#2512 - Failure Friday: PayPal Freezes $50,000 in Ticket Fees
Side Hustle School
Chris Guillebeau
4.7 • 3.3K 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.
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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: team@sidehustleschool.com
Be on the show: SideHustleSchool.com/questions
Connect on Instagram: @193countries
Visit Chris's main site: ChrisGuillebeau.com
Read A Year of Mental Health: yearofmentalhealth.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. 😎 🙏🏼
Hosted on Acast. See acast.com/privacy for more information.
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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