DO NOT USE Amazon Lending and Parafin Cash Advance - Amazon Support unable to resolve banking issues and WITHHOLDING PAYMENTS INDEFINITELY
I have fallen into another massively unsettling situation with Amazon as a Seller. Bear with me while I try to explain this coherently.
This all begins with a good problem - our company is scaling rapidly, and we took advantage of the Parafin Cash Advance and the Amazon Lending Term loan.
All was working well until we had a restriction placed on our business checking account for unrelated reasons, which ultimately caused an Amazon disbursement / regular deposit to be returned. At this point, everything went sideways;
- Amazon unlinked our bank account from Amazon.com and Amazon Pay, but kept our bank account linked to Amazon.ca and Amazon.mx
- In an attempt to reassign the same/only bank account we've ever had associated with the Seller Account, while logged in as the primary and only Seller Central account user, anytime I clicked "manage" or "add a deposit method" I recieved the warning "Forbidden. You do not have the rights to perform this action."
- Amazon Support attempted to blame this issue on 1. not being the primary user and thus not having admin permissions, which I proved to be untrue. 2. needing to simply click "add a new deposit method", which is in theory is a nice option, but it rendered the same error message, but is also not solution because are not seeking to add a new bank but simply assign the bank already associated with the account 3. needing to click the giant "assign" button next to "unassigned marketplaces", like I hadn't already done that daily for weeks.
- After establishing this is not a user error, and escalating through all of my Amazon POCs, numerous Seller Support cases and phone calls, Amazon tells me it's due to a Marcus line of credit. WE NEVER EVEN APPLIED FOR A MARCUS LINE OF CREDIT.
- Then, it was a matter of the Parafin cash advance restricting my abilities to manage banking accounts because Parafin requires verification of our bank account before AMAZON can reestablish my permissions. I proceeded to get all approvals from Parafin in writing (might I add Parafin never struggled to withdraw payments from our bank account, which leads me to assume they never restricted my banking management permissions/abilities). I provide all email communications with Parafin to Amazon stating we're in good standings, that Parafin is using the same account, that Amazon can lift restrictions and then CRICKETS. I have heard nothing for weeks, and only recieve automated responses from Amazon Developer Support team?!?!
- The Amazon Lending term loan ultimately went into default because there was no bank account attached to our Seller Central Amazon.com or Amazon Pay marketplace, which prompted Amazon to pay itself off with our growing Seller Central account balance. It's unclear if Amazon Lending would have placed a restriction on our ability to manage our banking assignments, but now that the loan is paid in full, we'd like to assume we're out from under their thumb!?!
NONETHELESS, we are still getting nowhere. No one can help identify WHY we're not able to reassign the only business bank account we've EVER had associated with Amazon.com and Amazon Pay marketplaces. The bank account that is currently FULLY FUNCTIONING for Amazon.mx and Amazon.ca
All the while, we're watching our Seller Central account balance increase, inventory dwindle, and remain confused as to whether we should even ship more inventory to Amazon because will they ever pay us?
This is impacting our ability to pay suppliers and keep doors open. This entire process is starving our business.
I have spoken to absolutely everyone I can think of - POCs within Amazon, friends and referrals that work at Amazon, numerous tickets, and phone calls. Tagging every possible Amazon Support person that works on Forums here in the hopes they can help.
Again, we're at a loss for what to do and might lose our business.
@Topher_Amazon@Veronica_Amazon@SEAmod @Atlas_Amazon@Quincy_Amazon
Case IDs 15305979301, 15192596741
DO NOT USE Amazon Lending and Parafin Cash Advance - Amazon Support unable to resolve banking issues and WITHHOLDING PAYMENTS INDEFINITELY
I have fallen into another massively unsettling situation with Amazon as a Seller. Bear with me while I try to explain this coherently.
This all begins with a good problem - our company is scaling rapidly, and we took advantage of the Parafin Cash Advance and the Amazon Lending Term loan.
