How I Almost Lost My Entire Business Overnight
In December 2018, a few days after Christmas, I received an email any online business owner would be terrified to get:
"Your PayPal account has been limited"
More specifically in the email, it read:
"We've permanently limited your account."
My first thought was that’s the end of my business.
I thought I lost my entire business overnight because 99% of my sales were going through PayPal.
Thousands of transactions a month. Hundreds of active subscriptions attached to my PayPal accounts.
I couldn't believe it, despite having a good standing with PayPal and an established business for over 10 years with them.
In this video, I want to share my story on how I had not one, not two, not three but all four PayPal accounts limited BUT thankfully all restored after several days of communicating with PayPal and a loss of sales during the period.
This biggest takeaway you can take from this is to never put all your eggs in one basket, especially if you’re an established business.
Disclaimer: I do not provide a solution or answer on how to fix a limited PayPal account in this video as everyone's circumstances are different. Instead, what I share are best practices that you can take.
5 Lessons You Can Take Away
Don’t put all your eggs in one basket. Have an alternate payment processor. Don’t be at the mercy of one social media platform and building all your content there.
Build an email list. Email is a top asset you need to start or keep building.
Read the terms and conditions of websites and services you use.
Keep your logins safe. Reputable websites will never ask for sensitive information. Periodically, change your passwords, too.
Avoid selling business opportunities on PayPal.
If your PayPal account is relatively new, be careful of sending and receiving large amounts of money. It may trigger a red flag.
If you’re expecting an influx of sales from a product launch, contact PayPal about it. There’s still no guarantee that your account won’t be red flagged, but it is one extra step you could take as a precaution.
As always, leave your comments and thoughts below!