HORRIBLE IDEA TO HOLD FUNDS FOR 21 DAYS!!!
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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!
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I just get so angry everytime I sell. 100%....perfect "dashboard"...does ebay/paypal care? NOPE...they just want to hang-on to all the sellers money and collect interest on it. I put it in my auction not to use paypal...but the buyers really have no choice. Ebay/paypal need to be knocked down some..they fell (know) they can jam the sellers all they want..who is going to do anything about it ?????????????? I would like to get the crook that developed this applied but is also in opposition to their stated payment policy. It is lust a REAL p_ss-off !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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I sold some shoes on eBay and my buyer is taking a long time to leave positive feedback. Although ,by all indications that she has written to me that she is satisfied with the shoes. I would like to access my funds before 21 days, but cannot get her to leave the feedback. She wrote to me and stated that she will and asked that I do the same, but has not done so yet. Any recourse?
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I have read many topics and messages on how the new policy adversely affects sellers and buyers alike. Well I have run into a situation where this policy can backfire.
I had to block a potential eBay buyer from purchasing an item after questions and dialogs ensued and I felt there was certainly something wrong and I could see a potential problem with the buyers requests and feedback record. It is the seller's responsibility to be proactive. Apparently blocking the international buyer from purchasing the item really pi**ed them off. I have some nasty emails to prove it. I pulled the item and relisted making some adjustments in the details etc and relisted. Well it turns out a friend of the pi**sed off buyer in the US bought the item almost immediately after I relisted! Because of some gathered facts and similarities I know I came to this correct conclusion on this. Anyway since I could not prove this to Ebay and cancel the transaction with actual justification and risk a bad feedback for not following through, I did follow through. I shipped almost immediately after payment and packed the item as if it were going to the moon, decided to pay extra for signature confirmation, insurance, basically trying to ensure there was no room for complaint or negative feedback. Well the buyer has received the item and I have tried multiple email dialog attempts, in a very nice way, to get a positive feedback. After all this time no feedback, and except for an initial "received item" response I cannot get buyer to leave feedback.
So based on the the new pending policy of a 21 day wait and the possibility that the buyer may come up with a lame excuse to not leave a feedback, or a less then positive feedback at the last minute in that 21 day cycle I am dead in the water. I may then have to go through another whole process to fight the good fight to get those funds released. If every potential sale can go sour and a seller is put through the possibility of a long drawn out cycle of trying to collect funds Papal may not be worth it. It was great the way it was. The resolution process and feedback process within eBay were fine. Now that a new policy has extended itself to Paypal it can become a second tier mess. By the way I have perfect feedback and always have. If I had a problematic history as a buyer/seller I understand a 'tag' that would need to be placed or removed based on feedback rating until it improved (Ebay Only)
Last but not least, if I had to put a stipulation in place on every sale that states "item will be shipped after sellers receives payment" with the intention of waiting for Paypal to release funds, how is this going to please angry frustrated buyers who have waited 21 days before item is finally shipped and received. I see this as a catch-22 situation and the final result is lose/lose for buyer and seller alike.
There still needs to be a certain level of trust between buyer and seller to work for eBay to continue to flourish and over-legislating the payment process of the transaction may eventually be more trouble then it's worth. If it takes 3 weeks or more from being to end for a Ebay/Paypal transaction with no guarantees of outcome then back we go to checks and money orders which certainly wouldn't take any longer then the current potential process. Paypal was successful because it was fast and convenient for both parties. If the convenience goes away, the thrill is gone!
Sorry for the essay, but I wanted to show you a true life scenario that is still ongoing. I'm sure other community members can see the potential for abuse with other possible senarios. I seems to me that the seller is now at quite a disadvantage here.
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PayPal "may" release the payment 3 days after PayPal can confirm delivery of the item. If you didn't use PayPal shipping to print the shipping label, login to your PayPal account, click on the payment's "Details" link and click on the "Add tracking infirmation" link to inform PayPal of the tracking number.
https://www.paypal.com/cgi-bin/webscr?cmd=xpt/Marketing/securitycenter/sell/SaferPayments-outside
https://www.paypal.com/cgi-bin/webscr?cmd=xpt/Marketing/securitycenter/sell/FundsAvailabilityPolicy-...
http://pages.ebay.com/sell/update08/rewardsfaq/index.html#27
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Thank for that additional information. I did use preprinted label and attached a tracking number. The buyer certainly has already received it. I was under the impression that quick release depended on 1. confirmation of delivery and 2. positive feedback.