All was working well until we had a restriction placed on our business checking account for unrelated reasons, which ultimately caused an Amazon disbursement / regular deposit to be returned. At this point, everything went sideways;
- Amazon unlinked our bank account from Amazon.com and Amazon Pay, but kept our bank account linked to Amazon.ca and Amazon.mx
- In an attempt to reassign the same/only bank account we've ever had associated with the Seller Account, while logged in as the primary and only Seller Central account user, anytime I clicked "manage" or "add a deposit method" I recieved the warning "Forbidden. You do not have the rights to perform this action."
- Amazon Support attempted to blame this issue on 1. not being the primary user and thus not having admin permissions, which I proved to be untrue. 2. needing to simply click "add a new deposit method", which is in theory is a nice option, but it rendered the same error message, but is also not solution because are not seeking to add a new bank but simply assign the bank already associated with the account 3. needing to click the giant "assign" button next to "unassigned marketplaces", like I hadn't already done that daily for weeks.
- After establishing this is not a user error, and escalating through all of my Amazon POCs, numerous Seller Support cases and phone calls, Amazon tells me it's due to a Marcus line of credit. WE NEVER EVEN APPLIED FOR A MARCUS LINE OF CREDIT.
- Then, it was a matter of the Parafin cash advance restricting my abilities to manage banking accounts because Parafin requires verification of our bank account before AMAZON can reestablish my permissions. I proceeded to get all approvals from Parafin in writing (might I add Parafin never struggled to withdraw payments from our bank account, which leads me to assume they never restricted my banking management permissions/abilities). I provide all email communications with Parafin to Amazon stating we're in good standings, that Parafin is using the same account, that Amazon can lift restrictions and then CRICKETS. I have heard nothing for weeks, and only recieve automated responses from Amazon Developer Support team?!?!
- The Amazon Lending term loan ultimately went into default because there was no bank account attached to our Seller Central Amazon.com or Amazon Pay marketplace, which prompted Amazon to pay itself off with our growing Seller Central account balance. It's unclear if Amazon Lending would have placed a restriction on our ability to manage our banking assignments, but now that the loan is paid in full, we'd like to assume we're out from under their thumb!?!
NONETHELESS, we are still getting nowhere. No one can help identify WHY we're not able to reassign the only business bank account we've EVER had associated with Amazon.com and Amazon Pay marketplaces. The bank account that is currently FULLY FUNCTIONING for Amazon.mx and Amazon.ca
All the while, we're watching our Seller Central account balance increase, inventory dwindle, and remain confused as to whether we should even ship more inventory to Amazon because will they ever pay us?
This is impacting our ability to pay suppliers and keep doors open. This entire process is starving our business.
I have spoken to absolutely everyone I can think of - POCs within Amazon, friends and referrals that work at Amazon, numerous tickets, and phone calls. Tagging every possible Amazon Support person that works on Forums here in the hopes they can help.
Again, we're at a loss for what to do and might lose our business.
@Topher_Amazon@Veronica_Amazon@SEAmod @Atlas_Amazon@Quincy_Amazon
Case IDs 15305979301, 15192596741
21 replies
Micah_Amazon
Hello @Seller_HNb3DKeU0CljX,
Thank you for reaching out. My apologies n the the frustration that this has caused. I am here to help assist. Please allow me some time to review the case IDs you have submitted and I will respond back shortly.
Thanks for your continued patience with this matter.
Cheers,
Micah
Seller_E2XtWufE0rzvT
When you accept money from Parafin it locks the banking information assigned to Amazon account. You may not change/update this information while the account lock is in place. Yes technically with permission from Parafin you should be able to update banking info however you're asking Amazon support to do something they don't understand. You have to give them clear instructions on why there is a problem and how to fix it. Honestly you're in this mess because you had restrictions placed on your business checking account for unrelated reasons as you said yourself so don't blame Amazon and Parafin just my 2 cents. Best of luck!
Seller_WAZNnMBpd99sI
We do understand the frustration involved when Amazon offers no support for programs they beguiled you into using, for their profit.....
