Yeah. Thinkst Canary started their business without investors or anyone that would tell them to not use PayPal. Their product was a fucking hit and since that happened they were getting a lot of cash in their paypal account. The ceo was on Risky Business and said that years after PayPal closed their account, they were still out the few hundred thousand dollars that were in the account. Do not use PayPal, and if you must transfer whatever money you get to a traditional bank account asap.
Story time: I have a side business selling web optimization services. UX, AB testing, etc.
I got busy and didn't take my money immediately after completing a few projects and one of my clients complained to Paypal about my service. My account was immediately locked and it took me at least 3 months to get access back to my account.
They basically had 15k of my money, interest free for them to play with even tho the contested amount was $500. I ended up just eating the 500 just to get access to my account, even tho the client is still using the improvements I made to their site.
Most small and medium businesses don't have crypto. They use corporate P cards. So a business would call me if they launched something and the site tanked in sales. 2500 on their corporate card and their problem is fixed.
Not defending PayPal, but I used to work there. They suck but in my experience you woulda lost the 500 of the person had called their card company too. Idk how the bank would have handled the dispute directly without PayPal but they do love holding funds as well
They froze my entire account for 500usd. The rest of the 14500 was from other happy customers.
I use a regular bank for credit card services now and when there is something contested, it's only for the charged amount that is held. Not my entire account.
Especially since PayPal has a history of locking people's accounts.
Back in the day, people used PayPal for e-commerce and if they didn't like you, say you sold "Fuck PayPal stickers", they would absolutely freeze your account with all the money in it.
Back when I was doing art for money (not adult or furry stuff, sorry) I had years of racing to the computer or in some cases, the ATM, to transfer new payments out of Paypal.
Because they make decisions on behalf of linked providers, like ebay. If you have ebay fees due, you don't get flexibility when you can pay it, Paypal just grabs it the next time it sees money come in. They do this with all kinds of fees and payments, if you have a delicate life like say... being a struggling artist, you are gonna get reamed by paypal and associated predatory companies. Not that there's a lot of choice.
Keep th money you need short-term for your business. Put the rest in index funds. With 100k lying around like that, you lose a few thousand dollars per year to inflation.
I micro-invest in companies I am familiar in working with at my job. Mostly bio-tech/healtcare/pharm. I have a 403B that is invested in index funds and bonds that is more serious savings. The Robinhood account is more like... a shoe closet. I buy the shoes I like and rarely sell them unless they, well give me a bad experience in real life (looking at your Reddit, Amazon, and Meta). After Trump was elected... I expanded my horizons to European ETFs and Chinese car companies.
Brandt said he enjoyed being a meme, and he did frequently use the catchphrase, although he did say that his high school English teacher would not have approved of his usage of "ain't".[6][20]
The furry artist was responding to someone saying his "hobby" was embarrassing. He posted the balance to show that his "hobby" is actually a very profitable business.
I stopped using Paypal a few years ago. But I had to through it to cancel any subs and recurring payments very carefully. I never had them freeze my account/money but I had friends that happened to related to Ebay transactions. Those instances soured me on selling on Ebay as well.