As many of you know, Keyword Scout was one of my first successful ventures years ago. Then, I was 16 years old, and even though I was new to the software business, I was able to pack in over 1000 paying customers within the first 6 months.
For those of you who read my book, you already know the rest of the story. PayPal closed my account, with no reason. This means all of my liquid cash was frozen and unaccessible. All of my customers’ subscriptions were cancelled. I had no monthly recurring revenue.
I tried to follow up, but no one at PayPal would talk to me. Every time I called or emailed, I was told I had to speak with the employee who limited my account. The problem? He didn’t have an email and he never returned voice mails.
So, I started trying to get customers to sign up again with a new payment process and some did, but many did not answer their emails. This is expected with cancellation of subscriptions – most will not resubscribe until they need it again.
The company had a slow and painful death. If you’re interested in the full story, you can find it in my book.