Paypal - A Good Story
 

I know most of us, myself included, like to bash on paypal. This summer I sold a very expensive card, $5000 plus. After I accepted the offer on ebay (I was on my cell phone when I accepted it), I noticed afterward they had very low feedback and that made me quite nervous. I picked up the phone to call paypal, because i was nervous and somewhat suspicious, rightfully so about the buyer. I googled them, found a name match to the person, and an address match. Paypal confirmed that it was safe to ship. So, next day I sent the card. Low and behold, a couple weeks later I received a chargeback through paypal. I provided all info, tracked, insured, signature confirmation, etc. I then placed a call to paypal, they immediately said that because I followed instructions for seller protection I am not liable, released the paypal hold and that is the last I have heard of the situation. As an aside, opposed to the good news story, I am almost positive that the person who initiated the paypal claim in the person who bought the card and is doing it knowingly. They have since been banned from ebay. We all love to hate on paypal but this time they actually backed me up...at least so far.

I got this email from them last week which had some good news.

To help accelerate cash flow for your business and give you better control of your money, we’re enabling next-day funding for transfers from your PayPal account to your third-party bank account – and you’re among the first to get it as part of our pilot program. This means funds transferred from your PayPal account by 5:00 p.m. local time will be available in your third-party bank account the next business day, instead of in 3 to 5 days. Funds transferred after 5:00 p.m. will be available the subsequent business day. This change will be implemented by October 1, 2014.

In a nutshell, from someone who worked in banking for over a decade, what that means is that they are speeding up the ACH process to basically give you faster access to your funds when you move it to your regular bank account. It's really not a big deal, its already your money to begin with you just don't have to wait as long while it sits in the ether for a few days.

Well, I consider get my money in my bank account the next day, rather than waiting 3 days or more a big deal.

It's already your money no big deal which account it is in.

You're right, the next time I need the money to pay my mortgage, I will tell Chase to take it from my Paypal account.

If you need the funds that badly, doesn't matter what merchant service provider you use, no on will be able to meet your needs.

Jeff I will have to go along with Robert on this. Anyone that uses my money for free is an A$$. Its done all the time I know. You know as well as I do that the interest(as pathetic as it is) on all the funds in the US for one day is ALOT on money!

I know it from every angle, I worked in investments for over a decade. One day to hold my money, isn't that big of a deal. I know we might not all agree but I do not need the funds that bad to really be too vested.

I got an email yesterday from PayPal, informing of policy updates. One update is that the time for buyers to file a complaint (item not received or item not as described) will increase from 45 days to 180 days.

Why on Earth would this need to increase to SIX MONTHS? If there's a problem with the item or it never arrived, wouldn't you know it within 45 days??

A change like this can only lead to more problems for sellers. I'm only trying to imagine what the impetus is for change like this. They are quadrupling the time allowed - I can smell the new scams cooking already!

Paypal - A Good Story
 

So all that I need to do is become filthy rich and then I won't have to worry about having money in my bank account? It's so simple - why didn't I think of that!

Ya, I gotta be honest. I was thinking the same thing! I realize that it's my money regardless of which account it's in, but for 3 to 5 business days....it's NOT my money! It's unaccessible and I have to wait. If I can transfer it within one day, then hallelujah!

It shouldn't even be a day. It should be instantaneous.

Not saying that it's okay, it's just the standard pretty much with any merchant service provider so I have become accustomed to not having funds right away. Next day funding is the best you can hope for when taking credit cards, at least it used to be :-)... either way, the point of the thread was just to let folks know that in the event of a large chargeback on an ebay purchase, if the steps are followed properly to qualify for seller protection, that you should be covered. In my case, I was really nervous about not winning the case, but it was much faster and easier than I anticipated.

It was increased to 180 days to match the terms of most credit card providers.