I deserve the positive feedback but I have not received a reply for that friendly request. I will followup on this. I am still trying to build a case of non-cooperation in hopes of eventually getting this resolved. We will see what surprises await.
Thank you
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This policy of Pay Pal (eBay) holding my funds for 21 days is totally wrong. Your placing the seller at the mercy of the buyer who received item and can wait to respond to feedback, give bad feedback, or not even respond.
My question is this. Money Pay Pal is holding is probably drawing interest while they have it. Now I am a dumb country boy but just how much money could they be holding in any 21 day period. If they are then you as the seller should be entitled to that interest. I have been a member for 10 years and have never had any bad feedback. However just because I do not have 100 or more buys or sells they are holding my money for 21 days?
Why should I continue to use pay pal?
I called them to talk to a "live Person" took 10 minutes to get one, then she could or would not answer any question, so when I stated I wished to lodge a complaint she put me on hold for over 15 minutes and no one ever came back to phone? I tried to sent them an email put this problem is not one they have for you to pick when trying to use their e-mail service. What a crock!
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Hi tp672,
If you're enrolled in PayPal's Money Market Fund, you will earn interest on the funds in your PayPal account balance... this includes held funds. The interest rate is 0.05% and there is no FDIC coverage.
Go here...
https://www.paypal.com/cgi-bin/webscr?cmd=_upgrade-interest-marcom&outside=1
for more information.
Sandy
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@sandypurins wrote:Hi tp672,
If you're enrolled in PayPal's Money Market Fund, you will earn interest on the funds in your PayPal account balance... This includes held funds. The interest rate is 0.05% and there is no FDIC coverage.
Go here...
https://www.paypal.com/cgi-bin/webscr?cmd=_upgrade-interest-marcom&outside=1
for more information.
Sandy
I am an active supporter of this forum even though a casual seller using other auction and payment processing services but I try to help.
When Sandy posted this information about PayPal's money market I started thinking about it. Years ago when I first signed up for PayPal I enrolled in the money market account--which is governed by the SEC--they have to provide a prospectus and it is your responsibility to read the information. Interest being as low as it is right now I don't really pay attention--I get an average of $.20 a month if I have funds in PayPal.
The majority of us believe that PayPal is making interest by holding funds--and they are entitled to as we waive our right to this interest to PayPal in the user agreement BUT as Sandy pointed out if you are enrolled in the money market account then you receive the interest on your money being held. Why I think this is important is my account was released almost immediately without me making one single phone call or sending an email. I am a casual seller but why hold my account if PayPal can't touch my interest.
Would love to know if there are sellers that have a PayPal money market account but are still having their funds held by PayPal?
My point is that if ebayers enroll in the Money Market account that keeps PayPal from making any interest on our holds--the money market fund protects our funds in that the little bit of interest we individually make cannot be taken by PayPal--if all of a sudden members started signing up for the PayPal money market and if eBay's motivation is making the interest on all holds then this would certainly hinder them in profiting from the holds? Any ideas--conspiracy theory maybe but without PayPal addressing this issue we are left with smoke and mirrors.
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For a active part in setting this very bad situation to right with ebay/paypal a call to Fried & Weiss LCC (312) 220-0000 in Chicago will help.
They are dealing with putting together a class-action suit against paypal/ebay for these unlawful "holding" practices. I called and talked to Vincent. He was very kind and its talking information for this purpose. Also Julie Miller can be contacted at the same firm.
I received a e-mail from Vincent for information on my experiences....I have sent him all my said "adventures"..this is a way to get movement/pressure on ebay/paypal to think over this horrible "hold policy".
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I recently sold an item on eBay. I sent the item first class mail via USPS. I was told by a Pay Pal customer service rep that because my feedback was still lower than 100 that my money would be held. He said that it would become unheld if A.) shipping was confirmed, or B.) The buyer left feedback. The first time I had the feedback, and no money, and was told it was a system gltich (Pay Pal). Now I have a 2nd package that is confirmed, and shipping info is provided, but now still no cash-o-la. Does anyone have any advice for me?
Appreciated,
Dean

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