Do you use PayPal to accept payment on your website? Make sure your business registration details are up to date and act quickly on any request for a compliance review to prevent your money being frozen! Over the course of the last few months there have been several high profile incidents where the payment processor https://www.paypal.com locks access to money in business customers accounts. Several of Flower Store In a Box customers have been caught out by this when PayPal undertook compliance reviews of their account. The customers ignored the requests for more information and their accounts were subsequently frozen from withdrawing money but they could still receive payments
By Law PayPal requires that your business registration details in your PayPal account are kept up to date. From time to time they may request a "compliance review" to ensure the business name and the business details are correct. "PayPal will request that you provide copies of your business registration and identity documents and upload these to their website. PayPal does give the business fair warning to provide the details but it is up to you to ensure you follow through. If your account is limited it can take up to 45 days for the account to be restored, which can cripple the cash flow of a small business.
There are many ways of accepting payments online and PayPal is one of the many services that you can use on your website. You read more about what payment methods you can use with Flower Store In a Box here
If you would like to have a chat with one of our team about what payment options are available for your website fill in the details below and we can help! Sources: https://www.paypal.com/au/selfhelp/article/why-is-my-paypal-account-limited-(buyer)-faq1758 http://www.smh.com.au/small-business/finance/it-is-killing-my-small-business-paypal-under-fire-for-freezing-money-20170928-gyqd5u.html http://www.smh.com.au/small-business/finance/financial-ombudsman-service-to-look-at-paypal-delays-on-frozen-accounts-20171003-gytnnr.html