pending money

[pavlina]

i send the money to another acount but his money is pending for a lot of days!! what can he do to take his money earlier?? 

[berty100]

It's a scam; paypal earn interest on YOUR money.

They'll hold it back for weeks even when they know it's a genuine transaction.

I understand that there are class action lawsuits pending against paypal for it in the states.

Paypal can dress it up however they like with phrases like "several factors", "security", "fraud checks" etc, but at the end of the day that's all lies; they just want to earn interest from other people's money.

[kernowlass]

@berty100

Its the new seller hold that EVERY ebay and other seller goes through, most don't mind as its for buyer protection and filters out poor sellers and thats better for the rest of us.

There are no class actions for the new seller hold, the one you refer to was about holds for companies over 6 months etc and that was resolved out of court.

And when i went through the hold i NEVER waited 21 days, i sent trackable and funds were normally released 7-10 days so no problem.

[berty100]

@kernowlass -

1. I don't sell physical goods, I sell my time which is paid in arrears; if the customers weren't happy with what I'd done then they simply wouldn't pay in the first place.

2. I'm not a new seller; I've already got a long proven history with paypal on a different account; my "new" account even has the same customers and types of transactions as the old one.

3. I've already ticked all the boxes and entered all the info about the service being received etc.

4. PayPal refuse to release my money for 2 weeks in my case even though I've spoken to them and even though they've confirmed that I'm completely trusted by paypal and neither myself nor my customers have ever been involved in a single paypal dispute and that all the transactions are genuine and that I've done everything that they've asked me to do to help speed things up.

5. I have never ever used ebay, and I have no intention of ever doing so. These are simply paypal payments that I've requested from my customers for development time that's already been carried out.

6. This is not about buyer protection; paypal have already confirmed to me that they're happy with the transactions and my services and the account but they simply refuse to release the funds; the only reason is that they can earn interest from my money.

7. There are alternatives to paypal; the paypal policies are killing startups, and paypal will suffer from it as other businesses  are going to find out about this kind of thing and use other services instead.

8. How can you possibly justify a company that holds-back someone's cash which is already theirs for such a ridiculously long time when they know that there's no possibility of a chargeback? It's theft.

[kernowlass]

@berty100

I can only talk generally and how i went through the hold.

I don't know you or what standing your account is in or why paypal is holding your funds.

I can only debate the hold as it affects MOST people and the reasons paypal tend to hold the funds ie buyer protection.

If a seller loses a dispute and has no funds in their paypal balance then PAYPAL have to refund the buyer and then chase the seller for the monies owed. If they are new they may decide not to pay and not bother using paypal again.

So for new sellers and others that may pose a risk they hold the funds until they have a reasonable selling history and to protect themselves from losing money. And in my humble opinion that sounds like good business sense.

[berty100]

@kernowlass

Paypal are holding back in my instance because it's a "new" account; they know I'm not a new seller as they already have my track record on my other account, but they're using the fact that it's a physically new account as a way of re-starting the 90-day/25-transaction limit.

I do understand paypal holding-back funds for genuinely new accounts, especially when it relates to physical goods, because they do need to cover the risk of a chargeback, but in my case I'm not really a new seller. Having said that, 3 weeks (or 2 weeks in my instance) is an insane amount of time to hold-back when the product/service has already been flagged as received, especially when it comes to a service that's already been provided rather than a physical product.

When situations like mine happen, Paypal should be weighing-up risk in the circumstances and doing what's right and reasonable, but instead they ignore the situation completely and just point at their terms and keep the money for as long as they possibly can; it's unfair, unreasonable, and legally dubious.

edit: The 2-week limit in my instance is, PayPal say, due to international payments (US to UK), they say (although I don't believe them) that if it was UK to UK then it'd just be a few days. They're still the same customers and types of transactions as I have on the other/old account though, which go through instantly.

[arispoz]

The 21 days gone by and the money isn't in balance yet!!! what can I do??? I am waitingso many  days!!