Emails can be erratic...they sometimes turn up immediately other times it can be hours! Was the email you received FROM eBay or Pay Pal? If it's from eBay then log into your paypal account - the payment should be showing. If it is then you can send the item (to the pay pal address given). You get seller protection if you post tracked. If it is not showing, cross check that the email address on eBay is the same as on pay pal. If it is incorrect you need to add it to paypal or if it's not yours, phone pay pal. If the email was from Pay Pal but it's NOT in your pay pal account then you need to check that the email address it has gone to is added to pay pal. There is also an outside chance that the email is a spoof designed for you to post the item when they haven't actually paid....the email address will be correct but there will be nothing in pay pal. Assuming all is well and it is in your account you can access that money or withdraw it to your bank account.... Unless eBay/pay pal put a hold on it. They sometimes do this to new sellers. If you haven't done so already, you may be asked to VERIFY your bank account. This is a simple process but it can take a few days. A small amount will be taken from your bank account and when this shows on your account you need to enter this amount into pay pal. This establishes your bank account is yours and enables easy (almost instant) movement of funds both ways (Direct Debit).
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