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Side Hustle School

#2512 - Failure Friday: PayPal Freezes $50,000 in Ticket Fees

Side Hustle School

Chris Guillebeau / Onward Project

Business, Entrepreneurship, Careers

4.83.3K Ratings

🗓️ 17 November 2023

⏱️ 8 minutes

🧾️ Download transcript

Summary

In this week’s Failure Friday segment, we hear from a first-time event host who sells out a big event—only to discover that PayPal refuses to give him the money. Lots of lessons here! Side Hustle School features a new episode EVERY DAY, featuring detailed case studies of people who earn extra money without quitting their job. This year, the show includes free guided lessons and listener Q&A several days each week. Show notes: SideHustleSchool.com Email: [email protected] Be on the show: SideHustleSchool.com/questions Connect on Twitter: @chrisguillebeau Connect on Instagram: @193countries Visit Chris's main site: ChrisGuillebeau.com If you're enjoying the show, please pass it along! It's free and has been published every single day since January 1, 2017. We're also very grateful for your five-star ratings—it shows that people are listening and looking forward to new episodes. 😎 🙏🏼 To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Transcript

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0:00.0

Today's Failure Friday story is one I have heard in different variations several

0:16.7

times over the years for actually a couple of decades now. Paypal has been around, I forget exactly what year it came out,

0:25.8

but I think PayPal has been around more than 20 years.

0:28.2

I used to use PayPal in my very early days of selling stuff on eBay

0:33.4

and then used it in a variety of business.

0:35.7

I actually used PayPal to take in ticket revenue

0:38.9

for the First World Domination Summit.

0:41.1

And thankfully, I did not have a failure or disaster, but I've known

0:45.8

several people who have had pretty much the same story that you're going to

0:49.6

hear today. Like I said, different variations, but sometimes PayPal and it's not just them it's other

0:55.6

Merchant accounts other financial companies sometimes when you take in a lot of money

1:00.5

whether it's for a product launch or a future event, they get worried.

1:06.0

And they think, oh, this is fraudulent, this is some kind of scam.

1:09.7

And instead of asking you about it or you know trying to get some clarity and

1:15.2

understand that it's actually you know a perfectly legitimate use case sometimes

1:20.4

they just freeze the account and it's very difficult to get information to or from

1:26.8

them. It's very difficult to appeal the process and it's extremely stressful for somebody in that situation.

1:33.6

So one thing you can do is not use PayPal

1:36.9

because they are somewhat notorious for this.

1:39.4

At least, if you're going to use them,

1:41.2

make sure you have some backups. Make sure you're not keeping a lot of funds in that account.

1:45.0

Just transfer anything that comes in right away.

...

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