Echeques and Paypal Question??

hubblebubble

I recently sold an item on Ebay. The buyer has paid by Echeque into my paypal account. They paid on the 24th Sept. My Paypal account states that the estimated date of clearing the funds is Oct 3rd. is this normal? Sound like an awfully long time to clear funds.This is the first time I have recieved funds from an Echeque.
I have informed the buyer of the delay, but would have thought it'd have been quicker for them to have a sent me a cheque in the post!
Are Echeques a safer way of sending funds. What are the benefits?

grateful if anyone can enlighten me.:)

frivolous_fay

Echeques are the default payment when there is a problem obtaining funds from the buyer's bank account or credit card.

They take ruddy ages to clear and are generally a pain in the butt. They can also bounce.

Ensure it has fully cleared before despatch! If the buyer is able to set up a credit card payment instead (ie. resolve their account problem) they could get the payment to you much faster, and you could refund the echeque payment later (AFTER it has cleared)

kevinyork

You can set you Paypal preferences to block eCheck payments.

I hate them. My payment terms always say within 5 days so why should I have to wait 10 days for an eCheck.

Many dont know their payment has gone through as an eCheck and often start chasing their item when their payment hasnt even cleared. I also dont like giving Paypal fees when Ive had to wait so long for the money. Those whos payment gets blocked if you set that option will then contact you and you can explain and request a cheque instead.

Kev.

carrie483

frivolous_fay wrote:

They take ruddy ages to clear and are generally a pain in the butt. They can also bounce.

Ensure it has fully cleared before despatch!

How can they bounce? I don't understand the e-cheque thing, i was paid via one and i have just got an email to say it had cleared. I'm worried now with this one....

Carrie.

Cat72

I hate these too ! I always just email the buyer incase they dont know .
I usually say
" hi
I have just been notified by payapl that you have paid by echeque. This payment will not clear in my paypal account until blah date which means I will not be able to despatch your item until after then.
I thought I would let you know in case you were in a hurry for your item and to give you an idea of when to expect it.
If you want the item sooner you can pay by cheque or postal order, let me know what suits you best "

Normal cheques clear faster and I sometimes find echeques dont clear until the end of the date they imply.
Some people decided to pay another way and it saves getting a neg because the buyer does not realise the payment is an echeque, and thinks you have not despatched. I have had this happen.
Carrie - They can bounce if the funds are not cleared in the persons bank account.This has unfortunately also happend to me- I NEVER despatch till it has definately cleared.However if you get the email saying its cleared thats fine- its just the in between time it can bounce.

frivolous_fay

http://forums.ebay.co.uk/thread.jspa?messageID=1100814763&forumID=7#1100814763