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!

[femsol]

I had some time so I decided to check eBay's stock price for the day and it is down.  Their first quarter earnings report will be released this month--in January just before the last quarter prices had to be released is when we all were hammered with these holds that seem never ending.

I also read the news and an article from Forbes that was just posted and again they are expected to fall short of their expected earnings unless PayPal holds more funds and carries them one more time.

This morning, investment firm Kaufman Brothers downgraded shares of eBay (EBAY) from buy to hold citing weaker than expected US data. With sales activity slowing, the firm has adjusted its growth model for the internet auction site and set a price target of $31 per share

Read  the full article at :  http://www.forbes.com/2010/04/08/downgrades-ebay-mon-pfg-marketnewsvideo.html?feed=rss_markets

I cannot imagine why US eBay is experiencing a slowing of sales activity--we can't afford to sell on eBay anymore.  And these are supposedly smart people running eBay--they are paid 5 million + and can't figure this out on their own. Sigh! What can I say.

[stiz]

So I make a sale to a guy in China.

He submits 435.00 and PayPal says the payment is PENDING.

So now he doesn't have his money. And I don't have his money.

They recommend that I send the item to release the funds.
WHY WOULD I SEND THE ITEM to CHINA when I haven't received payment?

Can I even refund the guy's money if he doesn't want to wait TWENTY (20) days ...????!!!!!!

Or do I have to wait 20 days for it to not be pending to refund it .... ridiculous.

[profdata]

The payment is not pending, the payment is being held by paypal until you can prove deliver OR the buyer leaves feedback, or 21 days after the payment was made.

This policy has been in affect for almost a year for new sellers or seller with less than 100 feedback.

You need to either mail out the item with Signature Confirmation (viewable on line) or refund the buyer.

[stiz]

How exactly am I the seller protected?

Can the buyer 'cancel' his payment once I ship? Leaving me with nothing?

Also it says PENDING, to me that means pending.

I don't have the money. Yet, I should ship a $400 dollar item to China? Even though I haven't received a penny?

Thanks for your comments. I know you are trying to be helpful. I just don't see where this puts me in a position of feeling secure/protected about my sale.

This policy took money from one person. Is keeping the money from another person. Is requiring me to go on 'faith' that the payment will be available to me in 21 days. And has actually already PUT money in the hands of the company (paypal) that has this policy. While everyone else is left scratching their head.  Also, I will have to pay for the shipping (to China) out of pocket ... how can I refund money that I don't have by the way???

[surplusdealdude]

How exactly am I the seller protected?

Read the User Agreement - it spells out exactly how you are protected.

I don't have the money. Yet, I should ship a $400 dollar item to China? Even though I haven't received a penny?

The money is in escrow, available to you once you complete your obligations under Paypal's rules.

And WHAT IN THE WORLD are you doing shipping a $400 item to China?  What is this thing and how much feedback do you have ( these are not idle questions)

Are you aware that you have to get signature confirmation on this shipment to be protected?

Are you aware that the Customs form you fill out at USPS is NOT signature confirmation?

We need more information on this.

[Djten]

SurplusDealDude wrote:

And WHAT IN THE WORLD are you doing shipping a $400 item to China?  What is this thing and how much feedback do you have ( these are not idle questions).......

_____________________________________________________

  Good question.

[sandypurins]

Go here...

https://www.paypal.com/cgi-bin/webscr?cmd=xpt/Marketing/securitycenter/sell/SaferPayments-outside

and here...

http://pages.ebay.com/sell/update08/rewardsfaq/index.html#27

to read more about the hold policy.

Go here...

https://cms.paypal.com/us/cgi-bin/marketingweb?cmd=_render-content&content_ID=ua/UserAgreement_full&...

to read about PayPal's Seller Protection Policy.

[jeriv]

The money is in PayPal...Send his money, it's no good for the money to be in limbo.  Make sure you get a tracking number. Here's how to add the tracking number to PayPal.

On the page where he paid go to where it says details and at the bottom left of page click on tracking and click shipped and add the tracking numbers . Three days after it's delivered you'll get your money. Call PayPal contact number.

[sellinfool]

I understand Paypal's pending policy but this is crazy.

First of all, buyer didn't pay so I had to flag them.  They paid the last day of the dispute.  Item shipped and received.

Now they won't leave feedback. 

This person has not responded to any email/message about payment, feedback..anything.

I say change the policy.  Once item is recevied, you should have 48 hours to leave feedback.  If feedback isn't left, then funds are released and you're out of luck.

I'm not a huge ebay seller (I have been in the past) so selling a random item here and there...its for a reason.  The money is kind of needed.

[profdata]

You don't need the buyers feedback to get your funds released to you.

Do get  the funds released sooner that 21 day you must have online viewable tracking (d/C) or have the buyer leave feedback.

Did you ship with D/C, does the D/C show delivery ?  Does Paypal have the D/C number.  If you use Paypal shipping, paypal automatically have the D/C number.

Holds are usually released within 72 hours of the D/C showing delivery or buyer leaving feedback