However you wrote:
I have spoken to absolutely everyone I can think of - POCs within Amazon, friends and referrals that work at Amazon, numerous tickets, and phone calls
No matter the circumstances... the "friends and referrals that work at Amazon" sounds to us more of the insider influence which indicates Amazon's double-dealing- for which they have been found guilty of numerous times in the past.
Our impression is that some sellers have the distinct impression that they have a "conduit" to inside leverage not offered to the rest of the Sellers...
We would hope that people like those who were financially punished by thinking they could cheat the rest of us by investing with insiders like Madoff would have passed the message publicly that this is not okay.......
However, we understand individuals taking every advantage they see available.
.. doesn't make that avenue right nor moral.
Seller_Fu65QsLOLDFbp
This happened to us - I am SO SORRY! However, hang in there - I have good news! I got it sorted out in about 2 weeks after I figured out what to do.
I ended up opening an entirely new business bank account with ANOTHER bank. Then I called Marcus (or Parafin in your case) and told them I wanted to update my bank account. They have to unlock your account so you can update the bank on the Parafin system. THEN, you have to get them to keep you account unlocked while you update it on Amazon. You will need to contact the Accounting department at Parafin to let them know and place that request. At Marcus they enabled a button to appear on my Marcus account that allowed me to update the banking information with them first - then, when they verified the new bank account - it showed that I had 10 days to update my seller account bank account.
Once I knew the process went fairly smooth.
Key points - GET A NEW BANK ACCOUNT
Also, update Parafin first - then Amazon.
I've never used Parafin - only Marcus. But I'm going to assume it is VERY similar.
Because the exact same thing happened to us! I really hope this can help!
Seller_GKF7oCFh10yE2
This is terrible. I wish you best of luck resolving this situation. Amazon sucks.
Seller_v50W1r93uiAPv
I would have your bank block Parafin from all transactions and let make Parafin contact you for further payments. Let them figure this out by phone and letter before you reinstate them for monthly payments.
Seller_5qltytBx2ZYMz
Absolutely wrecked our business last summer. Amazon Lending is fine, but Parafin is very scammy. Be careful scaling, it just set our business back a whole year. Better to scale slower than to go bankrupt.
Parafin uses a cash advance percentage of sales system.
It looks very attractive, imagine seeing a 35,000$ loan on the Amazon Seller main dashboard, but think about it, if it's a fixed payment back that's one thing. If it's a percentage of the amount you make its much worse. It hampers your cash flow as you are expanding. Just be careful.
Seller_mFUNUCCYB0cok
Sad Amazon uses a ruse loan company like Parafin that reimburses itself with a % of your sale proceeds. Makes your cash flow even worse. Amazon should have vetted that company before becoming a loan partner with them.
DO NOT USE Amazon Lending and Parafin Cash Advance - Amazon Support unable to resolve banking issues and WITHHOLDING PAYMENTS INDEFINITELY
I have fallen into another massively unsettling situation with Amazon as a Seller. Bear with me while I try to explain this coherently.
This all begins with a good problem - our company is scaling rapidly, and we took advantage of the Parafin Cash Advance and the Amazon Lending Term loan.
All was working well until we had a restriction placed on our business checking account for unrelated reasons, which ultimately caused an Amazon disbursement / regular deposit to be returned. At this point, everything went sideways;
- Amazon unlinked our bank account from Amazon.com and Amazon Pay, but kept our bank account linked to Amazon.ca and Amazon.mx
- In an attempt to reassign the same/only bank account we've ever had associated with the Seller Account, while logged in as the primary and only Seller Central account user, anytime I clicked "manage" or "add a deposit method" I recieved the warning "Forbidden. You do not have the rights to perform this action."
- Amazon Support attempted to blame this issue on 1. not being the primary user and thus not having admin permissions, which I proved to be untrue. 2. needing to simply click "add a new deposit method", which is in theory is a nice option, but it rendered the same error message, but is also not solution because are not seeking to add a new bank but simply assign the bank already associated with the account 3. needing to click the giant "assign" button next to "unassigned marketplaces", like I hadn't already done that daily for weeks.
