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Paypal....protection for sellers?
Posted By: Dave
I know we've been through the Paypal thread before. But I do have a question I haven't found a link to in the search engine. Say your selling a card and it goes for $1,500. The buyer paypals you the money. You send the card out maybe two days later...you send it insured, signature confirmation as well. Then you get an email two or three weeks later from paypal saying the buyer "had" insufficeint funds and that your money you were sent is now under investigation and liable to be taken away. |
#2
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Paypal....protection for sellers?
Posted By: mark
As far as i know Paypal CAN NOT take the money out of your personal checking but can take it out of your Paypal account. |
#3
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Paypal....protection for sellers?
Posted By: Marty Ogelvie
Scary scenerio. I have heard horror stories of sellers having Paypal come back and withdraw funds that were paid via a bogus credit card, etc. I have always been told to remove any paypal funds immediately to keep paypal from withdrawing those funds at their discretion. If paypal has access to your checking acct. then the above option would be fruitless. |
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Paypal....protection for sellers?
Posted By: Dave
Something else you could do to "protect" yourself would be to do what I have done. When someone pays through Paypal, I remove the money and put it into my checking account that I set up strictly for Paypal before I send the item. I then transfer the money to a savings account I have set up at the same bank so there is nothing for Paypal to withdraw even if they have the right to take the money out of my checking account. It sounds like a lot of work, but I do it all online and it takes no time at all. |
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Paypal....protection for sellers?
Posted By: davidcycleback
I assume when you get paid through PayPal and it registers in your account as positive $$, you are receiving money that exists. There isn't a proverbial check that later bounces. There are cases when money is pending, but you are notified that the money has yet to clear and notified when it has cleared. For example, if you transfer money to your account from you bank, it takes a few days then PayPal adds the $$ to your total. Until then, the money is listed as in the process of being transferred and not added to your account total. In other words, PayPal doesn't tally proverbial money or theoretical money, but money they've verified as existing. |
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Paypal....protection for sellers?
Posted By: barrysloate
If you have no money in your paypal account, and then buy something using paypal, won't it get billed to your credit card? And that being the case, if someone has a dispute with you and paypal sides with them, can't they still debit your credit card until the matter is resolved? |
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Paypal....protection for sellers?
Posted By: George Dreher
I know someone who received money through PayPal and moved it to their checking account. The buyer initiated a chargeback and when an insufficient balance was found in the PayPal account, they drained their checking account. That happened in 2001. |
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Paypal....protection for sellers?
Posted By: Eric B
Most of you have a bank account linked to your Paypal account. If there is not enough money in your Paypal account they can take it from your bank account. Why can they do that? Because you agreed to it when you signed up,whether you actually read the agreement is immaterial. |
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Paypal....protection for sellers?
Posted By: jay behrens
If you really feel the need to take Paypal as a seller then you need to do 2 things: |
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Paypal....protection for sellers?
Posted By: peter chao
Jay, |
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Paypal....protection for sellers?
Posted By: jay behrens
Even if they overbid, it's still not an impulse buy. Money is already set aside for the card and it is highly unlikely that the overbid is really going to be that significant. |
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