Questions on taking Paypal payment
BigTom
Posts: 305 ✭✭✭
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
Best Answers
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acloco
Posts: 952 ✭✭✭
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.
Successful BST transactions with: jp84, WaterSport, Stupid, tychojoe, Swampboy, dragon, Jkramer, savoyspecial, ajaan, tyedye, ProofCollection, Broadstruck x2, TwinTurbo, lordmarcovan, devious, bumanchu, AUandAG, Collectorcoins (2x), staircoins, messydesk, illini420, nolawyer (10x & counting), peaceman, bruggs, agentjim007, ElmerFusterpuck, WinLoseWin, RR, WaterSports, KeyLargRareCoins, LindeDad, Flatwoods, cucamongacoin, grote15, UtahCoin, NewParadigm, smokincoin, sawyerjosh x37 -
derryb
Posts: 37,706 ✭✭✭✭✭
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.
No Way Out: Stimulus and Money Printing Are the Only Path Left
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Answers
Normally within one business day, unless you opted for immediate transfer, for a fee.
BST transactions: dbldie55, jayPem, 78saen, UltraHighRelief, nibanny, liefgold, FallGuy, lkeigwin, mbogoman, Sandman70gt, keets, joeykoins, ianrussell (@GC), EagleEye, ThePennyLady, GRANDAM, Ilikecolor, Gluggo, okiedude, Voyageur, LJenkins11, fastfreddie, ms70, pursuitofliberty, ZoidMeister,Coin Finder, GotTheBug, edwardjulio, Coinnmore, Nickpatton, Namvet69,...
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.
No Way Out: Stimulus and Money Printing Are the Only Path Left
Next Day
That
Thanks guys. That's exactly the feedback I was hoping to get.