I've been an EBay member for 12 years and PayPal for about 7 of those - I've got a fairly sizeable history of buying/selling and using PayPal, with no prior problems. However, I sold an amp last week and was paid via PayPal; the funds were immediately withheld and I was advised on both EBay and PayPal's websites that I may have to wait up to 21 days for the funds to be released to me.
The amp was collected by a friend of the buyer a day later (the buyer lives miles away) and comms were kept up to date both sides, item marked as paid/dispatched and all the rest of it.
So in theory, there is no reason why my money should be withheld by PayPal. But according to some spiel on their website about it being a common industry practice, I apparently need to be a better/quicker seller in order to get my money quickly/the normal way.
I can't be the only one who thinks this is utter horseshit...
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It's going to be a long 21 days unfortunately.
"Take these three items, some WD-40, a vise grip, and a roll of duct tape. Any man worth his salt can fix almost any problem with this stuff alone." - Walt Kowalski
"Only two things are infinite - the universe, and human stupidity. And I'm not sure about the universe." - Albert Einstein
So, I guess their model is to offer credit to buyers - to tempt people who want credit away from credit cards - funding it by withholding sellers' cash.
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Just because you're paranoid, don't mean they're not after youFor larger value items, it's often worth considering an escrow service, where the buyer sends the money to a middle man, and the middle man then holds on to the money until the buyer acknowledges the goods have been received. The big benefit is, is if there is any dispute, the middleman holds on to the money until the buyer and seller come to some kind of agreement. The only person outside the buyer/seller who could make a decision on the funds, is a court.
I've personally used transpact.com a couple times when selling machinery, and it's been a pretty smooth process. You create an agreement, buyer accepts it (you can to and fro over terms until you're both happy), buyer sends money to transpact, you send the goods, once the buyer is happy, transpact release the funds to you.
Also on big value items, it's far cheaper than paypal.
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If I ever sell anything and the buyer wants to collect, it's gotta be cash or pre-paid bank transfer that I can verify.
Collection means cash, bank transfer or PayPal gift only.
I tried calling them today to see if they could speed up the process, but was given the usual automated claptrap about being in a big queue, and I was told to say a few words about what it was I wanted to speak to them about. Craftily, it only led to a few sentences of automated advice about pending payments (or whatever you wanted to know about) but it didn't actually hold you in a queue; just repeated the advice or made you go back to the main advice menu. A typical big company ploy to avoid having to speak to people and make it harder for them to be contacted directly.
I looked into emailing a complaint but it can apparently take 4 weeks to be looked into, and if their 21 day estimate is correct I'll have the money before then. I'll just have to suck it up and wait for the money as per this ridiculous policy.
Either way, this has left a very sour taste and once I have the money, I'll be severing all ties with PayPal.
I've taken a chance on the PayPal/collection thing I know, but up to now the buyer has been fairly straight with good comms and has said he's happy with the amp. Apart from that I needed the money and was under the impression the funds would have reached me instantly as per past transactions.
Ah well, you live, you learn I guess.
If he does you will lose both money and amp.
We'll see.