- After establishing this is not a user error, and escalating through all of my Amazon POCs, numerous Seller Support cases and phone calls, Amazon tells me it's due to a Marcus line of credit. WE NEVER EVEN APPLIED FOR A MARCUS LINE OF CREDIT.
- Then, it was a matter of the Parafin cash advance restricting my abilities to manage banking accounts because Parafin requires verification of our bank account before AMAZON can reestablish my permissions. I proceeded to get all approvals from Parafin in writing (might I add Parafin never struggled to withdraw payments from our bank account, which leads me to assume they never restricted my banking management permissions/abilities). I provide all email communications with Parafin to Amazon stating we're in good standings, that Parafin is using the same account, that Amazon can lift restrictions and then CRICKETS. I have heard nothing for weeks, and only recieve automated responses from Amazon Developer Support team?!?!
- The Amazon Lending term loan ultimately went into default because there was no bank account attached to our Seller Central Amazon.com or Amazon Pay marketplace, which prompted Amazon to pay itself off with our growing Seller Central account balance. It's unclear if Amazon Lending would have placed a restriction on our ability to manage our banking assignments, but now that the loan is paid in full, we'd like to assume we're out from under their thumb!?!
NONETHELESS, we are still getting nowhere. No one can help identify WHY we're not able to reassign the only business bank account we've EVER had associated with Amazon.com and Amazon Pay marketplaces. The bank account that is currently FULLY FUNCTIONING for Amazon.mx and Amazon.ca
All the while, we're watching our Seller Central account balance increase, inventory dwindle, and remain confused as to whether we should even ship more inventory to Amazon because will they ever pay us?
This is impacting our ability to pay suppliers and keep doors open. This entire process is starving our business.
I have spoken to absolutely everyone I can think of - POCs within Amazon, friends and referrals that work at Amazon, numerous tickets, and phone calls. Tagging every possible Amazon Support person that works on Forums here in the hopes they can help.
Again, we're at a loss for what to do and might lose our business.
@Topher_Amazon@Veronica_Amazon@SEAmod @Atlas_Amazon@Quincy_Amazon
Case IDs 15305979301, 15192596741
DO NOT USE Amazon Lending and Parafin Cash Advance - Amazon Support unable to resolve banking issues and WITHHOLDING PAYMENTS INDEFINITELY
I have fallen into another massively unsettling situation with Amazon as a Seller. Bear with me while I try to explain this coherently.
This all begins with a good problem - our company is scaling rapidly, and we took advantage of the Parafin Cash Advance and the Amazon Lending Term loan.
All was working well until we had a restriction placed on our business checking account for unrelated reasons, which ultimately caused an Amazon disbursement / regular deposit to be returned. At this point, everything went sideways;
- Amazon unlinked our bank account from Amazon.com and Amazon Pay, but kept our bank account linked to Amazon.ca and Amazon.mx
- In an attempt to reassign the same/only bank account we've ever had associated with the Seller Account, while logged in as the primary and only Seller Central account user, anytime I clicked "manage" or "add a deposit method" I recieved the warning "Forbidden. You do not have the rights to perform this action."
- Amazon Support attempted to blame this issue on 1. not being the primary user and thus not having admin permissions, which I proved to be untrue. 2. needing to simply click "add a new deposit method", which is in theory is a nice option, but it rendered the same error message, but is also not solution because are not seeking to add a new bank but simply assign the bank already associated with the account 3. needing to click the giant "assign" button next to "unassigned marketplaces", like I hadn't already done that daily for weeks.
- After establishing this is not a user error, and escalating through all of my Amazon POCs, numerous Seller Support cases and phone calls, Amazon tells me it's due to a Marcus line of credit. WE NEVER EVEN APPLIED FOR A MARCUS LINE OF CREDIT.
- Then, it was a matter of the Parafin cash advance restricting my abilities to manage banking accounts because Parafin requires verification of our bank account before AMAZON can reestablish my permissions. I proceeded to get all approvals from Parafin in writing (might I add Parafin never struggled to withdraw payments from our bank account, which leads me to assume they never restricted my banking management permissions/abilities). I provide all email communications with Parafin to Amazon stating we're in good standings, that Parafin is using the same account, that Amazon can lift restrictions and then CRICKETS. I have heard nothing for weeks, and only recieve automated responses from Amazon Developer Support team?!?!
