Pending Withdrawal after meeting all Paypal's requirements!!

[Bodgeup]

So just made my first sale on eBay after a long hiatus and come across the new 21 day hold process so I had to pay for the delivery out of my own pocket so I would get good feedback.  But it still took 7 days for the funds to show in my balance and yesterday I withdrew some of the money, now ive got the dreaded pending status.  So what now I got to wait another 72 hrs to receive my money?  So why do paypal advertise this ultra modern & ultra fast service with faster payments withdrawals if they dont live up to this?  We should be able to give PayPal bad feedback!!

They did process my Ebay fees straight away though and took there percentage from the transaction, figures.

I understand the need for security but surely if they actually did some leg work they would see that my Transaction was a legitimate Ebay sale and the buyer has left positive feedback already.  So there is no worries about the payment coming back to bite them.

Come on PayPal surely you can do better, you have cornered the market with regards to eBay clients!  What else do you want, all our money too?

Its a shame there arent any other options as if you dont have a paypal account on eBay the odds are you wont get custom, so PayPal has us over a barrel!

Thanks

JK

[kernowlass]

Every seller on ebay has gone through the new seller payment hold, its for buyer protection and only lasts till you have proven yourself reliable.

Feedback does not count for the release of funds > all in the link.

http://sellerupdate.ebay.co.uk/autumn2013/changes-payment-holds

As for paypal taking your money promptly + fees that is not totally accurate. When a buyer pays you paypal CREDIT you the funds and then start the process of transfering the funds from the buyers funding source.

You are right in that we have to use paypal on ebay but from a buyers stance I would not pay any stranger without paypals buyer protection.

[Bodgeup]

I actually got thought the initial 21 day payment hold in 7 days, but I thought withdrawing the funds would be instant because of the faster payment scheme.  But that part is the part that's pending now, in the email they sent it said upto 72hrs but does it really take that long?  Or can it clear sooner?  What do PayPal actually do during that period, what are they checking?  Surely if the eBay transaction is complete and buyer has left feedback and is happy with the item, then I think PayPal should let the payment through to my bank account.  The way it is at the moment I have to be out of pocket myself.  I can understand that they do it to cover any disputes but surely if the buyer is happy then there is no more risk.  So why the withdrawal review?

From what ive read on the forums with regards to withdrawals I am not the only unhappy customer, surely there has to be a better way of doing this.  What if the buyer was able to declare the status of they purchase i.e. they could mark on PayPal that they have received the item and are happy, which would allow PayPal to see the pending reviews are unnecessary in those cases.  Also I have read that no matter what users do the withdrawals take the whole 72hrs, I haven't seen any post of users with Pending withdrawals receive there money any sooner that 72hrs.  Like I said surely PayPal could improve this process as to expedite some payments that meet the criteria instead of treating every case the same.

With regards to the Fees I voluntarily settled my outstanding eBay fees to keep that upto date.

Also yes eBay is useless without PayPal account, what can us users do?  Basically were prisoners to PayPals policies.

Surely an Escrow service would work better which is similar to whats used presently but once both Parties have reached there set agreements then the money would be released for instant withdrawals.

I hope my future PayPal experience isn't going to be like this all the time?  Might have to start using GumTree more!

Well that's my Rant over! lol sorry peeps but I bet that this also rings true to lots of others!

Thanks

JK

[kernowlass]

This is my view on the 72 hour hold based on my own experience.

When you pay a seller it is never instant > paypal credit the seller for you and then start the process of uploading your funds to paypal from your funding source.

So >>>> if you as that seller withdraw that payment instantly then its paypals money you are withdrawing and i reckon the hold is just a precaution whilst they wait for the buyers funds to clear through to themselves.

The reason i think this? Normally i withdraw funds about once a month and NEVER had a hold. BUT I had a bigger payment than usual and withdraw that straight away and guess what I had a 72 hour hold....coincidence? maybe but I think not.

[Bodgeup]

Im not sure on the funds being paypals as when a buyer pays via debit card / Bank Acc its now instant, all the banking systems were changed to Faster Payments so that any transfer is instant,  So Paypal will have the funds as soon as the buyer pays, but then the seller has that new pending policy to make sure that nothing dogy is happening, but as long as the requirements are met then the funds are released to your balance.  But its the 72hr hold i dont understand fully as if the money is there becuase of the modern ways the banking system now works, so my issue is whats the deal with the 72hr withdrawal hold?  The money would definetely be there so why not release it if they could quite easily look up the transactions on ebay and see everything is in order.

[kernowlass]

Im not sure on the funds being paypals as when a buyer pays via debit card / Bank Acc its now instant, all the banking systems were changed to Faster Payments so that any transfer is instant

Sorry but not correct, paypal uses electronic and not wire transfer for instant bank transfers. They are instant as paypal credit you in advance.

That is why we get buyers on here that don't understand why there seller has been paid but the funds didn't leave their bank accounts for 2-3 days.

http://www.ehow.com/info_8537474_difference-wire-transfer-electronic-transfer.html

Speed

Because processing electronic fund transfers involves a third party in the automated clearing house -- which processes the transactions overnight -- the time it takes to complete this type of transfer is generally between one and four days. Since one bank completes a wire transfer by dealing with another bank directly, wire transfers occur faster than electronic fund transfers. Often, banks complete wire transfers in real time, making funds available to a receiver within minutes or hours of a person beginning the transaction.

[Bodgeup]

Are you sure? As every payment ive added using my bank account and even the verification amounts used the faster payment scheme and the money was taken from my banks instantly.

Thought that was the whole point of Faster Payment scheme which PayPal has started using, yes it does say that not all banks support this and those can take several days to show up and so I can see paypal fronting the money for those but not for the Faster Payment capable banks.  Also PayPal now states that it uses the Faster Payment scheme which from what you said is a Wire Transfer, For the banks that dont support Faster Payments I reckon there the ones that use Electronic Payments.

We need a PayPal Employee to resolve this! lol

Still lets not lose sight to my original post even if they did front the money, if all the requirements are meet and there new 21 day hold policy ensures that all the funds are cleared then why not pay out all withdrawals instantly if they use the 21 day hold policy? surely that new policy covers clearing times on the buyers behalf and as long as the buyer has left positive feedback then the there is no reason why the should delay the sellers bank withdrawals.

Just doesnt seem fair especially if some of the money from the sale was to get the package to the buyer on time using a trackable courier, the way it is now the seller has to use there own money to fulfill this delivery.  Then it wouldnt take another 72hrs to recoup the courier fees, especially for us where we have tight budgets and use PayPal as a source of income.

Thanks for the debate though,

JK

[kernowlass]

Well i am sure that was what paypal used, but they may well have changed it but then its odd that folks are still posting questions asking why the seller has sent an item when funds have not left their account yet.

Guess only paypal really knows, would be lovely if they were all instant wouldn't it. 

[Bodgeup]

Yeah well thats the thing thats getting everyone upset! Its the fact they now tell you they are using the Faster Payment Scheme with most banks that support it which means that all transactions will now be instant.  But yeah adding funds is instant but are Withdrawals instant? yeah like F@#k they are (excuse my french, but this pending business is really stressing me out). lol

I do see that these new policies will stamp out fraud, but thats no good for everyone else who uses PayPal & eBay legitimately.  Isnt that called Stereotyping?

thanks

JK

[Bodgeup]

So its now been 3 working days since i issued the withdrawal and its still "Pending"!!!!

What the **bleep** PayPal?????  The email said it may take 72 hrs to complete while it goes through a final review.  Well what happened?  

Be nice if they let you know what was happening and how long it might take them to complete the transaction?

bodgeup