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Paypals 21 day rule
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# 1
jaksden
Old 09-05-2010, 4:03 PM
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Default Paypals 21 day rule

Please can anyone help advise me. I am a small seller on ebay. Paypal have introduced this 21 day rule. I understand that as long as you send your item by a trackable method such as Recorded post and your buyer leaves feedback then your funds will be released. Unfortunately despite sending 3 feedback reminders my buyers have not responded. All my items are trackable and sent within a few days, but my funds are still being with held. It seems to me that paypal are benefiting from this gaining interest on the money. As I have also fees to pay through paypal next week for my monthly invoice there is not enough funds released in order to pay it , which means they will be taking the difference from my bank account whilst still holding the rest of my money. Please does anyone have any advice?
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# 2
soolin
Old 09-05-2010, 4:10 PM
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Quote:
Originally Posted by jaksden View Post
Please can anyone help advise me. I am a small seller on ebay. Paypal have introduced this 21 day rule. I understand that as long as you send your item by a trackable method such as Recorded post and your buyer leaves feedback then your funds will be released. Unfortunately despite sending 3 feedback reminders my buyers have not responded. All my items are trackable and sent within a few days, but my funds are still being with held. It seems to me that paypal are benefiting from this gaining interest on the money. As I have also fees to pay through paypal next week for my monthly invoice there is not enough funds released in order to pay it , which means they will be taking the difference from my bank account whilst still holding the rest of my money. Please does anyone have any advice?
Yes firstly and most urgently, stop emailing your buyers. Harrassing for feedback is a sure fire way of not getting any.

The payment will be released after 21 days anyway and if you can track to delivery (and it shows as signed for online) then you could try phoning paypal and see if they won't release funds earlier for you.
I'm the Board Guide for the Ebay Board , Charities Board , Dosh & Disability , Up Your Income and the Local MoneySaving-England board which means I'm a volunteer to help the boards run smoothly, and I can move posts there. However, do remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com
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# 3
cyberbob
Old 09-05-2010, 4:11 PM
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Its not a new rule its been in place for 2 years. Paypal are not getting interest off the money thats just a myth. If your buyers are not leaving feedback all you can do is wait for the 21 days and your money will be released.

I must admit if I had had 3 feedback reminders off you the chances are I wouldn't be leaving feedback. Feedback is voluntary if you hassle people for it the liklihood is one person might take exception and neg you. You don't need to send an item tracked to gt your money released by paypal only if you want paypal seller protection.

Did you leave feedback for them first that might have meade them happier to leave you FB on arrival
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# 4
macfly
Old 09-05-2010, 4:31 PM
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I agree with the two of you, but the bit about interest puzzles me. I've read a few times that paypal make no gain from the money in their accounts, but if they don't they are foolish. I'm not suggesting this is the reason behind their rules for one minute. However all cash rich businesses I know of do make interest on their deposits. Cash flow control is very highly paid.
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# 5
soolin
Old 09-05-2010, 4:41 PM
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Originally Posted by macfly View Post
I agree with the two of you, but the bit about interest puzzles me. I've read a few times that paypal make no gain from the money in their accounts, but if they don't they are foolish. I'm not suggesting this is the reason behind their rules for one minute. However all cash rich businesses I know of do make interest on their deposits. Cash flow control is very highly paid.
I'm sure they would if they could. I always understood that it was one of those regulations that meant if they placed it on deposit it put them into a different category of third party providers, so it was better for them not to obtain interest.

Something like that anyway, but basically to protect themselves against other more stringent regulations rather than out of any 'goodness' on their part.
I'm the Board Guide for the Ebay Board , Charities Board , Dosh & Disability , Up Your Income and the Local MoneySaving-England board which means I'm a volunteer to help the boards run smoothly, and I can move posts there. However, do remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com
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# 6
cyberbob
Old 09-05-2010, 4:46 PM
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Originally Posted by macfly View Post
I agree with the two of you, but the bit about interest puzzles me. I've read a few times that paypal make no gain from the money in their accounts, but if they don't they are foolish. I'm not suggesting this is the reason behind their rules for one minute. However all cash rich businesses I know of do make interest on their deposits. Cash flow control is very highly paid.
I cant find the link at the moment there is an article somewhere (i'll see if i can find it) but under British financial regulations paypal are not allowed to earn interest on the hold. The US is different as they do but they hold the money in a separate fund. I'll try and find it

i must sdmit if they did earn interest it wouldn't worry me as by bringing the hold in they increased buyer protection which makes buyers happy which gives me more sales

Last edited by cyberbob; 09-05-2010 at 4:50 PM.
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# 7
jaksden
Old 09-05-2010, 4:49 PM
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Firstly I should have mentioned that I dont Harass buyers ..... Ive emailed for feedback over a long period of time, not in a matter of days or a week. But thanks for your comments... Paypal phonecalls to release a payment for an item cost me money. And they must be accruing interest on with held payments. Surely if Paypal and ebay are going to use the method of feedback as part of the criteria for releasing your money then they should make sure that they police this situation and perhaps a good idea would be to temporarily flag up on a customers account "unable to use your account until feedback Left for items received".
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# 8
jaksden
Old 09-05-2010, 4:52 PM
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Yes I always leave feedback for the buyer.
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# 9
soolin
Old 09-05-2010, 4:58 PM
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Quote:
Originally Posted by jaksden View Post
Firstly I should have mentioned that I dont Harass buyers ..... Ive emailed for feedback over a long period of time, not in a matter of days or a week. But thanks for your comments... Paypal phonecalls to release a payment for an item cost me money. And they must be accruing interest on with held payments. Surely if Paypal and ebay are going to use the method of feedback as part of the criteria for releasing your money then they should make sure that they police this situation and perhaps a good idea would be to temporarily flag up on a customers account "unable to use your account until feedback Left for items received".
It doesn't matter whether the feedback requests were over days or weeks, don't do it, EVER. If they haven't left feedback maybe there is a good reason. Also, do the items track to delivery when you check online?

