posted on October 25, 2000 10:55:24 AM new
Sunday night a buyer paid me $44 by sending an "e-check" (whatever the heck _that_ is) to my PayPal account. Almost 3 days later PayPal still shows this $44 payment as "Status Uncleared, Source of Funds Non Credit Card." And they have NOT credited the $44 to my account.
The buyer thinks he paid quickly (immediately after the auction), but I'm afraid to ship until the funds actually arrive in my account. Advice?
posted on October 25, 2000 10:58:14 AM new
I would not ship until it shows that the check has cleared and the funds are IN YOUR ACCOUNT. I just had a similar problem with a Billpoint E-check. My customer paid by E-check and today I recieved notice that the check was returned to my buyer's bank as UNPAID. I had to write to my buyer asking them to use a different payment method.
So basically, until the money shows in your account and as CLEARED - the customer has not actually PAID you.
____________________________________
The only place you'll find success before work is in the dictionary.
posted on October 25, 2000 11:08:36 AM new
I had the same thing come up a few days ago and emailed PayPal. Here is the response:
____________
Thank you for contacting PayPal.
I will enclose the procedure for the new e-check option. Please
see the following:
An eCheck is new way for you to make payments. When you send
money via eCheck, PayPal will debit your bank account for the
full payment amount, regardless of your existing PayPal balance.
Your bank account will be debited when you initiate the eCheck
and your recipient will receive the funds 4 business days later,
when the transfer clears.
Why does it take 4 business days for your recipient to receive
the funds? Because in order to make the eCheck, we must make an
electronic transfer of funds between financial institutions.
These payments are also called ACH transfers, which stands for
"Automated Clearing House." An ACH is NOT a wire transfer; it is
a group of payments that are batched together at one institution
and sent to an automated clearing house. Many other financial
institutions will also be members of the automated clearing
house.
At the automated clearing house, all of the transactions that
were sent in the batch will be segregated according to the
destination bank to which they were sent. An electronic message
will be sent to each destination bank account to ensure that the
account number is valid and that the account is open. After this
has been confirmed, the funds will be sent to the destination
institutions.
The processing of an ACH batch transfer takes 4 business days to
complete. Therefore, when you send money via eCheck, it will
take 4 business days before the funds are available to your
receipent because the funds have not "cleared" yet.
Please note that "eCheck" is different than the "Instant eCheck"
feature, which can only be made if an account is backed up by a
credit card. An "Instant eCheck" sends the money to the
recipient's account immediately, whereas an "eCheck" takes four
business days.
If you have any further questions, please feel free to contact us
again.
Sincerely,
Tracy
PayPal Customer Service
------------------
Echeck that is not secured against a credit card will be done via ACH transfer. The funds will not clear until the ACH reaches our system , thereby giving you payment.
(The user can cancel this transaction until it is cleared. Once cleared, it can't be reversed)
posted on October 25, 2000 01:58:42 PM new
In other words, all us "oldies" had better go searching in our attics for the textbooks we used when we studied Business Financing in college. And maybe all this wouldn't even be there, if you are as old as I am. "sigh" one of the penalties of not keeping up with the times, is that you have so much to learn when you decide it is about time you did! (get with it, that is- and again a "sigh"LOL
posted on October 26, 2000 10:06:51 AM new
* * * Thanks for the explanations!
BTW, it's almost 4 full days now and payment is still "uncleared" by PayPal. So much for e-check. It seems to combine the WORST features of paper check and Internet!
posted on October 26, 2000 12:17:52 PM new
I had a repeat customer pay via PayPal's eCheck and I don't think he meant to. Just two weeks ago, he purchased an item from me and paid with PayPal. I am assuming his credit card was charged for this previous purchase because the funds were in my account immediately. I have made him aware of the circumstances and that his item will be held until PayPal says the check has cleared.
Earlier today I went to my PayPal account to pay for something I was the high bidder on. I was watching carefully for this eCheck option. It is the first payment option you come to, you must click on a credit card tab in order to get the information to pay via your credit card. If I had not been paying attention, it would have been very easy to click through and not realize that you were selecting the eCheck option.
LOL