Moving and More.
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.)
"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
Recent Comments
16
Hi, Sylvia.
Nice to see you again.
Thank you for providing this insight into different payment processors. Definitely something to look into moving forward.
Can relate to your moving experience. Recently downsized for my final years. Have fun.
Kindest regards from Canada.
Paul.
I looked at ORU as an alternative to PayPal. I was struck by their fee structure if you were not transferring money between members (which is free I believe). For instance, the Account Closure and/or Balance Refund Fee is $15.00.
ORU uses PayQuicker as its card processor. After reading a number of reviews including BBB, they are not a top tier merchant processor, which implies higher fees.
Just sayin.
Thanks Glen
I appreciate that. I wasn't aware of that. I live in Connecticut, so I am limited as to what processors I can use. I can't use STP here, they don't allow it. Payza refused to pay me and a bunch of other people so they disappeared into another continent, so I dumped them. I haven't had any issues with PayPal as of yet, but I have to have alternatives. Stripe I won't even consider as they are freezing peoples accounts too from what I've heard. I'm pretty skeptical as to whom I do business with...
I am now using UPHOLD digital wallet service since I lost my Paypal account. I have done both cash and bitcoin transactions without problems. I also live in a state that has not approved STP. I also lost the money held in my Payza account went it was shut down.
I dealt with a few processors in the past but never undergo any problems. Paypal and Payoneer are the ones I use now. Good luck with the moving, and all the best to you and the family.
Maybe... You'd have to ask Kyle or Carson. This is their baby.
I think you can integrate PayPal with ORU. I have my bank hooked up through PayPal which makes getting and receiving funds easier.
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Moving sucks. No WAy around that fact. I am in the process of moving 5000 miles away from my hometown of Memphis, Tn. The logistics are staggering. Good luck with the move Sylvia.
And as for frozen accounts. Do not trust anything American. Especially banks. Use Swiss offshore banks located in tax havens such as in the Caribbean. I never trust Paypal, Stripe or any 3rd party.
Google Top 10 Caribbean Tax Havens for more information on where to put your money.
Making a living, making a difference.
Mark