I sent a Pay Pal payment to a sponsor of this sight who had advertised in the market place over 24 hours ago. I also paid the additional 3% fees for using Pay Pal. Now, 24 hours later, I get an e-mail stating that he's waiting for the Pay Pal payment to "clear" before he ships after previously stating that he would ship right away. I've never had this happen when using Pay Pal before. Do Pay Pal payments have to "clear" like personal checks?

I'd like to solicite opinions on this.

 

If PayPal grabs funds out of your bank account directly, payment is instant.

If PayPal grabs funds from a credit card or debit card, payment has to clear the bank. Usually 3-4 days.

It all depends on how you have your account setup.

 

If u have Cash in ur P/P account, it will clear right away ---If u use other means to transfer $$$ into the account then they will put a hold on it ----Actually they are doing what ur Bank does, using ur Money interest free for a number of days. Withholding funds to let the check or Credit card "clear" is one of the biggest money makers in these Institutions

 

A PayPal account, like a charge card, may be verified before a purchase. A check or no check policy may depend on the amount of purchase.

Verification can be done in seconds.

 

Well ya --- If I deposit a 10,000$ chk in my bank account, they can know in minutes if it is good. But they will "hold" it for 7 working days none the less so they can use it interest free. Its not right but like I said , they make a lot of money doing it.
Its like insurance Companys ---They are not in the insurance businees they are in the investment business. Creating Insurance is their way of creating Csh flow... Being in there "Good Hands" is secondary

 

I believe if you become a Verified/Premier member they won't hold payments any longer. I'm verified and my PayPal ties into my bank account. They don't hold anything of mine.

 

only thing I have ever seen take time to clear on paypal is Echecks. Credit cards go through right away as does money taken directly from your account. At least that is how it works for Premier Accounts

 

I just got off of the phone with Pay Pal and they stated that the payment has cleared. I am a verified memeber and so is the seller. I don't know what's going on here.

 

relax jeff =) check your pm

 

Ya ---For God Sakes Relaxe ----

 

Easy for you to say.

 

yeah with paypal the Echecks take 4 business days to clear, and the instant transfer thing is instant to the seller but I believe they take an authorization out on your primary credit card as well to cover if the bank transfer doesnt cover.

 

No doubt. I can't imagine waiting for over 24 hours for a sale to process. That's just crazy.

 

well, unless the vendor IS my350z.com this doesn't have anything to do with the forum itself so you should have contacted the VENDOR and asked them about this instead of posting here.

 

As an eBay Seller, I despise when people pay via eChecks on Paypal...Takes FOREVER to clear...Other than that, I get paid instantly and appears on my Paypal account on the same day.

HOWEVER...it does take at least 2 business days, if you decide to transfer funds from your Paypal account to your Checking Account.

DISCLAIMER: NO ...I don't sell anything automotive related nor do I sell Jessica Alba Blow-Up Dolls...Sorry Fellas! LMAO!!

 

I on the other hand make a fortune selling Jessica Alba Blow up dolls and pocket puzzies on Ebay

 

Holy cow...WTH?? Can I buy them in BULK packages for resale??? WOO HOOO!!!

 

PM me for best prices

 

Just so you know, technically speaking it is against the Pay Pal TOS for people to do this. The seller is supposed to eat the cost and not charge a surcharge for accepting payment via this method. It is considered part of the deal for them on accepting a quick and mostly secure way of recieveing funds. For sellers that are caught forcing their customers to pay a surcharge they can actually have their accounts suspended or removed.

 

Interesting. I have never heard that before, but it does make good sense.
The OP should ask for his 3% back since he had to wait so looong for his transaction to process.