posted on September 27, 2001 05:40:33 AM new
Can these be charged back if the buyer wants to?
I sold a "big" item and my terms stated that I needed a Cashier's Check or Money Order only for payment. The wife agreed to the buyer using Paypal eCheck after the auction was over. This is cash transferred from the buyer's bank.
The email from Paypal says:
"This eCheck Payment will remain "Uncleared" until the funds have
cleared from the sender's account, which usually takes 4 business
days. If you are shipping an item, please do not ship your item
until the funds have cleared into your PayPal account. You will
be notified by email when the funds have cleared into your PayPal
balance."
Gee, 4 days to clear their account and 4 days at least to get into mine. A promptly mailed money order would beat that I believe.
[ edited by loosecannon on Sep 27, 2001 06:01 AM ]
posted on September 27, 2001 06:49:55 AM new
If you have the ATM/Debit card, you can withdraw the cash as soon as the eCheck clears. You can spend it anyplace on the web that takes Mastercard with their new shop anywhere program.
It normally takes my transfers 2 days to reach my bank, not 4.
posted on September 27, 2001 07:06:20 AM new
Coonr,
Your experience is a heck of a lot better than mine. The last eCheck took over a week before I got clearance. Don't know if it was a problem w/the buyer's account or what but I almost forgot about the darn thing before I finally got notice.
posted on September 27, 2001 07:12:25 AM new
I don't like the eChecks either. They are as slow as a regular check or money order and the SELLER is paying for the service. I think PayPal should change their terms and buyers should have to be charged for eChecks. I'm not sure if buyers can do a chargeback on eChecks or not. Good question.
posted on September 27, 2001 07:41:27 AM new
The seller is paying through the nose for an eCheck, is right! These ought to be free, or nearly free!
- On a $5 transaction you're paying 8.9% to PayPal for the eCheck. (45 cents)
- On a $10 transaction you're paying 5.9% (59 cents)
- On a $20 transaction you're paying 4.4% (88 cents)
And then you have eBay, auction management, picture hosting, and other fees to contend with!
The above #s pertain to the vast majority of non-free account holders who pay the 2.9% plus 30 cent fee for each payment we receive.
posted on September 27, 2001 10:48:38 AM new
I've used e-checks a number of times as a buyer...never had one take more than four days to clear (seems like it should take half that). The fees are ridiculously high considering that PayPal doesn't have the same expenses they do as with CC's. I agree that buyers should bear the expense, which is why I have always offered to pay for the cost of e-checks; most sellers have told me not to worry about it.
Argh
