PayPal-owned

LOL That sucks.

On December 15 2011 14:48 DustySwedeDude wrote: LOL That sucks.

Bummer. Pay Pal's gotta get their cut somehow if it's your main method of price transfer though.

sick beat.
for real.
time to switch to buttcoins or moneybookers or something.

I have no idea how the hell Paypal still exists, this thing is a one big scam.

^ It only exists cuz Ebay exists.

Man, paypal isone huge fucking scam company that exists because of all the loopholes of online transactions, they aren't defined as a real bank, more of a wallet, so your money has no Fed guarantee if it ever were closed/stolen/hacked etc. Basically using Paypal is an endless gamble with zero rights as the business owner, everyone gets fucked by them eventually and it sucks you guys just got loan sharked, I would seriously report them to Better business (not that it will do anything) but by sitting there taking their shit is the reason why they are still able to do this after ~10 years of business to every seller that uses their site.

I hope you guys are working on ways to limit your Paypal exposure and attempting to offer better payment solutions. Hacker News has tons of info if you search that, but really, I expect you guys know all this. Hope you guys keep up the baller success!

UPDATE:

Just got off the phone with Vincent. We had two choices

1. 9% rolling reserve over 90 days
2. 3% rolling reserve over 90 days + have 5k pending basically indefinitely as "emergency backup funds".

We chose the latter.

kinda random...haven't posted on LP.net in years. Anyways, I work for DHL here in the U.S. and I focus on international sales. Does your company ship a lot internationally?

No, we don't ship too many products internationally, somewhere under 5% of overall sales. PayPal really screwed us over on this one. 5k reserve + 3% means they will basically hold 20k of our money at all time. This is on top of the 5k-7k rake we pay them each month and the 25k a month we pay eBay (eBay and PayPal are owned by the same company). So now we're out another 20k which is essentially an entire year's worth of warehousing rent that we're never going to see unless we just stop using PayPal, which we can't do since we sell primarily on eBay.

On December 15 2011 15:42 Defrag wrote: I have no idea how the hell Paypal still exists, this thing is a one big scam.

using the postal service for intl shipments right now?

Yes, the items we sell are pretty small & lightweight so we're using either USPS Priority Mail International Flat Rate Envelopes or First Class International.

paypal does whatever the fuck the want and i think there should be anti-trust laws they are breaking just by existing.

Let a fellow BWer and LP.netter earn some of your business haha.

shoot me a PM if you're ever interested...we're very competitive with the postal service and it's door-to-door shipping, express, full tracking. I have quite a few clients that are powersellers on ebay


/end sales rant

I guess they finally realized how banks afford all those huge lobbies and ridiculous salaries. You just skim a little off the top.

PayPal isn't a bank -_-

Also banks don't just "skim a little off the top" that's not how they work

paypal is scam, but its used by so many business you have no choice to have one really

ugh sick beat.

classic example of why there needs to be competition in all areas of business. Otherwise people gon get haped.

Lol, that's quite sick.
I know a few people who use paypal for their small businesses and they all hate it with a passion. I also know a guy who got suspended due to a customer completely making some shit up which pretty much put him out of business in his niche (he was starting out, so I guess he didn't have much of a positive track record with PayPal yet).

But hey, it looks like you're doing really well at least. GL, keep it up!
It's nice to see a poker player branch out to business and do good. I'm kinda interested in e-commerce/online marketing too. I'm playing for a living, but if anything happens or I decide to stop playing full time at some point, doing some kind of startup is my #1 plan B. I was actually on the verge of starting something up recently, but it's hard to do something that beats poker for me atm especially with the added risk... I've read your blogpost on transitioning out of poker though and it seems like we have a few things in common.

On December 15 2011 16:43 edzwoo wrote: UPDATE: Just got off the phone with Vincent. We had two choices 1. 9% rolling reserve over 90 days 2. 3% rolling reserve over 90 days + have 5k pending basically indefinitely as "emergency backup funds". We chose the latter.

Hey we had the similair situation for a business I run.

But we could decide to just accumulate money (5% per transaction i think) until we reached USD 10k and now we just have 10k blocked and no more percentage taken

Obviously its ridicolous but just so many people use paypal..

What happens if you decide to quit Paypal or your business? Would you get that 10k back?

The reason why they keep this amount is if they have disputes from our clients (our avg. sale is around 20-30 USD so its obviously pretty sick to keep 10k), if we want to shut down the business we have to wait for like 3 month if i recall correctly and then we obviously can have the 10k, dont count me on this but i'm pretty sure its this way

30k in rake is this a joke ?

Did u ever consider leaving ebay? Like with a cost/benefit analysis?

btw we pay per month about 10k fee to paypal... we got like avg. of 80 transaction a day... so they make good money :-)

big rake in everything

Jep should switch side maybe ;-)