Paypal - A Good Story

[ATP]

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.

[prestigecollectibles]

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.

[ATP]

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.

[prestigecollectibles]

Originally Posted by ATP

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.

[ATP]

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

[prestigecollectibles]

Originally Posted by ATP

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.