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TerraHash problems with Paypal

By on June 26, 2013

Paypal orders at TerraHash, the Bitcoin ASIC mining maker have stirred up some problems. Here’s the email from the TerraHash team today:

Sorry for taking so long for this order status update.

Here is the update:

PayPal has still not released the hold on our funds. We are still talking to them and trying to get the hold lifted. If something does not work out, we might have to refund all the PayPal orders. In that case we will give all the PayPal customers an option to hold their spot by paying with Credit Card, BTC or Bank Transfer. We have already been approved for a merchant account for Credit Card processing, and the bank will take 2-3 days to setup our account. We are still hopeful that PayPal will release our funds and we won’t have to take this step of refunding all the PayPal orders. If not, as soon as our Merchant Account for Credit Card processing is set up by the bank (hopefully before Friday), we will mass-refund all the PayPal orders.

In case of a PayPal mass refund, certainly a lot of customers will fail to repay and hold their spot, resulting in many orders moving up the queue. So please give us another 2-3 days to resolve the issue with PayPal and decide the next step.