Just last week I bought canons70 on this forum and sent an echeck thro paypal. To my surprise paypal has not yet sent the payment to the seller while it has withdrawn money from my bank account very next day,
When I call paypal I got an answer it should get clear by tomorrow. And I got this answer three time now
I am stuck and the seller from whom I got it also stuck...is any idea if any one else is facing similar issues?
I am really fustrated by the service and bookish answer I am receiving from paypal....
Yep, that's PP's S.O.P. They take the money right away, use it for five business days and then pay it out. That's why they only charge $5. Id guess they'll pay the seller tomorrow.
Joshi Sagar wrote:
I sent it on 13th got cleared from bank on 14th but still not sent to the buyer
Paypal eChecks always take about 3-4 business days to clear, regardless of when the money is withdrawn from your account. The person who sent the money to should have an 'expected clearing date' by the transaction and Paypal never clears it earlier than that date.
I just received a $900 echeck... took 8 days to clear. I was getting a little nervous as I'd sent out the camera the day the e-check arrived. Turns out everything was fine, my buyer was a stand up gentleman, and I'm more fed up with Paypal than ever.
Paypal is very loose and deceiving with the terminology that they use.
They use terms like "cleared" and transaction "completed" when the funds are neither cleared nor is the transaction completed.
It is confusing to a buyer who goes to the paypal site ands sees that their payment has 'cleared'....they then expect the seller to ship...when in fact the seller has NOT received the funds.
There is no way I am going to ship out a big-ticket item until I have funds that have actually ARRIVED and are 'available' in MY local bank account. That is one of the reasons (there are many) that I try to use bank wire transfers whenever possible on big-ticket items.
The larger the transaction, the greater the odds are that Paypal is going to jerk somebody around...and they do it all the time...just do a google search about Paypal horror stories. At the very least, you can be sure that they are going to drag things out as long as legally possible to earn a return on the 'float'.
Savvy people that move large amounts of money around the world on a regular basis dont use Paypal...they use bank wire transfers. Inexperienced folks tend to get cold feet when handling large $$ amounts and feel that they need a service like Paypal to hold their hand and to protect them.
I set up an additional (free) account at my bank that exists just to send and receive bank wires. There is no fee on incoming wires and it costs me $10 on outgoing wires. It's very reasonable. Wires are safe, secure, easy and fast. And when the funds arrive - it is just like cash. Wires are a tool that everyone who isn't using them should learn about and consider using.
My 2 cents.
