topic Re: PayPal Funds Transfer Rort in Selling

PayPal Funds Transfer Rort

dazzledayz — Thu, 21 Nov 2019 23:55:14 GMT

I notice that PayPal is now offering a "speedy" funds transfer at a meer 1% of the total amount.

Has anyone established wether or not this has lengthened the standard (no-fee) transfer time for established sellers?

I've just put a transfer through this morning and it would usually be in my account after 6pm tonight.

If it isn't there I'll be not a little bit miffed.

So far I've played ball with PayPal and always left my eBay invoice balance riding on their books so they can earn a bit of short term money market profit for their trouble.

That will come to a screeching halt if they now want to charge me a tax to access my own funds.

I'll be leaving a $0 daily balance for PayPal to play with; I'm pretty sure they would have been earning much better than that under the old system.

For goodness sake, I know the global economy is in a bit of a rut but are greedy little grabs like this the way out?

Re: PayPal Funds Transfer Rort

curraone — Fri, 22 Nov 2019 00:30:00 GMT

I think this might be a misconception on our part

When I went to transfer money yesterday - at first I was alarmed by the first option which said they would charge for the transfer and then I saw it was to my credit card on file -

if I clicked down to my normal account number, there was no charge

And I did the transfer yesterday and the money is in my account today.

Re: PayPal Funds Transfer Rort

love_of_cars — Fri, 22 Nov 2019 02:39:00 GMT

Same thing happened to me last week! I went to do a transfer and all this new stuff came up about charging a fee, and I was shocked, then I found the old free option.

The funds normally turn up later in the day or the next day (maybe they use the same bank as me!), so there's no need for me to use the express function. Maybe they will start to force in a delay on purpose in the future to try and make some money from this. If so, I'll just plan ahead a bit more with when I withdraw my funds.

Re: PayPal Funds Transfer Rort

lyndal1838 — Fri, 22 Nov 2019 02:52:21 GMT

With transfers from paypal the time taken for it to reach your account has nothing to do with paypal and everything to do with your bank.

Once you hit the button the transfer has been initiated and paypal has nothing more to do with it....the payment has been put into the Australian Banking system.

The reason for a fee to transfer the money to your credit card is because paypal has to initiate that payment....itis not automatic when you hit the button.

Re: PayPal Funds Transfer Rort

brerrabbit585 — Fri, 22 Nov 2019 06:21:57 GMT

Nothing has changed if you do your transfers the normal way. There's a thread about this in the powersellers forum and someone got their money in the same time as usual. They told us about this a while ago but I still get my money a few hours later if I do the transfer early in the day.

Re: PayPal Funds Transfer Rort

dazzledayz — Fri, 22 Nov 2019 08:29:31 GMT

@brerrabbit585 wrote:
Nothing has changed if you do your transfers the normal way. There's a thread about this in the powersellers forum and someone got their money in the same time as usual. They told us about this a while ago but I still get my money a few hours later if I do the transfer early in the day.

Me too. The transfer I put through this morning has turned up as per usual just after 6pm.

It will bear watching though, I can't really see a reason for offering quicky transfers unless you need the cash instantly.

Maybe that's what this is all about?

Re: PayPal Funds Transfer Rort

*tippy*toes* — Fri, 22 Nov 2019 11:57:40 GMT

Maybe it's for the new sellers who are subjected to the funds hold, where they cry that they need the money to post the item, because they are so broke they can't post without getting the money instantly. Having the funds held for 21 days means their kids will starve because they have to spend $9 posting a parcel.

Re: PayPal Funds Transfer Rort

eol-products — Fri, 22 Nov 2019 19:37:28 GMT

I find this feature could be handy late afternoon friday if i need funds and know that it is too late for it to clear by saturday and using the normal transfer will not get it to tuesday.

Re: PayPal Funds Transfer Rort

south.coffee — Sat, 23 Nov 2019 06:37:47 GMT

For the very first time our Friday 3pm transfer did not turn up in our bank account Saturday morning, which has been the norm. So the new fee might become EXPRESS POST and the previous method STANDARD POST which takes 2-6 days. Smells like a new $$$$$$$ grab !

Re: PayPal Funds Transfer Rort

eol-products — Sat, 23 Nov 2019 06:50:15 GMT

I used to be able to download before 4.30pm for next day then a few months back went to 2 days then back to roughly 2pm for next day. One account I can stretch to 2.30ish but I think it is the banks and don't forget they use the overnight money market.

Re: PayPal Funds Transfer Rort

the_alchemist_australia — Wed, 27 Nov 2019 10:08:24 GMT

Yes PayPal has definitely gone back to the 2 to 3 days to clear funds.

Mine used to be same day and now back to two days.

The instant option isn't available for me as St George Bank apparently doesn't support it.

So back to the days of old where now it takes three days for funds to clear to the bank... have lived with it before and will again now I guess.

Re: PayPal Funds Transfer Rort

eol-products — Wed, 27 Nov 2019 10:13:48 GMT

Yesterdays cleared today. I done 2 this afternoon so will see how they go.

Re: PayPal Funds Transfer Rort

the_alchemist_australia — Wed, 27 Nov 2019 10:14:06 GMT

Yes please do let me know and also what bank you use.

I was with ANZ but only recently switched to St George and having a lot of problems with them.

Their mobile app is awesome but everything else has been causing me huge headaches.

Re: PayPal Funds Transfer Rort

eol-products — Wed, 27 Nov 2019 10:18:07 GMT

Stgeorge and over the years there has been the occasional time when it took an extra day.

If you do a paypal refund does paypal keep all the fees or just the 30 cents.

Re: PayPal Funds Transfer Rort

the_alchemist_australia — Wed, 27 Nov 2019 10:25:50 GMT

All the fees now. It's a relatively new thing.

With 55% of my sales being international and a buyer does a remorse return I still have to refund the full amount including the inital postage charge and now out of the PayPal fee as well.

That adds up to a good $45 I am out of pocket for a remorse return even though the buyer pays return shipping.

But eBay says it is what I have to do "to make the buyers happy and want to stay with eBay".

They even told me that in a message where clearly the "item not as described" case was wrong but eBay still asked me nicely to suck it up.

If I had a retail outlet there would be wear and tear, shoplifting etc.. etc.. so I just factor it all in.

Thinking of putting everything up a few $$$ next year to start "factoring in" more little hiccups.. lol

Re: PayPal Funds Transfer Rort

eol-products — Wed, 27 Nov 2019 10:35:00 GMT

I wonder if all paypal accounts get hit with the new fee.

Re: PayPal Funds Transfer Rort

davewil1964 — Wed, 27 Nov 2019 10:37:33 GMT

You don't have to offer change of mind returns. That is a business decision of yours.

Re: PayPal Funds Transfer Rort

davewil1964 — Wed, 27 Nov 2019 10:37:51 GMT

Mine has.

Re: PayPal Funds Transfer Rort

the_alchemist_australia — Wed, 27 Nov 2019 10:44:13 GMT

I have a business account both with PayPal and St George.

But the PayPal refund fee is across the board for everyone.

Re: PayPal Funds Transfer Rort

eol-products — Wed, 27 Nov 2019 10:48:55 GMT

So I wonder why some accounts get the fee returned.