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!

[dealmein]

Hey guys I think that's a bad idea. If I sell something on E-bay I need the money. This is not a business for me I sell things I don't need . They my personal items. So cancel the 21 day HOLD shorter period may be more excitable. 3 days?

[Louye]

After the experience I am having with EBAY and PAYPAL Regarding the "Holding of funds" for "My" protection (according to their phone representitives in China or Korea, or India or Singapore or where ever the **bleep** is was transferred to). I am of the belief that the "New" policy is only for the advantage of EBAY and PAYPAL.  Even after the item is delivered via proof, delivery confirmation, they hold the funds. WHY, they have the technology to hold the money, why not the release??  The PAYPAL people on the phone in the other countries say the Policy is EBAY's NOT PAYPAL's, Strange since EBAY owns PAYPAL.  Just a bunch of BS they give you.  The funds are ONLY being kept to

produce more income via the float of the money they keep fpr 3 WEEKS!! This is outrageous.  Between the Insertion Fee, Final Value Fee and PayPal's TAKE on the payment fee, and now the 21 day interest they make on OUR Money, seems like we works for them!!  Can't wait for a rival company to dislodge them from their Perch.  They totally disrespect their customers.

[Kory]

I agree!  This is the worst idea Paypal has ever had!  This policy and their horrible intrest rates on my balance are the reasons why I don't want to keep any of my money here.  I can earn at least 33x more money by keeping my balance in a tradition bank account.  Now I'm loosing more money by accepting Payment payments!

[Barak]

Huuuh, I wish I could borrow large sums of money interedt free for 21 days!    Imagine that, ?????????

[BigTPoppa]

Barak wrote:

Huuuh, I wish I could borrow large sums of money interedt free for 21 days!    Imagine that, ?????????

Well Barak, yes it is a pain to have someone holding your money in this fashion. There is one thing I do

not fully understanding about this procedure.  What happens to the money for the few buyers that leave a certain amount of money in their accounts for future buying of merchandise? Is there a law  or procedure that says the withholding of funds for a 21 day period, allows that company or person to accrue interest for those funds?

The other thing I have tracked since the onset of this issue are the fees that are being charged.  My oh my if

you do not sell on an everyday basis then a sellers is at a disadvantage already. The fees from both areas tend

to put a damper on things.

[Djten]

BigTPoppa wrote:

The other thing I have tracked since the onset of this issue are the fees that are being charged.  My oh my if

you do not sell on an everyday basis........

_____________________________________________________________

  That's exactly one of my points. Why should it make any difference whether I sell 20 items a day or 1 item a month?? People are selling online for all types of reasons! Not for ebay and PayPal to dictate how much or how little people are supposed to sell!!

[Temp20220804d]

**** TO ALL SELLERS PLEASE READ... NO NEED TO WAIT THE 21 DAYS FOR YOUR MONEY****

You can have your money released 3 days after buyer receives the item, all you need to do is track shipped item with tracking # as soon as buyer gets item & singed for it,(I suggest you require a signature too)  you submit Paypal the tracking # to prove that they already received it, three days later you will have your money released to you without waiting for the 21 day or a feedback from buyer. Just make sure you CALL and follow up with Paypa to let them know!

PS: IF YOU FIND THIS HELPFUL PLEASE REPOST TO HELP INFORM OTHERS ABOUT IT THANK YOU!  

[Qwelldrin765]

Hi Kill-bay-pal,

Thanks for your comments and that is exactly what PayPal/Ebay tell you to do unfortunately from bitter experience I gave PayPal tracking details, had a  Signed for delivery receipt (Electronic) and had the buyer post positive feedback this all happened within 4 days of the auction ending, the buyer was happy and hence left positive feedback the delivery was confirmed by DHL and tracked with a signature, but still the funds did not hit my account until 27 days after the end of auction with the buyer paying for the item on the same day so effectively day 1. PayPal are definitely not consistent in there dealings with sellers and appears to be up to their discretion, I am a casual seller but with over 100 sales and 100% feedback. This whole system seems riddled with bugs and maybe if it actually worked the way it was supposed to work then this forum would be a little emptier, I appreciate your account of your good experience with PayPal and maybe there should be more but as Bad news is the way most people like to hear things then maybe it is being blown out of proportion would be nice to hear from some more customers that have had a positive result to the 21 day withhold.

[Barak]

Ebay/Paypal rules without reason & those hidden fees, are the reasons I've just come back after a 9 month leave of absence.  Handling E-commerce the way these "so-called" businesses do,(don't),  it's no wonder "Craigslist", is the preferred choice for E-commerce nowadays.  Since they now tell me, I've "spent too much of my money", I can't buy anything else. I'll simply go back to craigslist.   Maybe some of these board members will get a job with the "legalized gambling" industry coming to this area. That would make me very happy,

                                                                                                                                                                    Barak.

[Djten]

To KILL-BAY-PAL:

    Your info is cool but I knew that already. My thing is #1: when I first started selling on eBay and dealing with PP there weren't any restrictions at all. Like I said before, I heard that some scammer got a hold of someone else's info and jammed both another customer and PP. So what I think's happened is that they're making everyone else pay for it. Problem is that they might have taken it a little too far. But that's generally why everyone's t'eed off is because we feel there shouldn't be any restrictions, PERIOD!

    Second, you're absolutely correct about providing a tracking number however, that's only good for sellers who are doing their own distribution. Me on the other hand, I sell products through a separate company where their warehouse is in Florda and I live in New York. So my problem is that when a customer buys from my store and the restriction is placed, I have to use my own money to not only pay for the item from the warehoude but also the S&H. THAT'S WHEN IT'S A P.I.T.A.!! Especially if I have items listed for over $100!

     But still, the whole general argument is that this whole system was designed for people to make money and not have to use their own. Unless you have about 4 or 5 hundred dollars or so already in your PP account, which I don't have.