Moving and More.
Published on April 7, 2019
Published on Wealthy Affiliate — a platform for building real online businesses with modern training and AI.
Hi WA Family!
I'm sorry I haven't been here much, I have been working and searching for a new place to live. Now that I've found one, I'm in the moving process. I'm going to take my time because doing it all in one day is EXTREMELY painful.
There are a lot of people freaking out right now over the payment processors that are freezing accounts. I signed up with a processor that's called ORU. I even have a payment debit card with them that they sent me. You can set up your business through them, accept and send payments worldwide, no fees, and it's simple. If you find your PayPal, Stripe or other account is frozen, let me know and I'll send you the link (message me). I cannot post the link here.
I found this information searching for WHY the accounts are being frozen but I know it to be only part of the many reasons. (I also have this link.)
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"Under U.S. federal law, PayPal is not a bank. This is very important. From the government's perspective, you give PayPal money and then PayPal sends you money. So those events, it's not your money. PayPal has enormous discretion around what they can do with those funds, how and under what circumstances they get to decide to send it to you and if they get to keep it forever.
What state do you live in? Do you do business through an entity, e.g. an LLC? If so, where is it registered?
PayPal is, varyingly, registered as some form of a money transmitter in many states. While your federal protections are probably limited to antifraud, protections you're probably outside of (PayPal has good lawyers--you agreed to surrender lots of privileges when you opened an account), there may be state regulations you can use to, if not force action, encourage it. Check into it.
Going forward, I tend to consider any business using PayPal for mission critical processes as being negligent with important risks. If you can't avoid using PayPal for certain lines of business, set up a nightly deposit from PayPal to a set up bank account."
Now, I've got to get in gear and do some more moving. I'll talk to you all soon. This has been a very stressful time, but I know you have my back. For that... I'm very grateful to my WA family. Thanks everyone.
Have a good day!
Sylvia
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