I know you must be thinking I must have done something wrong. I assure the readers, I've done nothing wrong but it is Stripe who has done everything wrong here by putting me in such a position where I had to stop my business. They are holding my money and withdrawing more funds form my bank just because they think I could be a fraud.
I started a store month and half ago. I scaled the store to $5k revenue a day and I was processing about $3.5k with stripe and rest with Paypal daily. I was using my old stripe account at first but then I created a new account and switched to this new account to keep things separate from my other store. After 705 transactions I received one chargeback and they immediately closed my account and start withdrawing funds I had processed previously. Tomorrow $12,000 is coming out.
Their reason for closing my account is they claim I'm may not be legitimate. It is wrong of them to assume that. But of course I'm 100% ligit. So, I sent them all the evidence, my supplier's invoices, tracking numbers for all the orders from day one and proof customers are receiving their orders in timely manner. Yes, I ship every single order out in time. So, all the evidence is with them now.
I called them and ask them immediately to review their decision and I'm waiting on their response. It's been 24 hours. They promised me they were going to make a decision today but they are now saying tomorrow. So, I'm still waiting, anxious and disturbed.
The thing is if they withdraw the money tomorrow and not pay the rest of $33,000, I will in a hole for $50,000. I've got $30,000 bill to be paid to the traffic source and $20k to be paid to the supplier. Meanwhile, they are taking money out of my account and giving it back to the customers. So, now my customers have a free product in their hand plus their money back and I'm left with two big bills to pay.