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Hi there,
I am new to Paypal business. Yesterday I tested my online payment gateway on my website. I made a purchase and paid through my personal paypal account. The money moved straight away between the 2 paypal accounts and also the interests got deducted straight away. However I tried to move the money into my bank account but the transaction is still Pending.
I do understand that they do some mysterious checks but what I am concerned about is:
1- Do they hold the money all the time for so long?
2- is there any reason why they should keep the money on hold? Since I sell digital products I want to make sure I got paid if that make sense?
Can anybody help me with this please?
Regards
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Firstly you are lucky it went through straightaway as you may find on the next sales that you are subject to the new seller hold.
Secondly withdrawals are 2-72 hours in the UK, most go through more or less instantly but some you have to wait 72 hours...especially the first time.
The reason for this is when a buyer pays you its never instant, paypal credit you upfront and then paypal take the wait for the funds to transfer.
This is because they use the slowest (cheapest) transfer options and they don't want to delay the despatch of the buyers item.
So if you withdraw straight away its paypals funds you are withdrawing and sometimes they delay it until the original payment plays catch up. The 72 hours gives them time to know if any bank transfer will fail or not from the buyers end.
You have 0 seller protection unfortunately for virtual/digital items so you need to be aware that if a buyer wins a dispute you won't be reimbursed and even if the funds are in your bank account they would put your paypal account into negative until you paid them back again.
Advice is voluntary.
Kudos / Solution appreciated.
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