PayPal eCheque payments

[*wheels*]

We've received our first eCheque payment and the following message from PayPal:

You received an eCheque payment, which takes 3 to 5 business days to clear. Until it does you'll see the transaction status set as "Pending". If you've sold a physical item, we suggest that you wait until the eCheque clears before you shipping it out. We'll email you as soon as the money is in your PayPal account.

We estimate the eCheque will clear between 18/03/2010-22/03/2010.

3-5 business days, today is the 9th March, so wouldn't 5 business days make it the 16th March? Why does PayPal estimate the 18th to the 22nd?

I know the email says not to post yet, but do the buyers know how long they'll have to wait? Do most sellers go ahead and post the item anyway?

[*FluffyDuckee*]

Wheelie,

I've had a couple of echecks in my time, but not lately.  I do not post until it clears because Paypal is taking the money out of the buyer's bank account, so if there are no funds the echeck bounces and if you have posted, well TT.  If the buyer has a credit card attached to their Paypal, an echeck doesn't happen, as Paypal makes the payment instant in this case because they know they can access the credit card in the event of not enough funds in the bank.

It has worried me that the buyer may not know that this Paypal procedure and time frame is so long winded and complicated, so I have messaged them and let them know that due to their funds being taken out of their bank account, the payment is delayed and when cleared, the item will be posted.  I may mention Paypals clearing timeframe, but say, hopefully it will clear quicker than that.   When it clears, I message them and let them know it has finally cleared and that I have posted it.

[*wheels*]

Thanks Fluffy, I'll follow up with the buyer tomorrow. I still think PayPal needs a new calendar.

 

[Hermit]

I use echeques a fair bit, especially for OS transactions. The clearing time seems to be quite long lately. I've been noticing a full 5 working days + weekends and holidays to clear. I don't mind the wait as I understand the procedure, but one seller ended up giving me a warning notice 7 days after I hit the BIN button, even though I started the transaction process some 5 minutes after purchase and I had to provide my paypal receipt which just cleared. Yes I had more than enough funds in my bank account.

I don't have a credit/debit card so now when possible I've been trying to plan in advance and transfer funds into my paypal account from my bank account before purchase. This also has a long clearing time of 5 full working days + holidays weekends etc. Obviously I can't purchase all items in this manner, since I don't have unlimited funds to leave lying around in my paypal account, so either have to revert to echeque or direct deposit.

[*wheels*]

Thanks Hermit, do PayPal notify you, as the buyer, of the expected wait for clearance time?

[Hermit]

Yes they do, on the receipt I get via email as soon as I initiate the transfer process.

[*CountessA*]

Hermit, you may want to think about getting a debit card. You can use this like a credit card, but just transfer the money into the account from another (not linked to PayPal) account online just seconds before you put through your PayPal payment by "credit card". (It will process the payment as though it is a credit card even though it's a debit card and takes the money from your account.) In this way, you are minimising the risk.

Would this work for you?

[Hermit]

Okay, I have just come from the bank and have applied for a debit card. Should arrive in the mail in a week.

Countessa, it is however linked to my bank account which is linked to paypal. Will this be a problem?

[Hermit]

The lady said it's a Visa debit card that works just like a credit card only with my money.

[*CountessA*]

Hermit, no, it won't be a problem. You'll have to verify the card once it's arrived and you link it to your PayPal account, but you can check instantly once PayPal makes that small withdrawal or deposit to establish that the card is yours (I am assuming you have online banking, so you can check the balance as it happens). Every time you pay, make sure you select credit card as the payment option, because it will probably default to PayPal account or bank account. As long as your PayPal balance is zero, this will mean that PayPal will only have authority to take the payment via your card.

Also, unless you need to ACCEPT Paypal payments, you can then unlink your bank account from your PayPal account.

[Hermit]

No problem, understood.

It will be good to have instant payment rather than waiting for echeques to clear in the future.

[*Ubbie Max*]

I use a Visa debit card tied to a banking account. The account only holds a certain amount of money in case I get ripped off.

I will not register any banking accounts with Paypal.

[*Brum6y*]

I use a Visa debit card tied to a banking account. The account only holds a certain amount of money in case I get ripped off.

I will not register any banking accounts with Paypal.

This is the safest approach I know of - aside from cash on pickup.

[ernest_price]

Received quite a few over the years. They take forever and ever and ever [I feel a song coming on while I wait for my eCheque payment to arrive]. Then you usually get DSR marked down because the item took so long to arrive!

[wyzeguy60]

forever and ever

great song demis russos

http://www.youtube.com/watch?v=F7cxqX6Q3gI