Another PayPal victim. Don’t be the next one.
This is what PayPal told DotDB after terminating its account.
DotDB is the latest company in the domain industry to face an immediate suspension of its PayPal account with no explanation.
It happened to Sav. It happened to NameBio. It has happened to others.
Imagine waking up and finding out that all of your subscription revenue was in limbo. All of your money was locked up for months. Your churn was suddenly 100%.
All with no explanation.
As we’ve seen time and time again, PayPal has closed accounts that shouldn’t have been closed. It was PayPal’s mistake, not something the merchant did.
Suspending a merchant’s account should be taken with great care. It’s someone’s livelihood.
I implore entrepreneurs to start switching as much of their subscription base off PayPal as fast as you can.
As an alternative, I used Stripe for my last business. They were so easy to work with. They had nearly instant chat support that got to the bottom of any issues I had. And when I sold my business, they transferred the account to the new owner within hours. The company even adjusted our 1099s to reflect the effective date of the transaction.
Don’t trust your business to a company that will drop you for no good reason. Get off of PayPal.
Post link: Don’t use PayPal for your subscription business
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