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!

[recmob]

  You want to hold funds for 21 days! I don't think so. My credit card processing company doesn't even hold funds that long. Typically only 3 days, and American Express is 7 days. And they charge less for the transactions then Paypal does to boot.

- If you sell on eBay, improve your Detailed Seller Ratings ( DSRs )scores

I have a 100% score, and have since my Ebay account was opened in 1997...

- Avoid buyer disputes, claims, and chargebacks
Since I started my business in 1997, I have had ONE chargeback total. And that was from a client whom returned a product as defective.

- Process your orders right away and ship quickly using a service that provides tracking and delivery confirmation

Any product that may have a lead time due to client requested options is contacted immediately.

- Upload or save tracking information or Delivery Confirmation numbers
- Communicate early and often with your buyers

This information is sent directly to the buyer immediately.

- Make sure you confirm the address and phone numbers associated with your PayPal account, and keep them up to date
- Verify your account and keep your financial information (like bank account and credit card numbers and expiration) up to date

All up to date. Moved the business and personally moved two and half years ago. Bank name and account changed due to bank failing.

Paypal wants to make money off of MY money. Guess what? I have a linked bank account to my Paypal account. You HAVE NO RIGHT to keep my funds hostage. By doing so I cannot pay my vendors in a timely fashion, as you are holding hostage my 'Cost of Goods Sold' and MY PROFIT!

Sorry Paypal, you do not hold the cards here, we (YOUR CUSTOMERS) do. Reverse your decision or expect to see my Paypal transactions drop to nothing....

[mrsmiley]

Despite what the notification says, Paypal is only doing this for one reason, and that is to hold onto your funds longer, so that they can use them as they see fit for free for three weeks.

I'm pretty much done with this scam.

[recmob]

Oh I agree and knew that right away. I actually received a phone call from Paypal yesterday afternoon. The customer service rep told me that this 'hold funds policy' ONLY applies to sales on Ebay itself - not from sales that are made from an individual / business website. We'll see... If this is true, Ebay will only see there auctions decline, so why do this? Not smart business practice at all.

[Yabdaba]

Does paypal still pay interest on the money they hold and if so what is the rate paid?

[twdodge]

Here's the email I just sent PayPal:

Dear Sir/Madam:

On Oct 17 2011 I received payment of $xx.xx from [Buyer's Name].

On Oct 20 2011 [Buyer's Name] left positive feedback for me on eBay.

It is now Oct 24 2011 and my funds are still on hold in spite of (i) delivery of my product, and (ii) positive feedback from Buyer.

I hereby demand immediate release of funds on hold with respect to this transaction in accordance with your stated terms.

Respectfully,
TW Dodge

[ka2kug]

yes ... they are CROOKS !

[Rjlosurdo]

Not only is it horrible to hold funds, it may be against the law, people pay for a product pay PayPal receives the payment then holds it for 21days? According to an attorney they must pay intreats on money they hold. I refuse to use payPal who do the think they they are. Several millions of dollars collected, they receive intrest on our money. Look out pay pal were starting a class action suite!!!

[Rjlosurdo]

I'm not going to continue to do business with PayPal. What they are doings is illegal they cannot receive millions of dollars and hold it and not pay intrest, while they collect intrest on our money. Wrong move on PayPals part. Look out PayPal I see a class-action suit according to. An attorney iknow.

[whyte66angels]

I dont think its really paypal. Paypal was bought out by ebay. Where Paypal is making the mistake is that paypal is supose to be a bank. We as users have user agreements & none of use agreed to let a third party (ebay) mess with our funds. Even is ebay owns paypal I really dont think this move was the best for paypal. Yes every ones money is sitting there collecting interest. For them. Just lucky for paypal they can make money elsewhere other than ebay because from the sounds of it everyone who is tired of the fee's & seller dashboards (buyers opinions) & now holding of funds & making more money off the sellers, sellers taking it in the rear while they sit back & get greedier by the minute. They are going to get enough of it & say see ya I'm going elsewhere like ebid.com.

[exoticona]

This is where our money is going! 60 minutes should expose what's really going on.