New Paypal Policy
10-07-2011 | 07:26 AM
#1
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From: San Antonio, TX
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Have you guys seen the email about the new Paypal policy rolling out November 4th? If I'm a seller and get a payment, I will not be able to access that money for 21 days. Its absolutely ridiculous, and paypal is making intrested off this cash held.
A ton of pissed sellers over here...
https://www.paypal-community.com/t5/...14220/page/481
A ton of pissed sellers over here...
https://www.paypal-community.com/t5/...14220/page/481
10-07-2011 | 07:31 AM
#2
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From: Central New Jersey
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PayPal is the king of pulling stupid stunts like that. PayPal is not your pal.
I've been using Google Checkout whenever possible. But most places still insist on PayPal =\
I've been using Google Checkout whenever possible. But most places still insist on PayPal =\
10-07-2011 | 07:54 AM
#4
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That's crap.
10-07-2011 | 08:14 AM
#5
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From: So. Cal (SFV)
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https://cms.paypal.c...aypal_holds_faq
"When some sellers receive payments, we may hold the money in a pending balance for up to 21 days to help make sure that there are funds in the seller's account to cover potential refunds or claims. The funds may be released early if PayPal determines that the transaction has been fulfilled and customers are satisfied.
While funds are pending, the money belongs to you but isn't available to spend or withdraw.
If payments on your account are held, we'll notify you. PayPal will re-evaluate your account every 35 days and decide whether or not to continue holding payments. If we decide to stop holding future payments, we'll contact you."
seems like the reasoning is "fair"...although I could see how it can be an inconvenience to a lot of sellers...
"When some sellers receive payments, we may hold the money in a pending balance for up to 21 days to help make sure that there are funds in the seller's account to cover potential refunds or claims. The funds may be released early if PayPal determines that the transaction has been fulfilled and customers are satisfied.
While funds are pending, the money belongs to you but isn't available to spend or withdraw.
If payments on your account are held, we'll notify you. PayPal will re-evaluate your account every 35 days and decide whether or not to continue holding payments. If we decide to stop holding future payments, we'll contact you."
seems like the reasoning is "fair"...although I could see how it can be an inconvenience to a lot of sellers...
10-07-2011 | 08:50 AM
#6
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sucks, but seems like once transaction is fulfilled, then you get your money.but seems like they will only do it when theirs a situation? either way, its not good when your a seller and want that money asap. we could always go back to the old days of money orders lol oh the memories of middle school and selling/buying using money orders.
11-10-2011 | 06:10 AM
#8
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From: San Antonio, TX
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Well looks like it went into effect already. Sold a item on ebay the other day, now my payment is being held until December 1st, while Paypal is making intrest off it
:thumbsdown: :thumbsdown: :thumbsdown: :thumbsdown:
:thumbsdown: :thumbsdown: :thumbsdown: :thumbsdown:
11-10-2011 | 11:48 PM
#10
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Try looking at it from the buyer's point of view. If you get conned by a dodgy seller on ebay, you'd be wanting PayPal to be refunding your payment. It's one of the attractions of PayPal.
Then there's looking at it from PayPal's point of view. If a fly-by-night seller came along, fake-sold a large amount of stuff on ebay, then takes all the money out of paypal and does a runner. There's then loads of refund claims coming into PayPal by the people who got ripped off and all the money's gone. Paypal would have to cover all those losses themselves. That would then hit the bottom line and force them to raise charges, which affects everyone.
Is it so important to be able to withdraw the money quickly? It's yours, it's just there in case your buyer needs refunding.
I personally love PayPal, but then I've only ever used it as a buyer. I avoid Google checkout as much as possible, which is quite annoying when it comes to the Android market. I think Google are great in terms of their offerings, but I certainly wouldn't want to be giving them my name, address, and credit card information. Nightmare.
Then there's looking at it from PayPal's point of view. If a fly-by-night seller came along, fake-sold a large amount of stuff on ebay, then takes all the money out of paypal and does a runner. There's then loads of refund claims coming into PayPal by the people who got ripped off and all the money's gone. Paypal would have to cover all those losses themselves. That would then hit the bottom line and force them to raise charges, which affects everyone.
Is it so important to be able to withdraw the money quickly? It's yours, it's just there in case your buyer needs refunding.
I personally love PayPal, but then I've only ever used it as a buyer. I avoid Google checkout as much as possible, which is quite annoying when it comes to the Android market. I think Google are great in terms of their offerings, but I certainly wouldn't want to be giving them my name, address, and credit card information. Nightmare.