Will Patterson
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 p.1 #8 · How to accept paypal at Buy +Sell? | |
Rich Swanner wrote:
How am I protected from a buyer scam? The buyer must have a paypal account and he/she is tranfering the money to paypal? If they close the account does paypal come after me, or is there protection because of the fee?Once I sell it and the fee is paid, is the money mine ?
There's somewhat of a grey area there. The way I understand it is Paypal acts like a store front. The buyer comes in, swipes their CC, debit card, or supplies checking account info, Paypal then puts a hold on the buyer's account for the amount requested immediately (within seconds), and then transfers the funds to your paypal account as soon as that hold is approved and placed. The funds are drawn from the buyer's account within a day or two. Then when you "withdraw" the funds and transfer it to your checking account, it normally takes 2-3 business days for it to show up into the checking account.
So basically, to me, the buyer would have to send money to you, then IMMEDIATELY, before the hold is placed, attempt to close their account. But it happens very fast. I had a situation once where I meant to draw funds from my credit card but instead it drew via my debit card from my bank account. RIGHT after I clicked "Send Money", I realized my mistake and immediately called paypal but they said there was nothing they could do, that the seller would have to refund me my payment in paypal. I then went right to my bank account online and there was already a hold for the funds on my account, like within a minute.
So yea, you'll be fine. If the buyer attempts to be a douche and tells his credit card company that he is disputing the charge, they can go after paypal but it stops there, paypal can't come after you because you'd have proof that you sent the item out.
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