how long before payments clear

culpepper

Ive just started selling on ebay and I want to be able to wait until money clears before sending items.How long does it take for cheques to clear? How long for paypal payments by credit card?

JPS

Hey,

Cheques usually take 3 working days to clear, but I have heard it can take anywhere up to 2 weeks to clear, so be careful, especially when selling more expensive items.

When someone pays you by Paypal the money is put in your account instantly, and you can then send the goods. You can transfer the money from your Paypal account to your bank account whenever you want - althought it will cost an extra 25p to transfer under £50, so I usually wait until I have £50 or more. The transfer usually takes about a week. If you transfer Sunday night it will usually be with you on the Friday.

If you need any more advice about selling, just ask.

Josh

soolin

Ive just started selling on ebay and I want to be able to wait until money clears before sending items.How long does it take for cheques to clear? How long for paypal payments by credit card?

Cheques clear for funds anywhere between 1 working day for some same bank cheques up to 10 days for some building society accounts, you would need to ask your bank when you pay it in.

However, that is for funds only, a cheque can be reversed from your account months later if there is a problem. End of last year I had a cheque reversed from my bank after being cleared for funds for over 6 weeks. I have also had cheques routinely returned unpaid after 9 days where they caught in the system or where the issuing bank held onto them whilst awaiting funds and only then returned them.

Paypal is yours as soon as it hits your account but I usually withdraw my paypal balance quite quickly just in case!

Another method of payment is by bank transfer, the funds are clear for drawing as soon as they hit your account and cannot be reversed by the buyer except in cases of real fraud.

Soo

culpepper

thanks both ;D
My items are not very valuable but its still a worry thinking you might send them to someone who is only out to cheat you.

pug_in_a_bed

Well i normally take paypal and personal cheuqes, but today for THE FIRST TIME i ahve been stung by some one paying by cheque, it cleared on monday, i posted out on wednesday, today its bounced! she's been so polite and we've had loads of contact but i've seen her feedback which is terrible fr people she sells to, but great from other sellers. I think though she has done it on purpose, and i'm furious, especially as even gaveher free postage cos she bought other stuff (paid with by paypal).
I'm literally spitting.
When i sell I always ask new ebayers to contact me with details of how they'll pay, but i think that'll change now to something else , like less than 95% fb, then get lost!! ;:(

pug_in_a_bed

you can tell i'm spitting from my shocking spelling yesterday!! lol

soolin

you can tell i'm spitting from my shocking spelling yesterday!! lol

I know what you mean smam21, I have had several cheques bounce on me supposedly after cleared for funds and even though in virtually all the cases I have sorted it out it did make me very cross.

It just took time to sort it all out, getting back in touch with the buyer, listening to their excuses, paying in a second cheque or whatever. What really got me once was a buyer who bounced a smallish cheque, £7 or £8 after I had sent his item. He was all apologies and kept emailing me to say he would definitely send another cheque as soon as he was able but he didn't have a cheque book then he didn't have a stamp etc. Then when I finally file for NPB agaianst him I get a pathetic email telling me that he had spent all his money skiing with friends and because of me being so pushy had to borrow the money from his girlfriend to pay me!

Soo

pug_in_a_bed

Ok, Soolin I thought i would let you know how i got on with my irritating buyer..i called the buyer at home, where a small boy answered and went to get the buyer..unbeknown to them i could hear everything in the house, inc. the local news!! so i hear buyer panic and then a long long pause of 5-10 minutes where no one comes to the phone! so i think hmm they ahve forgotten about me, but i cant hang up in case they really have which would leave my house engaged all night! so i start calling out, in my lovely best posh scouse 'HELLO!! can you please pick up the phone, i cant put it down!' this goes on for about ten minutes, then i realise there IS someone there, breathing down the phone, so i say the same then saycan you please pickup, this is ridiculous etc, we need to sort this out.
Then phone is put under a cushion, so i am muffled LOL!!
my sister and i were creased up laughing it was so stupid!
after ages, phone is put down..so i call back,,hung up on me. So then i ring the boyfriend whose details i requested, as he bought stuff off me for the buyer previously, he's very nice, obviously contacts buyer right away who sends comedy email saying she cant come the phone for personal reasons and had been away not reading emails all weekend
plays innocent about the cheque, doesnt beleive me so i scanned the letter and cheque as returned by the bank, she agrees she cant pay and will send item back
item has arrived with tags, although has clearly been at least tried on, but at least the saga is over, in the style of a carry on film....

soolin

smam21 wrote:

Ok, Soolin I thought i would let you know how i got on with my irritating buyer..i called the buyer at home, where a small boy answered and went to get the buyer..unbeknown to them i could hear everything in the house, inc. the local news!! so i hear buyer panic and then a long long pause of 5-10 minutes where no one comes to the phone! so i think hmm they ahve forgotten about me, but i cant hang up in case they really have which would leave my house engaged all night! so i start calling out, in my lovely best posh scouse 'HELLO!! can you please pick up the phone, i cant put it down!' this goes on for about ten minutes, then i realise there IS someone there, breathing down the phone, so i say the same then saycan you please pickup, this is ridiculous etc, we need to sort this out.
Then phone is put under a cushion, so i am muffled LOL!!
my sister and i were creased up laughing it was so stupid!
after ages, phone is put down..so i call back,,hung up on me. So then i ring the boyfriend whose details i requested, as he bought stuff off me for the buyer previously, he's very nice, obviously contacts buyer right away who sends comedy email saying she cant come the phone for personal reasons and had been away not reading emails all weekend
plays innocent about the cheque, doesnt beleive me so i scanned the letter and cheque as returned by the bank, she agrees she cant pay and will send item back
item has arrived with tags, although has clearly been at least tried on, but at least the saga is over, in the style of a carry on film....

I'm glad you got it sorted out Spam21, I do wonder what gets into buyers sometimes!

SOo

pug_in_a_bed

thankslots soolin you gave me some good advice !

pug_in_a_bed

thanks lots soolin by the by, you gave me some good advice !