Paypal Payments

[CarlukeDave]

I've just sold a mobile on Ebay, the buyer has 339 100% positive feedback, he's paid the money into my paypal account and I've withdrawn it into my current account. I believe it takes 5-7 days to clear in my account, I take it the money is now a guaranteed payment? ie can I go and spend it?

Dave

 

[living image]

I would personally wait till it hits your account which will be, if you withdrew today from paypal, next wednesday or thursday. It is usually guaranteed if it hits the paypal ok and then you withdraw it, but my cautious side is saying just wait a week.

 

[Chris Green]

I only ever wait for it to clear in my paypal account. I don't always transfer the money into my bank account anyway. I know a lot of people that do the same.

I guess if you want to be sure, wait for it to clear in your account. It might be worth telling the buyer that though, so they don't think your being slow with the delivery.

 

[Steep]

Small amounts I leave, large amounts I transfer, but never spend it till I see it arrive in my account.

 

[pxl8]

Depending on how they paid the buyer can request a chargeback via their bank for up to 3 months from the date of the transaction. The bank will reclaim from paypal who in turn will reclaim from you plus charges, £7 I think.

 

[Steffyboy]

as long as the goods were as described and working fine the money is safe in your account but if you have sold a dud expect the consequences if hes got 100% feedback he seems legit

 

[andy_fozzy]

I only ever wait for it to clear in my paypal account. I don't always transfer the money into my bank account anyway. I know a lot of people that do the same.

I guess if you want to be sure, wait for it to clear in your account. It might be worth telling the buyer that though, so they don't think your being slow with the delivery.

Same here.
And not being funny, but if postage took well over a week (which it's bound to if you wait for funds to go into your account) I personally wouldn't be too pleased.
Unless of course, you have stated in your payment instructions that goods won't be sent until payment clears in bank etc.......

I always send item out as soon as the money hits my paypal account.
I have 200 feedbacks, at least 100 of them are items I've sold with paypal.
Never had a problem yet.

Oh one point, slightly O/T, be very weary of an e-cheque from paypal......

 

[68lbs]

I hate to say it, but Paypal is NEVER guaranteed. You could get a chargeback in 12 months time.

 

[andy_fozzy]

I hate to say it, but Paypal is NEVER guaranteed. You could get a chargeback in 12 months time.

That is a VERY good point........
I think everyone in the world should stop using paypal!!

 

[admirable]

Must admit I'd be miffed if I had to wait a week on posting!

He sounds trustworthy, 100% feedback.