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Thread: Can I withdraw unlimited money from a new account

  1. #1
    mudkip Guest

    Default Can I withdraw unlimited money from a new account

    I'm thinking of getting a merchant account and using Paypal as my credit card processor also. Once I get my bank account verified and everything, is there some kind of limit on the amount of money that I can draw through Paypal and into my bank account? What I'm afraid of is that I will start my online business, get half a million dollars in revenue the first month from a few credit card sales (I'll be selling very big-ticket items), try to transfer the money to my bank account and Paypal will flag the transactions as some kind of fraud or some crap even though they are from legitimate credit-card-carrying customers.

    So is there some kind of limit in place on new accounts, or once I am up and running do I have carte blanche to charge and withdraw as much money as I want?

    Thanks

  2. #2
    Unregistered Guest

    Default

    No they will limit your account. I tried to do that with 248 and it got limitted because I posed a risk.

  3. #3
    Join Date
    Jun 2011
    Location
    MIDWEST, USA
    Posts
    61

    Default

    Nope. do not use PayPal. If you have to accept PayPal Payments then use CCNow as merchant with CartManager as the checkout.

  4. #4
    mudkip Guest

    Default

    What credit card processor allows this kind of instant unlimited withdrawal for a new online business? Is it near impossible to meet the application requirements for someone like First National Bank or any other big processor if you can't show a previous track-record?

    Thanks.

  5. #5
    Join Date
    Mar 2009
    Posts
    21

    Default

    With a merchant account, your funds are automatically deposited into your checking account. There is no "withdrawing" from a 3rd party account like paypal.

    Funds are transfered from the credit card, into your bank. Sound safer than PayPal? Thats cause it is.

    Click below to see who we recommend. Are there monthly fees? Yes, but they are minimal.

    Or you can listen to ebay say "Thanks for your Pay, Pal."

  6. #6
    The Overseer Guest

    Default

    Quote Originally Posted by pps View Post
    With a merchant account, your funds are automatically deposited into your checking account. There is no "withdrawing" from a 3rd party account like paypal.

    Funds are transfered from the credit card, into your bank. Sound safer than PayPal? Thats cause it is.

    Click below to see who we recommend. Are there monthly fees? Yes, but they are minimal.

    Or you can listen to ebay say "Thanks for your Pay, Pal."


    Don't even think about using PayPal to deposit anything like that amount. They will freeze it and you may never see it again. Be warned. PayPal are threatening millions of people with Legal challenges and fraud allegations in order to keep the funds in their accounts.

  7. #7
    gert Guest

    Default I want to warn you

    hi. i want to warn you about Paypal. If you are talking about having that kind of money in your account, then Paypal is not for you. Paypal seems to target people who have large balances in their account. Then, they Limit the account and keep the money for half a year or so, and sometimes forever.

  8. #8
    rodtreece Guest

    Default

    90% of the people on this Forum has had some kind of bad
    dealings with Pay"no"Pal. If you have read any of these post
    how could you even consider using Pay"no"Pal

    Read these post and you will see the light.

    If you're going to run a business run it like a real
    business and get your own merchant account. They
    will charge a little more because it will be an internet
    business, more risk, but I would rather pay a little
    more than loose it all to the idiots at Pay"no"Pal.

    I'm sure you'll make the right decision

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