As for paypal charging interest on retained amounts, please see other posts where we have gone off on a bit of a tangent about it.
I'm the Board Guide for the Ebay Board , Charities Board , Dosh & Disability , Up Your Income and the Local MoneySaving-England board which means I'm a volunteer to help the boards run smoothly, and I can move posts there. However, do remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com
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# 10
jaksden
Old 09-05-2010, 5:02 PM
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Well I think its probably going to kill it dead for me. Many thanks for all your comments.
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# 11
RFW
Old 09-05-2010, 5:09 PM
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Quote:
Originally Posted by cyberbob View Post
I cant find the link at the moment there is an article somewhere (i'll see if i can find it) but under British financial regulations paypal are not allowed to earn interest on the hold. The US is different as they do but they hold the money in a separate fund. I'll try and find it

i must sdmit if they did earn interest it wouldn't worry me as by bringing the hold in they increased buyer protection which makes buyers happy which gives me more sales
There are strange guidelines about interest. In the US afaik they hold the interest in a separate fund and this is repayable to anyone who has had monies held.
In the UK if you hold third party funds you aren't allowed to earn interest on it, Paypal is regulated by the FSA even though they are based in Luxembourg.

Having used Paypal in the US and had monies held, using postage via Paypal there speeded up the release as when an item was signed for it registered on their system and they released it. Then Ebay/Paypal and the USPS work better together than with RM here.
You do have the option to add tracking details within Paypal that may help in an earlier release of funds.
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# 12
RFW
Old 09-05-2010, 5:17 PM
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Originally Posted by macfly View Post
I agree with the two of you, but the bit about interest puzzles me. I've read a few times that paypal make no gain from the money in their accounts, but if they don't they are foolish. I'm not suggesting this is the reason behind their rules for one minute. However all cash rich businesses I know of do make interest on their deposits. Cash flow control is very highly paid.
I'm pretty sure that Paypal/Ebay would be clued up how to make money.
I think all financial institutions have restrictions on how they 'invest' other people's money. Other cash rich businesses, as you say, will profit on interest.
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# 13
cyberbob
Old 09-05-2010, 5:48 PM
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Originally Posted by jaksden View Post
Well I think its probably going to kill it dead for me. Many thanks for all your comments.
When you listed it comes up with a notice telling you monies may be held. Did you not see this?
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# 14
prestonblue
Old 11-05-2010, 4:38 AM
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Well agree on the feedback requesting dont do it, but it just winds me up when buyers cant be arsed to let me know they have received their item ive got three of the bone idle muppets at the moment all on fairly low feedback numbers they need the feedback more than me dont they see feedback is very handy when using ebay
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# 15
discountmummy
Old 11-05-2010, 5:25 AM
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Well agree on the feedback requesting dont do it, but it just winds me up when buyers cant be arsed to let me know they have received their item ive got three of the bone idle muppets at the moment all on fairly low feedback numbers they need the feedback more than me dont they see feedback is very handy when using ebay
Depends really I have two accounts one for buying and one for selling, im not bothered about the feedback on the buying one and the last thing I brought the seller hasnt left me feedback so I think why should I!

On my selling account I always leave feedback once Ive received payment and most the time I get feedback back, I even had an email yesterday praising me saying how rare that I had left feedback already and how they would leave some in return as soon as they received there item, so it just goes to show that leaving prompt feedback as a seller can result in it being returned.

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# 16
soolin
Old 11-05-2010, 6:39 AM
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Originally Posted by prestonblue View Post
Well agree on the feedback requesting dont do it, but it just winds me up when buyers cant be arsed to let me know they have received their item ive got three of the bone idle muppets at the moment all on fairly low feedback numbers they need the feedback more than me dont they see feedback is very handy when using ebay
You don't need feedback on a buying account. Once you get to 5 feedback you can't be blocked at all except by blocking your iD personally. Even zero feedback buyers can bid on most aucitons where seller doesn't require them to have a card registered.

Buyers can only have positive feedback anyway, so as a buyer I don't care at all about feedback.
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# 17
cyberbob
Old 11-05-2010, 7:35 AM
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Originally Posted by prestonblue View Post
Well agree on the feedback requesting dont do it, but it just winds me up when buyers cant be arsed to let me know they have received their item ive got three of the bone idle muppets at the moment all on fairly low feedback numbers they need the feedback more than me dont they see feedback is very handy when using ebay
If they don't complain they have received the item. Whats the problem? They don't need the feedback so your getting yourself stressed over nothing really
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# 18
prestonblue
Old 11-05-2010, 9:27 PM
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I agree feedback dont matter for a buyer but as a seller you live or die by your feedback like me the 3 muppets in question also sell on the one account
oh and to prove im not stressed im including the new David and Nick simile
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# 19
bylromarha
Old 11-05-2010, 10:24 PM
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I agree, it sucks. I remember starting off 18 months ago and asking exactly the same question on here as 21 days was a long time to wait when the goods had already been paid for, but you didn't get the revenue to replace them until 3 weeks had passed.

Best advise I got was to leave feedback for them immediately. If the buyer doesn't leave feedback after a week, just send 1 email (and no more!) thanking them for their business, hope you're happy, blah blah, and saying you'd appreciate if they could leave their feedback soon as Paypal were holding their payment to you.

A lot of buyers don't realise new sellers have to jump through this hoop and some will be willing to help you out if you inform them. But it really puts a spanner in the works if trying to establish yourself.

All the best.
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