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Looks like conglomerate business strikes again. DomainLore have had 40k put on hold while PayPal dip into their bank accounts to provide customer refunds.
Hi Ben,
As you might have noticed we have processed your pre-bid(s) refund several days ago.
To our shock, we started to receive numerous messages from Paypal this night, informing that our refunds can not be processed and were cancelled.
But you probably do not know, that Paypal has placed a holding freeze on over £40,000 on our account last week, when they saw 'suspicious' spike in sales.
Only after we provided all answers and extra documents to their enquiries, they explained to us, that this holding deposit is for the 'security' of customers and to ensure no chargebacks/reversals/etc will be taking place and *for any possible refunds*.
(We are not going to mention that we received only ~25k GBP in deposits, but they've put on hold all our money and balances in other currencies).
OK, what we can do about it, we started to refund all unsuccessful bids and sent about 18k back to all of you.
All refunds were processed via Paypal's option to issue a refund on the *original*
transaction. So that not only we are sending you your money back, but Paypal does a correct reversal and is also reversing fees (2-3%) which they charged us to receive all those deposits.
Now, the next is almost surreal - instead of issuing refunds from the money we received from you, actual money Paypal already received and put a freeze on them, supposedly *for your security* (but apparently for their needs), THEY HAVE TRIED TO TAKE REFUNDS FROM OUR BANK ACCOUNT. From our own funds not realted to Paypal, while still holding all your money and all our cleared money which were on our Paypal balance before.
Not just surreal, but also insane.
Some customers have already started to open disputes!
To say this is damaging our business would be an understatement.
Please bear with us while we are trying to resolve this mess Paypal has put us into. Please do not start any disputes, your money will be returned to you!
We all heard horror stories about Paypal but you never expect you'll
become a next victim. Apparently, they will make everyone a victim sooner or later.
We should all stop using Paypal. It is unbelievable in 2019 a company who profits from us can be so unfriendly and malicious to small businesses.
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Regards,
DomainLore Auctions