PayPal qu. - could some explain this to me please

[Deleted User]

Hi,

I have accepted a PayPal payment from a buyer and in my PayPal account the status is 'completed'. I don't want to withdraw the money to my bank account yet. However, in theory could a buyer receive the goods and then cancel the payment because I haven't withdrawn the money yet. Should I be selecting something in paypal to stop their access to it? Thanks

kaaloo

Good question Sarah - I was thinking about posting a similar one.

K

fragster

no the person who sent the money cannot withdraw it once its in your account. the only way this can happen is if paypal remove it but this only happens in the instance of fraud, i've only heard about this cos it has never happened to me, but i've taken plenty of ebay payments

MrPayless

So are you saying that theoretically, if you never withdraw, you can use Paypal as a bank to pay and receive money?

sra

I wouldn't leave too much money in paypal - see here

As I said in another thread, I like paypal, but if there is ever a dispute with them it seems they are a nightmare to deal with. If they freeze your account for any reason there's little you can do.

JPS

Once a payment is completed, the money is yours. The buyer has no way of taking it back. That is why Paypal is so good for eBayers as the seller knows he/she has the money and can despatch the item immediatly. But it is a good idea to withdraw the money around once a week or so - leaving it in the Paypal acount isn't a great idea as sra555 said.

Josh

Glad

There is a post HERE that says
"Twice in the last 3 weeks, I have had buyers pay for goods using paypal, then once they have received the phone, they have they have simply reversed the paypal payment. When this happened the first time, I was absolutely flabberghasted that what is MY account can in fact be accessed by ANY buyer to reverse payment, and the time limit is seemingly endless!"

scheming_gypsy

no the person who sent the money cannot withdraw it once its in your account. the only way this can happen is if paypal remove it but this only happens in the instance of fraud, i've only heard about this cos it has never happened to me, but i've taken plenty of ebay payments

Fragster... from my experience of trying to retrieve money back ([paid £40 carriage instead of £4) you can retreive it if they haven't yet accepted it.
Until you accept and complete it's sitting in your account but not secure.