Why is my eCheck taking so long to go thru?

ezpimpinya
Contributor
Contributor
I recently made an 841$ purchase of an engagement ring on ebay using a paypal eCheck and the status is still "pending". The day after I made the purchase the money was successfully taken from my bank account and cleared so why does it take paypal so long to clear it so the person I purchased from can send my item? I spent an extra $59 for the overnight shipping only to find out that I wont receive ny item for at least 7-10 days. This **bleep**.
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5 REPLIES 5

snowshoe
Frequent Advisor
Frequent Advisor

eChecks are not instant, they basically function same as paper checks and can take 7 to 10 days to clear.   The name may appear to sound fast however, the process is not.  

 

Did you purposely choose eCheck or did the system default to that?

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ezpimpinya
Contributor
Contributor
It only gave me the option to pay by credit card echeck or by my paypal balance. I don't currently have a credit card or a balance on my paypal account. I guess I just don't understand why it would take so long if it cleared my bank account the following day.
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snowshoe
Frequent Advisor
Frequent Advisor

Unfortunately that's the nature of eChecks.  They are the slowest form of payment and a merchant or seller won't ship until the funds are cleared which can take 7 to 10 days.  We been in the online business longer than most, we don't ship until we have the money.

 

As that was your only option, you did what you had to do.  Using PayPal is a learning experience.  Had you had sufficient funds in your PayPal Account Balance, the transaction would have been paid for almost right away.   Also, if you had a credit card, that would have worked too. 

 

Even if you used your bank account, it can take up to 4 days for the funds to be transferred to the seller or merchant.  Yes, as with an eCheck, the funds have been requested to leave your account however, there's a 3rd party system between your account and the bank which actually does the electronic money transfer.   This is where time is lost as the transactions are run in batches.

 

Another way to pay almost right away is to do an Instant Transfer.  In order to do this, you must have a bank account and credit card linked and confirmed.

 

The method that works best is to have sufficient funds in your PayPal Account Balance.  This does take some planning ahead time but, is the best method as the merchant or seller is paid almost right away.

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ezpimpinya
Contributor
Contributor
Thank you. This is a very descriptive answer and helps me alot. Thanks Brian
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snowshoe
Frequent Advisor
Frequent Advisor

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