Hello Dropshippers, I need your advice

deppo

deppo

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Looking to spy on TikTok to grab the most popular products, download these videos and use them on ads to get customers for those products on a shopify store or an AI generated single page single product store.

Looking to dropship with Temu.

Here's my issue. I've been reading a lot of horror stories about Stripe withholding cash and closing accounts out of the blue. I'm based in Europe, should I be looking for another processor like 2CO or similar?

Does this venture require any investment? For instance, when the client pays my payment processor can I use that cash to buy the product or the money stays in the payment processor account for x days to "clear"?

Thanks!
 
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I can't comment on Stripe and 2CO, but i have been involved in dropshipping for nearly 20 years and payment processors / merchant gateways have always been the crux.

The biggest question here (without asking you what your niche is), is ... if your niche is not classed as high risk etc, and if you are EU based, whats stopping you from opening a LTD company and acquiring your own payment gateway?
With the rise in challenger banks and drop in high street banks, it's surprising how many options are available now if you know where to look ... but also how many bad ones if you follow the wrong advice.

TLDR: It depends on what category banks put your niche in, as to what would be available to you. It could be better than you think, or worse. PM me if you don't want to post public.
 
All ventures requires investment in my opinion. For example Shopify cost around 39 USDT a month plus if you want a spying tool you'll have to pay for that too which should be around 50 usd a month. Also when the customer pays you it takes at least 1 day in the USA to have the funds available in your bank account so is best if you can use your own money to fulfill orders to expedite shipping time a little bit.

I haven't use Stripe but have friends that use it and they do have problems with it eventually. They do talk a lot about having some type of account verification issue once you start receiving decent sales and this lead to a hold in your cash until you verify it.

I have no experience using Temu but I have used eBay for drop shipping so I would say it can work.

Don't recommend you to use your competitors videos since most of them would be watermarked with their logo or product label but you can use the videos to get ideas or edit them and create your own version.
 
Ciphers said:
Also when the customer pays you it takes at least 1 day in the USA to have the funds available in your bank account so is best if you can use your own money to fulfill orders to expedite shipping time a little bit.
I haven't use Stripe but have friends that use it and they do have problems with it eventually. They do talk a lot about having some type of account verification issue once you start receiving decent sales and this lead to a hold in your cash until you verify it.
Click to expand...

My Stripe account is completely new without any history. Will the funds the customer pays be available after 1 day?
 
deppo said:
My Stripe account is completely new without any history. Will the funds the customer pays be available after 1 day?
Click to expand...
Remember if your account is US Based you will receive your very first payment after 7 business days and later on 24 - 48 hours.
 
But why do you need to be US based? No disrespect to the above poster, but following the internet "norm" dropshipping path will land you exactly where you are now (at the mercy of your payment gateway). Waiting for a US merchant to pay you. With little margins and long a$$ rolling retention periods.
The best thing about being internet based is being internet based.
 
hunterupscale said:
Remember if your account is US Based you will receive your very first payment after 7 business days and later on 24 - 48 hours.
Click to expand...

It is EU based actually. Also 7 days later? This may sound stupid but is there a way to use the Stripe balance to buy products?
 
If your EU based you have a lot more options than most. It super easy to open a bunq (for example) business account etc.

1 - If your customers pay via bank xfer (and EU) you want SEPA for the transfer time
2 - If transfer time is not an issue, open a business in Belize, corporation tax is 200 euros a year (not 20% of profits like EU)
3 - Card payment for grey areas are not sustainable so write that option off
 
deppo said:
My Stripe account is completely new without any history. Will the funds the customer pays be available after 1 day?
Click to expand...
I use Shopify Payments and my transfer are always available within 1-2 days after the order was made I'm US located and my banks are also US banks so I cannot say exactly how long would it take on stripe.
 
Ciphers said:
I use Shopify Payments and my transfer are always available within 1-2 days after the order was made I'm US located and my banks are also US banks so I cannot say exactly how long would it take on stripe.
Click to expand...

Are they strict like Stripe in the way they ban accounts and forfeit money? I'm just looking to dropship Temu products and the last thing I want is to invest many hours in this venture and then out of the blue to have my money confiscated for any bs reason.
 
deppo said:
Are they strict like Stripe in the way they ban accounts and forfeit money? I'm just looking to dropship Temu products and the last thing I want is to invest many hours in this venture and then out of the blue to have my money confiscated for any bs reason.
Click to expand...

Then reduce risk, bank transfer and crypto as a payment method are solid in terms of customer disputes .... If you want to accept card, it comes with its con's
 
deppo said:
It is EU based actually. Also 7 days later? This may sound stupid but is there a way to use the Stripe balance to buy products?
Click to expand...
How do you intend to use the Stripe balance to buy a product?
 
deppo said:
Looking to spy on TikTok to grab the most popular products, download these videos and use them on ads to get customers for those products on a shopify store or an AI generated single page single product store.

Looking to dropship with Temu.

Here's my issue. I've been reading a lot of horror stories about Stripe withholding cash and closing accounts out of the blue. I'm based in Europe, should I be looking for another processor like 2CO or similar?

Does this venture require any investment? For instance, when the client pays my payment processor can I use that cash to buy the product or the money stays in the payment processor account for x days to "clear"?

Thanks!
Click to expand...
I don't know about 2CO but I know a trusted source with payment processor. Can refer you for partnership. DM for details.
 
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