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I'm sure this kind of question has been asked so many times but I guess I need some clarity...
I sold something, received the money into my Paypal account, then immediately transferred it across to my linked bank account. Then he asked for a refund. Ok no problem... or so I thought. I instigated this (foolishly, in hindsight) through Ebay. But because the money wasn't readily available, it's now gone into an echeck scenario through Paypal, and has been pending for 6 working days. I can see Paypal got this money from my bank four days ago. This is frustrating for myself and of course for the guy who just wants his money. Why is it taking so long? And of course next time I will just transfer it back first and this whole scenario would have been done and dusted within a few hours.
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Pending refunds can only happen for two reasons.
1. The seller has issued a refund from their bank account which takes time to process.2. You funded the payment to the seller using bank transfer. What PayPal do here is credit the recipient on your behalf (so there is no delay in despatching your item). Then if you receive a refund in the meantime they are unable to issue this until the original bank transfer completes.
https://www.paypal.com/us/selfhelp/article/i-want-a-refund.-how-do-refunds-work-faq3248
The reason it takes a while is this....
When you PAY someone from your bank account it is never instant > Paypal CREDIT them the funds and Paypal take the 5-7 days wait for the funds to transfer to Paypal to pay them back.
Even though the funds may leave your bank account a few hours OR a few days post payment it does not mean Paypal have them yet as it goes through automated clearing which is the SLOWEST transfer method (to reduce costs to Paypal).
BUT when you refund a buyer then paypal don't CREDIT the refund in advance. The buyer takes the wait this time for the funds to transfer from your bank account to Paypal > then they are credited the refund.
Advice is voluntary.
Kudos / Solution appreciated.
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Pending refunds can only happen for two reasons.
1. The seller has issued a refund from their bank account which takes time to process.2. You funded the payment to the seller using bank transfer. What PayPal do here is credit the recipient on your behalf (so there is no delay in despatching your item). Then if you receive a refund in the meantime they are unable to issue this until the original bank transfer completes.
https://www.paypal.com/us/selfhelp/article/i-want-a-refund.-how-do-refunds-work-faq3248
The reason it takes a while is this....
When you PAY someone from your bank account it is never instant > Paypal CREDIT them the funds and Paypal take the 5-7 days wait for the funds to transfer to Paypal to pay them back.
Even though the funds may leave your bank account a few hours OR a few days post payment it does not mean Paypal have them yet as it goes through automated clearing which is the SLOWEST transfer method (to reduce costs to Paypal).
BUT when you refund a buyer then paypal don't CREDIT the refund in advance. The buyer takes the wait this time for the funds to transfer from your bank account to Paypal > then they are credited the refund.
Advice is voluntary.
Kudos / Solution appreciated.
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