Questions on taking Paypal payment

BigTom

I recently accepted payment for coins using Paypal and transferred it to my bank account. This was the first time I've used paypal for this. How quickly should I see the deposit in my bank account? Once it is transferred, should I have any concern about paypal not honoring?

This is new to me, so I appreciate any insights on Paypal.

Thanks in advance

acloco

First, disconnect your normal bank account from PP. Open a separate account for PP transactions only.

IF PP ever rules against a transaction, they will grab funds from your account.

derryb

if you get a return you'll have to first transfer the funds back to paypal (takes 3-6 days) so you can then make the refund from paypal. At first sign of a return on its way, get the needed funds back into the PP account so that you are ready to refund when returned item arrives. Sometimes you have to message the buyer and explain the delay in making the refund. The sooner you transfer the funds back to PP, the sooner you can make the refund.

If you don't have enough funds in the bank account then you'll have to first transfer/deposit funds into the account and then make the transfer to PP. For this reason it's wise to always have enough in the bank account to cover possible returns.

Even if you don't accept returns a buyer can claim "item not as described." Ebay will then decide who gets the item and who gets the money.

oih82w8

Normally within one business day, unless you opted for immediate transfer, for a fee.

derryb

@acloco said:
First, disconnect your normal bank account from PP. Open a separate account for PP transactions only.

IF PP ever rules against a transaction, they will grab funds from your account.

good to have a dedicated account because of the reason stated above. You agreed to give PP access to the funds in the account if needed to complete a refund they awarded to your buyer In the event that you don't voluntarily make the refund.

ctf_error_coins

Next Day

OPA

@ErrorsOnCoins said:
Next Day

That

BigTom

Thanks guys. That's exactly the feedback I was hoping to get.