- The Amazon Lending term loan ultimately went into default because there was no bank account attached to our Seller Central Amazon.com or Amazon Pay marketplace, which prompted Amazon to pay itself off with our growing Seller Central account balance. It's unclear if Amazon Lending would have placed a restriction on our ability to manage our banking assignments, but now that the loan is paid in full, we'd like to assume we're out from under their thumb!?!
NONETHELESS, we are still getting nowhere. No one can help identify WHY we're not able to reassign the only business bank account we've EVER had associated with Amazon.com and Amazon Pay marketplaces. The bank account that is currently FULLY FUNCTIONING for Amazon.mx and Amazon.ca
All the while, we're watching our Seller Central account balance increase, inventory dwindle, and remain confused as to whether we should even ship more inventory to Amazon because will they ever pay us?
This is impacting our ability to pay suppliers and keep doors open. This entire process is starving our business.
I have spoken to absolutely everyone I can think of - POCs within Amazon, friends and referrals that work at Amazon, numerous tickets, and phone calls. Tagging every possible Amazon Support person that works on Forums here in the hopes they can help.
Again, we're at a loss for what to do and might lose our business.
@Topher_Amazon@Veronica_Amazon@SEAmod @Atlas_Amazon@Quincy_Amazon
Case IDs 15305979301, 15192596741
DO NOT USE Amazon Lending and Parafin Cash Advance - Amazon Support unable to resolve banking issues and WITHHOLDING PAYMENTS INDEFINITELY
I have fallen into another massively unsettling situation with Amazon as a Seller. Bear with me while I try to explain this coherently.
This all begins with a good problem - our company is scaling rapidly, and we took advantage of the Parafin Cash Advance and the Amazon Lending Term loan.
All was working well until we had a restriction placed on our business checking account for unrelated reasons, which ultimately caused an Amazon disbursement / regular deposit to be returned. At this point, everything went sideways;
- Amazon unlinked our bank account from Amazon.com and Amazon Pay, but kept our bank account linked to Amazon.ca and Amazon.mx
- In an attempt to reassign the same/only bank account we've ever had associated with the Seller Account, while logged in as the primary and only Seller Central account user, anytime I clicked "manage" or "add a deposit method" I recieved the warning "Forbidden. You do not have the rights to perform this action."
- Amazon Support attempted to blame this issue on 1. not being the primary user and thus not having admin permissions, which I proved to be untrue. 2. needing to simply click "add a new deposit method", which is in theory is a nice option, but it rendered the same error message, but is also not solution because are not seeking to add a new bank but simply assign the bank already associated with the account 3. needing to click the giant "assign" button next to "unassigned marketplaces", like I hadn't already done that daily for weeks.
- After establishing this is not a user error, and escalating through all of my Amazon POCs, numerous Seller Support cases and phone calls, Amazon tells me it's due to a Marcus line of credit. WE NEVER EVEN APPLIED FOR A MARCUS LINE OF CREDIT.
- Then, it was a matter of the Parafin cash advance restricting my abilities to manage banking accounts because Parafin requires verification of our bank account before AMAZON can reestablish my permissions. I proceeded to get all approvals from Parafin in writing (might I add Parafin never struggled to withdraw payments from our bank account, which leads me to assume they never restricted my banking management permissions/abilities). I provide all email communications with Parafin to Amazon stating we're in good standings, that Parafin is using the same account, that Amazon can lift restrictions and then CRICKETS. I have heard nothing for weeks, and only recieve automated responses from Amazon Developer Support team?!?!
- The Amazon Lending term loan ultimately went into default because there was no bank account attached to our Seller Central Amazon.com or Amazon Pay marketplace, which prompted Amazon to pay itself off with our growing Seller Central account balance. It's unclear if Amazon Lending would have placed a restriction on our ability to manage our banking assignments, but now that the loan is paid in full, we'd like to assume we're out from under their thumb!?!
