Why Cryptos Are Necessary
Wow that is crazy. My business was almost derailed in a similar way. It never went quite that far but basically PayPal called me because my volume was so high and eBay did a full audit on my account and had me produce all kind of documents. I provided them with about 30 scanned in documents from receipts to electric bills....etc. I was scared I was going to lose my eBay account. Luckily I got that straightened out.
Not being able to use PayPal is pretty much a death sentence for eBay and a lot of other things.
It is ridiculous because suddenly it might cause you guys to have to try to make accounts under other names and other business entities to play a cat and mouse game which will make it look like it is shady.
That is one reason why i sometimes wonder how people get super huge without being derailed. If we are getting derailed how do these companies get to where they are doing $200 Million in sales or something?
Yeah for a while after we lost our Paypal account I got a merchant account setup and tried to use that through eBay but like you said 99.999% of eBay buyers want to pay with Paypal understandably. Most people would select to buy an item and then never follow through actually making the payment as you can't require immediate payment unless your using Paypal so had to open item not paid cases all the time. We'd have people doing chargebacks because they thought they bought something on eBay and on the credit card statement it would show my companies name. I finally just gave up on ebay for that particular business.
I've been calling around all morning and no closer to getting another account. Fortunately I still have one up adn running but in any high risk business you want 3-5 because you never know.
Hopefully crypto quickly gets more widespread and can be another option for us.
Man that sucks dude. I feel for ya. It sounds like you were thinking of getting more into the wholesaling of stuff to other sellers and now this has happened. So maybe that is an option to run a lot of the volume through other sellers who have done enough volume to not get the boot possibly.
If you run out of options perhaps we can talk about running some of the volume through my accounts if you are interested.