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by snom370
5784 days ago
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The problem is, no amount of good stories can repair the damage done to those who trusted PayPal because "it works OK for most people". They may even have great customer support most of the time, but if they still do stuff like this, it reason enough to be very careful: 1) Never solely rely on PayPal for your income.
2) Never keep large amounts in your PayPal account - they can be come PayPals for 6m+ at a moments notice. |
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This is VERY important to remember. If your business is making a good chunk of change a month you should be able to afford the card card processing fee your self. Get a REAL bank account, preferable somewhere local so you can go in and talk face-to-face with a person if an issue arises- more likely to get results this way. It's also easier for you to get scammed by scammers with paypal, not so much with a real bank as they will fight for you.
I am not saying, "never use paypal". As your business grows and matures make sure the way you handle your finances does as well. If you are able to process cards yourself you can also sell that service to other people or use it in another business venture. Build your empire, not someone else's.
Also hire/lease accountants. If you must use paypal for business ventures buy the business account. A lot of stories I've heard were from people who still used a personal account for their business.