NONETHELESS, we are still getting nowhere. No one can help identify WHY we're not able to reassign the only business bank account we've EVER had associated with Amazon.com and Amazon Pay marketplaces. The bank account that is currently FULLY FUNCTIONING for Amazon.mx and Amazon.ca
All the while, we're watching our Seller Central account balance increase, inventory dwindle, and remain confused as to whether we should even ship more inventory to Amazon because will they ever pay us?
This is impacting our ability to pay suppliers and keep doors open. This entire process is starving our business.
I have spoken to absolutely everyone I can think of - POCs within Amazon, friends and referrals that work at Amazon, numerous tickets, and phone calls. Tagging every possible Amazon Support person that works on Forums here in the hopes they can help.
Again, we're at a loss for what to do and might lose our business.
@Topher_Amazon@Veronica_Amazon@SEAmod @Atlas_Amazon@Quincy_Amazon
Case IDs 15305979301, 15192596741
21 replies
21 replies
Micah_Amazon
Hello @Seller_HNb3DKeU0CljX,
Thank you for reaching out. My apologies n the the frustration that this has caused. I am here to help assist. Please allow me some time to review the case IDs you have submitted and I will respond back shortly.
Thanks for your continued patience with this matter.
Cheers,
Micah
Seller_E2XtWufE0rzvT
When you accept money from Parafin it locks the banking information assigned to Amazon account. You may not change/update this information while the account lock is in place. Yes technically with permission from Parafin you should be able to update banking info however you're asking Amazon support to do something they don't understand. You have to give them clear instructions on why there is a problem and how to fix it. Honestly you're in this mess because you had restrictions placed on your business checking account for unrelated reasons as you said yourself so don't blame Amazon and Parafin just my 2 cents. Best of luck!
Seller_WAZNnMBpd99sI
We do understand the frustration involved when Amazon offers no support for programs they beguiled you into using, for their profit.....
However you wrote:
I have spoken to absolutely everyone I can think of - POCs within Amazon, friends and referrals that work at Amazon, numerous tickets, and phone calls
No matter the circumstances... the "friends and referrals that work at Amazon" sounds to us more of the insider influence which indicates Amazon's double-dealing- for which they have been found guilty of numerous times in the past.
Our impression is that some sellers have the distinct impression that they have a "conduit" to inside leverage not offered to the rest of the Sellers...
We would hope that people like those who were financially punished by thinking they could cheat the rest of us by investing with insiders like Madoff would have passed the message publicly that this is not okay.......
However, we understand individuals taking every advantage they see available.
.. doesn't make that avenue right nor moral.
Seller_Fu65QsLOLDFbp
This happened to us - I am SO SORRY! However, hang in there - I have good news! I got it sorted out in about 2 weeks after I figured out what to do.
I ended up opening an entirely new business bank account with ANOTHER bank. Then I called Marcus (or Parafin in your case) and told them I wanted to update my bank account. They have to unlock your account so you can update the bank on the Parafin system. THEN, you have to get them to keep you account unlocked while you update it on Amazon. You will need to contact the Accounting department at Parafin to let them know and place that request. At Marcus they enabled a button to appear on my Marcus account that allowed me to update the banking information with them first - then, when they verified the new bank account - it showed that I had 10 days to update my seller account bank account.
Once I knew the process went fairly smooth.
Key points - GET A NEW BANK ACCOUNT
Also, update Parafin first - then Amazon.
I've never used Parafin - only Marcus. But I'm going to assume it is VERY similar.
Because the exact same thing happened to us! I really hope this can help!
Seller_GKF7oCFh10yE2
This is terrible. I wish you best of luck resolving this situation. Amazon sucks.
Seller_v50W1r93uiAPv
I would have your bank block Parafin from all transactions and let make Parafin contact you for further payments. Let them figure this out by phone and letter before you reinstate them for monthly payments.
