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  #1  
Old 01-07-2020
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Default PayPal limited....HELP

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.
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Old 01-08-2020
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Default Re: PayPal limited....HELP

haha

after 180 day they will took your money same what happened to me
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  #3  
Old 01-08-2020
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Default Re: PayPal limited....HELP

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.
------------------------
Paypal lent you $150K,you are a business and they want to review Your Financial Health.
If you are doing $60-150K a month,you must have a bank account and ask your accountants to prepare the statements they asked.
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Old 01-08-2020
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Default Re: PayPal limited....HELP

I am surprised they dont ask for these statements before lending you $150K,but then this is so Paypal!!!!
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Old 01-08-2020
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Default Re: PayPal limited....HELP

Quote:
Originally Posted by agent006140 View Post
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.
------------------------
Paypal lent you $150K,you are a business and they want to review Your Financial Health.
If you are doing $60-150K a month,you must have a bank account and ask your accountants to prepare the statements they asked.
That isn't the issue or really the question. Since 2017, we have borrowed $990k from PayPal with the most recent one before this of $200k without any of these questions or issues. I was simply asking if anyone has seen this request and why the request is happening now. It isn't like this is the first time we have used the working capital system. To me its rather troubling they are asking for this now as the 150k was spent on inventory the moment they gave us the loan. Regardless, any help or information anyone has would be appreciated. We submitted the data requested already and awaiting a response, but just nerve racking as if we did something wrong.
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  #6  
Old 01-08-2020
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Default Re: PayPal limited....HELP

It may not be Paypal which extends the loan,it could be Synchrony Bank
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  #7  
Old 01-08-2020
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Default Re: PayPal limited....HELP

is your account limited ?
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Old 01-08-2020
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Default Re: PayPal limited....HELP

New underwriting polices.

Are they holding funds or business as usual?
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Old 01-08-2020
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Default Re: PayPal limited....HELP

Just give them what they want. Problem solved
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Old 01-08-2020
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Default Re: PayPal limited....HELP

Quote:
Originally Posted by yankee View Post
New underwriting polices.

Are they holding funds or business as usual?
Paypal sold its loan portfolio to Synchrony Bank,you know it lost Wmt CREDIT CARD business !
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  #11  
Old 01-08-2020
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Default Re: PayPal limited....HELP

I have not seen this before and I have had plenty of working capital loans, but 50k being the biggest.

Perhaps as you are growing the loan amount after each loan you may have tripped a verification point.

What they are asking for is not insurmountable, and remember the loan you are taking is not secured personally and only relies on your sales volume as an indicator on how much to lend you.
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  #12  
Old 01-08-2020
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Default Re: PayPal limited....HELP

If you walk into your bank and ask for a 6 figures loan,they would want to know more about your business,what Paypal is asking is what any business lender would ask,what takes so long for Paypal ?
As for OP,doing millions dollars of business a year,he must have an accountant and a set of books,he should have no problem producing statements.
OP said it is troubling as he has used the fund to build his inventory,that should not be a problem unless this is all you have on your balance sheet/current assets.
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Old 01-08-2020
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Default Re: PayPal limited....HELP

If I don't take on this loan, I won't be asked all these balance sheets and income statements would I? Still starting out after I got banned for some minor offenses.
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  #14  
Old 01-08-2020
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Default Re: PayPal limited....HELP

do not hijack other people's thread.
depends on how much you are borrowing.
not everyone knows how to prepare a balance sheet.
But OP has a multi million dollar business,his accountant should prepare one for him.
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  #15  
Old 01-09-2020
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Default Re: PayPal limited....HELP

Quote:
Originally Posted by MLIQ View Post
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.

Paypal gave you a 150K loan and you didn't have to provide these documents already? Find THAT real hard to believe!
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Old 01-09-2020
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Default Re: PayPal limited....HELP

Quote:
Originally Posted by Kajunrook View Post
Paypal gave you a 150K loan and you didn't have to provide these documents already? Find THAT real hard to believe!
Yes. That is 100% how it works. No documents at all for Working Capital Loans. It is ONLY based on your sales volume and repayment history with them. They also take out a very hefty fee.
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Old 01-09-2020
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Default Re: PayPal limited....HELP

Paypal sold these loans to Synchrony Bank,so it could be the bank asking.
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  #18  
Old 01-09-2020
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Default Re: PayPal limited....HELP

Quote:
Originally Posted by yankee View Post
Yes. That is 100% how it works. No documents at all for Working Capital Loans. It is ONLY based on your sales volume and repayment history with them. They also take out a very hefty fee.
150K is a lot of money,one can take the money and retire,what can Paypal do?
Can it slap lien on house?
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Old 01-09-2020
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Default Re: PayPal limited....HELP

We received the loan funds on the 2nd and got these requests on the 7th. The loan proceeds have already been spent on inventory. The account is not limited, but theres a threat of shutting down being able to receive money on the 21st if we dont provide the documents. My accountant is working on everything now. The bank statements have already been submitted. Was only asking if anyone else had these issues or requests. Makes no sense to me. They stated they are requesting to make sure they want to continue to do business with us. They are requesting documents now from merchant accounts to make sure they are a fit for PayPal. Again, makes no sense. If we aren't a fit, they are going to stop allowing us to take payments and in turn, not get their money back from the working capital loan. Sounds pretty stupid to me and doesnt make sense. If we switched to managed payments on our own, we would be required to pay back the money immediately, but what happens if they decide they dont want us with PayPal anymore AFTER giving us the money? Then what. Im curious on the outcome of this, but to me, they should have asked for these documents before giving the working capital money. Will update when we get final results.
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Old 01-09-2020
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Default Re: PayPal limited....HELP

Truthfully, are they even legally allowed to ask for this data? The loan we requested was for working capital which has nothing to do with profitability of a company. What does profitability have anything to do with using PayPal on a day to day basis? Im more just looking for information or thoughts, but it doesnt make sense to us why we would be asked for this after getting a working capital line and to be able to continue to use PayPal. We sell sports memorabilia and video games, so we dont sell anything thats in a risk category.
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Old 01-09-2020
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Default Re: PayPal limited....HELP

read your terms and agreement with Paypal.
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Old 01-09-2020
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Default Re: PayPal limited....HELP

Quote:
Originally Posted by agent006140 View Post
read your terms and agreement with Paypal.
I already did and just did again. The only thing in the terms and agreement is identity verification, not business health/wealth. Truly it isn't that big of an issue, its just the fact that its annoying and I dont think its legal for them to do so. They state in the T&A they can shut down your account for any reason but theres nothing stating they have the right to ask for any such documents to be able to continue to use the service. As I stated in a previous post that isn't posted yet for some reason, we are being asked after getting the funds and not for the lending process, so this should have nothing to do with the working capital loan as its all based on sales and has nothing to do with profits/assets of a business
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