HORRIBLE IDEA TO HOLD FUNDS FOR 21 DAYS!!!

[gearhed78]

  Holding funds from sellers until the buyer leaves feedback is the worst idea EVER! Since when does Paypal become an authority on buyer satisfaction?? A smooth transaction is all that I wanted from Paypal. If they are going to hold funds, then they should make it very clear BEFORE you use them!  Keeping my money in their account for 21 days is a HUGE disadvantage of using Paypal. Stick to transferring funds,not trying to be a satisfaction authority!

[mummachick]

Yeah - it seems like the patients are in charge of the sanitarium. Got no hold on something I haven;t shipped yet and still a hold on something I got positive feedback on 2 1/2 weeks ago.

I would love a vigorous, viable site to go to but I guarantee eBay would pounce and try to buy them out in a heartbeat.

What I don't understand is why there are so many sellers from Asia/China with low ratings with hundreds of listings? Are we small sellers in the USA less reliable? I'm just sick of the whole thing. I have items to list but find it hard to be interested when the whole system is working against me. You get better odds on winning in Vegas!

[Djten]

Chatterwire wrote:

Re: HORRIBLE IDEA TO HOLD FUNDS FOR 21 DAYS!!![ New ]

Feb-05-2011 12:21 PM

In my opinion, PayPal’s 21 day hold on funds is nothing more than a scheme to earn interest on hundreds of millions of dollars “OUR MONEY” under the guise of “Buyer Protection”. How about “Seller Protection” ? Protection from greedy “corporporats” types like PayPal.

I will never use PayPal again, Accolades to Google Checkout! 

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  That's pretty much the size of it, especially when you've got big bucks.

[mummachick]

OK so I started listing on another site, Webstore. Had a chance to sell an item but buyer wanted to pay with Papal because it was "safer" for her. I tried t explain about 21 day hold on funds but she said thanks but no thanks.  This site charges $10 to "verify me" through Paypal and then I wait for payments? I don't think so. Bad enough that Paypal is holding my eBay money without them holding all my money. 

I guess if I want to use my money for vacation in the summer all sales must be completed by April 1st. Looks like Paypal will make  more off my sales than I will especially with interest accrued.

[Djten]

Mummachick wrote:

OK so I started listing on another site, Webstore. Had a chance to sell an item but buyer wanted to pay with Papal because it was "safer" for her. I tried t explain about 21 day hold on funds but she said thanks but no thanks.  This site charges $10 to "verify me" through Paypal and then I wait for payments? I don't think so. Bad enough that Paypal is holding my eBay money without them holding all my money. 

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Wow!! I didn't think they did that with other sites. Just eBay. Interesting.

[mssdm43]

I don't understand why the hold needs to be linked to feedback.  Some buyers will never leave feedback. It is their right to choose not to. So does Paypal hold the money forever if the buyer forgets or chooses not to leave feedback? I never had any problems with Paypal until they were bought by ebay.

[mummachick]

Although eBay/Paypal  nominally says they use feedback, I have received;d positive feedback on items and the money is still not released, other items I will die before I get any feedback on. And how many people put off leaving feedback until being nudged either by us or eBay and just give a blanket, non-committal feedback score (4's) or just don't don't remember and have the idea that nothing's perfect. 

I have lost most of my interest and incentive to even be bothered with selling anymore. I wish there were other options out there. If there were eBay'd buy them and continue their domination.

[Djten]

Mummachick wrote:

I have lost most of my interest and incentive to even be bothered with selling anymore. I wish there were other options out there. If there were eBay'd buy them and continue their domination......

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I definitely feel you on that girlfriend! Other options? Ebid, Ioffer, Blujay, Amazon, even Yahoo! As far as moneytansfer systems are concerned there's plenty. Paymate, Google Checkout, and a new one that just came out called Moneybookers.

[mummachick]

There is no more Yahoo Auctions - and guess who bought them out. That's right eBay. I am trying webstore but not even any sign of action.

[Djten]

To mummachick:

  You have to remember that these other webstores and selling sites are nowhere  near the giant that eBay still is. You have to give it time. You may have to step up your use use of SEO (Search Engine Optimization) Tools.

[Rawrock40]

It's not a horrible idea. You think it is because obviously you sold something, and you want the money now, but you can't get it.

Paypal only puts the hold on payments from ebay for paypal users that don't have a bank account/credit card added, or if your ebay account has under I think it was 200 possitive feedback.

The reason why is smart. because if for example, I sold something on ebay that I didn't really have. The person pays me.. It's still in my paypal so if they report me saying that they want a refund, the money is still there. If I spent it, how are they going to get the refund?

If you have a bank verified on your paypal though, you're good to go because if something like that happens, they can take the refund from your bank. Obviously it's not smart to do that.. but people Do, do that. It's reality, and that is to help people be able to get their refund if they need it.

To hook up your bank account with Paypal isn't hard, or something you need to worry about. Paypal gives you enough time to make sure you have the money there, it's safe. They don't have any hidden fees that they take directly from your bank kind of thing. They don't touch your bank unless you tell them to.

The only thing you would really have to worry about is if you subscribe to a monthly subscription using your paypal account. You will obviously have to watch it because that is an automatic thing. However you can definately cancel the transaction if you need to.