Seller_5qltytBx2ZYMz
Absolutely wrecked our business last summer. Amazon Lending is fine, but Parafin is very scammy. Be careful scaling, it just set our business back a whole year. Better to scale slower than to go bankrupt.
Parafin uses a cash advance percentage of sales system.
It looks very attractive, imagine seeing a 35,000$ loan on the Amazon Seller main dashboard, but think about it, if it's a fixed payment back that's one thing. If it's a percentage of the amount you make its much worse. It hampers your cash flow as you are expanding. Just be careful.
Seller_mFUNUCCYB0cok
Sad Amazon uses a ruse loan company like Parafin that reimburses itself with a % of your sale proceeds. Makes your cash flow even worse. Amazon should have vetted that company before becoming a loan partner with them.
Micah_Amazon
Hello @Seller_HNb3DKeU0CljX,
Thank you for reaching out. My apologies n the the frustration that this has caused. I am here to help assist. Please allow me some time to review the case IDs you have submitted and I will respond back shortly.
Thanks for your continued patience with this matter.
Cheers,
Micah
Micah_Amazon
Hello @Seller_HNb3DKeU0CljX,
Thank you for reaching out. My apologies n the the frustration that this has caused. I am here to help assist. Please allow me some time to review the case IDs you have submitted and I will respond back shortly.
Thanks for your continued patience with this matter.
Cheers,
Micah
Seller_BuZUJXlsn20ML
Yes, this is another Amazon rip-off
Seller_E2XtWufE0rzvT
When you accept money from Parafin it locks the banking information assigned to Amazon account. You may not change/update this information while the account lock is in place. Yes technically with permission from Parafin you should be able to update banking info however you're asking Amazon support to do something they don't understand. You have to give them clear instructions on why there is a problem and how to fix it. Honestly you're in this mess because you had restrictions placed on your business checking account for unrelated reasons as you said yourself so don't blame Amazon and Parafin just my 2 cents. Best of luck!
Seller_E2XtWufE0rzvT
When you accept money from Parafin it locks the banking information assigned to Amazon account. You may not change/update this information while the account lock is in place. Yes technically with permission from Parafin you should be able to update banking info however you're asking Amazon support to do something they don't understand. You have to give them clear instructions on why there is a problem and how to fix it. Honestly you're in this mess because you had restrictions placed on your business checking account for unrelated reasons as you said yourself so don't blame Amazon and Parafin just my 2 cents. Best of luck!
Seller_WAZNnMBpd99sI
We do understand the frustration involved when Amazon offers no support for programs they beguiled you into using, for their profit.....
However you wrote:
I have spoken to absolutely everyone I can think of - POCs within Amazon, friends and referrals that work at Amazon, numerous tickets, and phone calls
No matter the circumstances... the "friends and referrals that work at Amazon" sounds to us more of the insider influence which indicates Amazon's double-dealing- for which they have been found guilty of numerous times in the past.
Our impression is that some sellers have the distinct impression that they have a "conduit" to inside leverage not offered to the rest of the Sellers...
We would hope that people like those who were financially punished by thinking they could cheat the rest of us by investing with insiders like Madoff would have passed the message publicly that this is not okay.......
However, we understand individuals taking every advantage they see available.
.. doesn't make that avenue right nor moral.
Seller_WAZNnMBpd99sI
We do understand the frustration involved when Amazon offers no support for programs they beguiled you into using, for their profit.....
However you wrote:
I have spoken to absolutely everyone I can think of - POCs within Amazon, friends and referrals that work at Amazon, numerous tickets, and phone calls
No matter the circumstances... the "friends and referrals that work at Amazon" sounds to us more of the insider influence which indicates Amazon's double-dealing- for which they have been found guilty of numerous times in the past.
Our impression is that some sellers have the distinct impression that they have a "conduit" to inside leverage not offered to the rest of the Sellers...
We would hope that people like those who were financially punished by thinking they could cheat the rest of us by investing with insiders like Madoff would have passed the message publicly that this is not okay.......
However, we understand individuals taking every advantage they see available.
.. doesn't make that avenue right nor moral.
