PayPal limited....HELP

[MLIQ]

Originally Posted by agent006140

if you are running a multi million dollars business and borrowing 6 figures ,you should have a ledger,just ask your accountant to prepare the statements.
if you have a bank account solely for running this business,then show it to Paypal.

We do, I suppose you are missing my point of this. I don't think the issue I am having is actually submitting this, its questioning the purpose of doing so and what reason they have for wanting or needing it to continue using the service. Theres nothing in the working capital agreement that states lending is based on business assets or profits. To answer a previous question which was in a post not shown yet, our account is not limited at this time. If we dont submit and they approve the required documents by the 21st, then it will be limited. They are asking for nearly 3 years of data that has nothing at all to do with anything in their agreement, use policy or working capital agreement. Do they currently have a threshold for this now? Do we have to have assets of X to use? What is the purpose of this. That was the whole reason for me posting this. FYI, we dont do millions per year. Our best year was this past year where we did approximately 1.1 million is sales. Previous years were 200-700k. I also own a cleaning company that makes 6 figures per year and I have a very good accountant. He is also questioning the legality of this and what the purpose is or was of this as it has no bearing on the loan and shouldn't and doesnt matter for use of service. We could lose 100k a year and what does that matter to PayPal as long as our sales continue at 60-100k a month so they get their fees and working capital money that they agreed to give. Profitability has no bearing on anything and thats what they are looking for

[yankee]

I dont understand why you think they should not ask for details. You have me for a total loss here.

[agent006140]

Profitability has no bearing on anything and thats what they are looking for
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either OP is from USSR or A Communist country OR she has some serious flaws she tried to hide/
Profitabilty has every thing to do with lending you 6 figures !
Dont waste any more time to argue here,we are not Paypal,if you cant produce these statements,not only will your account be limited,it would cancel your loan and ask for immediate payment.

[BarredBunny]

Originally Posted by MLIQ

I was curious if anyone on here could help me understand why I am getting this email. We currently have monthly sales of 60k-150k per month. We have been doing this volume in sales for nearly 3 years. We just took a PayPal working capital loan for $150k on January 2nd. Today I received this email and not understanding why and PayPal could not and would not help.

As part of PayPal's commitment to providing the best possible experience for buyers and sellers, we perform routine reviews of merchant accounts. To complete our review and better understand your business, we need your assistance in collecting the following information:

· Provide your most recent 2 years of financial statements including:
· Balance Sheets
· Income Statement
· Cash-Flow Statement

· Provide the last six months' bank statements for the bank account used for the business.

The statement you provide must show your name, address, and account number exactly as they appear on your PayPal account.

Most probable answer: You are F#%#, they will hold your money for 180 days then steal it.

Short answer with possibility of getting your money?:
Lawyer up, then send docs.

[agent006140]

Originally Posted by BarredBunny

Most probable answer: You are F#%#, they will hold your money for 180 days then steal it.

Short answer with possibility of getting your money?:
Lawyer up, then send docs.

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Not sure if this is theft,it will ask her to pay back what she owed,and whatever she has in her Paypal account would be used to pay down what she owes (150k)
(She said she has already spent that money to buy inventory.So Paypal could limit her account,she can still sell and accept payment,but she cannot withdraw)

[yankee]

Originally Posted by BarredBunny

Most probable answer: You are F#%#, they will hold your money for 180 days then steal it.

Short answer with possibility of getting your money?:
Lawyer up, then send docs.

What?

HE ALREADY HAS THE MONEY

[agent006140]

That 150K has already been turned into inventory ,read her/his post.

[BarredBunny]

Originally Posted by agent006140

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Not sure if this is theft,it will ask her to pay back what she owed,and whatever she has in her Paypal account would be used to pay down what she owes (150k)
(She said she has already spent that money to buy inventory.So Paypal could limit her account,she can still sell and accept payment,but she cannot withdraw)

For some reason in my sleepy drog I misread the op as stating

We have had a successful business relationship with paypal for 3+ years.
We had a loan from paypal that we payed off they gave us the capital to get our business off the ground.
We have been making 60k - 150k per month with no issues.
Now paypal wants all docs.
What do we do??

My bad OP, and any confused by my reply, idk what the hell I was talking about last night.