TheWholesaleForums.co.uk Members Share PayPal Experiences in The Times Newspaper
Members of The Wholesale Forums commented on PayPal’s anti-fraud measures which are in place to safeguard the interests of customers and of course the company from losses. However, there have been cases where genuine businesses such as those featured in The Times article have been caught up in account limitations, suspected of fraudulent activity, and subsequently barred from accessing their funds for periods of between 180 days and 6 months.
According to CEO of The Wholesale Forums, Anthony Trollope: “Many businesses cite PayPal’s often complex and long-winded rules as the ultimate reason their PayPal accounts were suspended – in some cases with thousands of pounds held for an indeterminate period as a result.” He continued to say “These are not merely isolated cases of business naivety, but catch even the most experienced business owners out.”
Phil McCabe, a senior policy advisor of the Forum of Private Businesses commented: “With small firms across the UK already owed some £24 billion in late payments, PayPal’s withholding of payments is extremely frustrating.”
Most people discover PayPal via eBay, which acquired the payment company in 2002. Anyone selling on eBay must have a PayPal account and offer this as a payment method for their auctions. With more than 20 million accounts in the UK and 175 million around the world, PayPal’s dominance as a payment processor is a shuddering thought.
Whilst customers accept that the measures PayPal have in place to combat fraud are necessary, it is felt that PayPal uses this power too zealously and that they are obstructive when it comes to frozen funds. There is anger within the small business community as frozen funds can greatly impact cash flow leaving businesses without the essential cash they need. In this economic climate, this is added pressure small businesses could do without.
As the UK’s leading networking and advice forum for wholesalers, distributors, importers, dropshippers and retailers, The Wholesale Forums, provides an impartial venue where business owners can come together to share experiences on issues such as these and seek essential advice and support. Whilst PayPal are yet to comment on this article, The Wholesale Forums is proud to represent the legitimate experiences and concerns of small businesses using their service across the UK.
The Wholesale Forums is the UK’s leading online B2B networking community and advice forum for wholesalers, distributors, importers, dropshippers, and retailers.
Trade Intellect Ltd
Q West, Great West Road
Contact: Chris Hoyte, Press Officer (www.thewholesaleforums.co.uk)
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