Paypal

[yazzyfooty]

I have recently been successful selling some bits off on ebay. Now some of the buyers have made payment via paypal, I have a couple of questions for those YD'ers in the know.

1) Once instant payment made via paypal then is it definitely mine? (I dont want to send the goods out too soon in case the buyer retracts money if they can)

2) Does the money thats been paid into paypal automatically get transferred into my bank account?

3) If not, how do i get it transferred to it?

Thanks in advance.

[chas49]

I have recently been successful selling some bits off on ebay. Now some of the buyers have made payment via paypal, I have a couple of questions for those YD'ers in the know.

1) Once instant payment made via paypal then is it definitely mine? (I dont want to send the goods out too soon in case the buyer retracts money if they can)

No - if the buyer files a dispute, it is possible for the money to be taken back by paypal. The buyer can't actually take it back him/herself though as far as I know. But they'll definitely file a dispute if you don't send the goods

2) Does the money thats been paid into paypal automatically get transferred into my bank account?

No - you need to go in to your Paypal account and do the withdrawal from there.

3) If not, how do i get it transferred to it?

see above

[MonkeyPony]

I have recently been successful selling some bits off on ebay. Now some of the buyers have made payment via paypal, I have a couple of questions for those YD'ers in the know.

1) Once instant payment made via paypal then is it definitely mine? (I dont want to send the goods out too soon in case the buyer retracts money if they can) Yes - Once is showing then its yours - subject to disputes

2) Does the money thats been paid into paypal automatically get transferred into my bank account? No, You have to transfer it yo your bank manually
3) If not, how do i get it transferred to it? Its been a while but
I think if you go into your Paypal account and view payments there should be a 'transfer money' or 'manage your account' box type thing to click on. youn can then select to withdraw the money.
Thanks in advance.

Hope this helps.

[yazzyfooty]

Thank you.

I am off to the post office now to do my postman pat act.

[IanD]

Isn't there a charge for transfering to a bank acc? That'll be a yes then.

Originally posted by paypal
There is a £0.25 GBP fee to withdraw £49.99 GBP or less and deposit it in your UK bank account. Withdrawals of £50.00 GBP or more are free.

[jackadam]

Thank you.

I am off to the post office now to do my postman pat act.

Make you sure you get insurance.

I sold a mobile phone, made the mistake of sending out on the cheapest postage. Allegedly never arrived with the buyer, the dispute system within paypal favoured the buyer and refunded the money - Result no phone no cash.

[Twinsetmad]

Also... if you have withdrawn the money from your paypal account and its been transfered to your bank account.... and a buyer files a dispute ... then your paypal account goes into a minus balance....
until its all settled.....

All in all, after 400 plus transactions... and only one dispute. I've had a really good experience with paypal.

Another thing... is use long alpha numeric passwords and change them often.... be very wary of emails claiming to be from paypal. Don't follow links from emails.... log into paypal via your own internet explorer.

If a bogus person gets hold of your details it will hurt BIG TIME...

[Martin Owen]

Isn't there a charge for transfering to a bank acc? That'll be a yes then.

Only if you transfer less than £50, over this and its free.

I always send anything over £10 by recorded delivery (or special delivery, depending on the value), that way you have proof they have received it (signature).

If you don't send it this way then make sure you ask for "proof of postage" from the post office.

[yazzyfooty]

Make you sure you get insurance.

I sold a mobile phone, made the mistake of sending out on the cheapest postage. Allegedly never arrived with the buyer, the dispute system within paypal favoured the buyer and refunded the money - Result no phone no cash.

Sorry to hear about your dispute. The buyers were given choices on which level postal services they were willing to pay for and one was special delivery and the other I ensured I got proof of posting for, so should I have still paid insurance?

[triplefin]

Beware recorded delivery - I no longer use it. Recorded does not track items like special delivery does. I have also been the receiver of recorded items and not been asked to sign anything by the postman! Apparently this is not uncommon. I've even had recorded items left by my front door! Special delivery will track your with dates when it arrives and leaves each place/post office and provides proof that the item has been sent - worth paying the extra for to my mind. Special delivery also automatically covers you for insurance up to 500 quid.