Seller_Fu65QsLOLDFbp
This happened to us - I am SO SORRY! However, hang in there - I have good news! I got it sorted out in about 2 weeks after I figured out what to do.
I ended up opening an entirely new business bank account with ANOTHER bank. Then I called Marcus (or Parafin in your case) and told them I wanted to update my bank account. They have to unlock your account so you can update the bank on the Parafin system. THEN, you have to get them to keep you account unlocked while you update it on Amazon. You will need to contact the Accounting department at Parafin to let them know and place that request. At Marcus they enabled a button to appear on my Marcus account that allowed me to update the banking information with them first - then, when they verified the new bank account - it showed that I had 10 days to update my seller account bank account.
Once I knew the process went fairly smooth.
Key points - GET A NEW BANK ACCOUNT
Also, update Parafin first - then Amazon.
I've never used Parafin - only Marcus. But I'm going to assume it is VERY similar.
Because the exact same thing happened to us! I really hope this can help!
Seller_Fu65QsLOLDFbp
This happened to us - I am SO SORRY! However, hang in there - I have good news! I got it sorted out in about 2 weeks after I figured out what to do.
I ended up opening an entirely new business bank account with ANOTHER bank. Then I called Marcus (or Parafin in your case) and told them I wanted to update my bank account. They have to unlock your account so you can update the bank on the Parafin system. THEN, you have to get them to keep you account unlocked while you update it on Amazon. You will need to contact the Accounting department at Parafin to let them know and place that request. At Marcus they enabled a button to appear on my Marcus account that allowed me to update the banking information with them first - then, when they verified the new bank account - it showed that I had 10 days to update my seller account bank account.
Once I knew the process went fairly smooth.
Key points - GET A NEW BANK ACCOUNT
Also, update Parafin first - then Amazon.
I've never used Parafin - only Marcus. But I'm going to assume it is VERY similar.
Because the exact same thing happened to us! I really hope this can help!
Seller_GKF7oCFh10yE2
This is terrible. I wish you best of luck resolving this situation. Amazon sucks.
Seller_GKF7oCFh10yE2
This is terrible. I wish you best of luck resolving this situation. Amazon sucks.
Seller_v50W1r93uiAPv
I would have your bank block Parafin from all transactions and let make Parafin contact you for further payments. Let them figure this out by phone and letter before you reinstate them for monthly payments.
Seller_v50W1r93uiAPv
I would have your bank block Parafin from all transactions and let make Parafin contact you for further payments. Let them figure this out by phone and letter before you reinstate them for monthly payments.
Seller_5qltytBx2ZYMz
Absolutely wrecked our business last summer. Amazon Lending is fine, but Parafin is very scammy. Be careful scaling, it just set our business back a whole year. Better to scale slower than to go bankrupt.
Parafin uses a cash advance percentage of sales system.
It looks very attractive, imagine seeing a 35,000$ loan on the Amazon Seller main dashboard, but think about it, if it's a fixed payment back that's one thing. If it's a percentage of the amount you make its much worse. It hampers your cash flow as you are expanding. Just be careful.
Seller_5qltytBx2ZYMz
Absolutely wrecked our business last summer. Amazon Lending is fine, but Parafin is very scammy. Be careful scaling, it just set our business back a whole year. Better to scale slower than to go bankrupt.
Parafin uses a cash advance percentage of sales system.
It looks very attractive, imagine seeing a 35,000$ loan on the Amazon Seller main dashboard, but think about it, if it's a fixed payment back that's one thing. If it's a percentage of the amount you make its much worse. It hampers your cash flow as you are expanding. Just be careful.
Seller_mFUNUCCYB0cok
Sad Amazon uses a ruse loan company like Parafin that reimburses itself with a % of your sale proceeds. Makes your cash flow even worse. Amazon should have vetted that company before becoming a loan partner with them.
Seller_mFUNUCCYB0cok
Sad Amazon uses a ruse loan company like Parafin that reimburses itself with a % of your sale proceeds. Makes your cash flow even worse. Amazon should have vetted that company before becoming a loan partner with them.
