21 Day Hold on Payments

Hi all,

 

I know there is another thread on this subject however i would like to open a new one based on another theory i have for this happening.

 

Let me ask, how much money do you think is currently on hold at any given time? We are talking millions of dollars, maybe even billions. This money would be held in Ebay's/Paypal's trust accounts before being released.

 

Can you imagine the interest earned on this money sitting in it's trust accounts? For me, this is just another reason for ebay/paypal to make money. And to be fair, a very smart way of doing things.

 

I think this has been the plan for a very long time. Slowly introduce all these changes for the "buying experience", slowly weed out the **bleep** sellers and then place holds on all payments for a certain period which can therefore earn millions in interest.

 

Happy Days!!!

 

 

 

FOR EBAY

 

 

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21 Day Hold on Payments


@5kazam wrote:

Okay, but maybe, just maybe, eBay gurus should have thought hard and long about that piece of stupidity (MBG) before implementing it.

 

 

 

 


eBay are desperate to hang on to buyers, without realising their consumer confidence is rooted in seller confidence just as much as it is in general buyer confidence - please don't misunderstand me, I view a great many of their actions as ultimately not only conceited but detrimental to the long-term health of the site, and I do empathise greatly with the sellers these decisions have adversely affected - I'm one of them, though I do concede that so far, many of eBay's changes have been relatively easy for my business to adapt to, work around, or ignore if I so chose.

 

Also, it's likely less about lack of trust in individual sellers and increasing buyer confidence as it is about their bottom line, otherwise they wouldn't allow new sellers to offer payment methods like bank transfer, money orders and cheques, or they'd extend the MBG to payment methods where payment could be proven - they have their eyes where they always are, squarely on their own money. (In other words, they're putting new seller's money where ebay's lip servicing mouth is). 

 

I'm not one of those sky-is-falling-the-end-of-eBay-is-nigh doomsayers, exactly, but I have a feeling over the next year or two, a mighty contender will arise via the fledgling market over on that social network we can't mention. 😉

Message 11 of 27
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21 Day Hold on Payments

Bottom line is, generally you're agreeing with what I'm saying - just putting it a different way.

 

That's cool.

 

 

Message 12 of 27
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21 Day Hold on Payments


@5kazam wrote:

(This is my 3rd attempt at responding - bl00dy Optus!!!)

 

I'm quite sure it does cost them less to not police the site - even though they spout on about it being a 'safe' place to trade.  IMO that attitude is a cop out for eBay.  

 

And if they want to 'retain buyer confidence' it'd be a good idea if eBay remembered that a good % of sellers are buyers also.  With the current blitz on 'seller confidence'  the whole place could easily go down the toilet.

 

However, given the $billions that come into their hot little hands, wouldn't you think it was appropriate to spend $XX amount to (i) police the site properly - which would give more buyer and seller confidence, and (ii) fix all the stie glitches/outages - stop sending someone to Officeworks to buy paper clips, elastic bands and blue tack to keep the site going.

 

I realize (ii) is a bit off-topic - but the site glitches/outages do nothing to 'enhance buyer or seller experiences/confidence'.

 

You know, over the weekend, I was thinking about a thread from a couple of months ago - 'What do you like about selling on eBay' (or words to that effect).  I had a bit of a scrounge, but couldn't find it.  Buried under the 100's of posts put up by disgrunted sellers - MBG, PP extended returns policy, and now this - holding a sellers money for 21 days.  I wonder how many who posted positive comments on that thread have changed their minds.

 

(Anyway, off to ring Optus, again.  4 outages in 1 day, less than a week after the tower upgrade.  grrr!!  Thought, (cynical as always) maybe eBay owns Optus!!  That would explain a lot.)


Some of the comments I wrote I still stand by. The happy buyers, the nice messages I get, the occasional photo when someone has made something from one of the rocks I sold them. The sound of the phone alerting me to something.

 

Something else I thought of recently that I'm enjoying about selling, I am discovering all these places that I never knew existed. I'll often google map a town I've never heard of to see where it is. The photos at the bottom of the map show me some of the local things. Most of the time I google it to see where it is so I can give the buyer a rough estimate on when they can expect their item, but also to see what's there. I've had buyers from all manner of small remote towns and I'm finding it really cool seeing where they are.

 

Funnily enough, I had a buyer that lived in a really remote area of WA, in the eastern part of the state, up north and they got their package quicker than what it normally takes to get to Perth!

 

As for all the other stuff, the 21 day hold, the MBG, all the other anti seller policies they've put out, they can kiss my lily white arsk. I'll never agree with them. The 21 day hold doesn't seem to stop the scammers that keep setting up new accounts. The scammed buyers have to fight like hell to get their money back. I thought that was one of the reasons they instigated it, to make refunds easier.

Message 13 of 27
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21 Day Hold on Payments

Could not agree more, I raised the exact same concern several days ago.

 

Message 14 of 27
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21 Day Hold on Payments

This policy to hold funds is a disgrace. I don't know how anyone can think Paypal are brilliant. This must be illegal somehow? And how is one supposed to send items when funds to cover postage are locked away in Paypal high investment account? Utter gutter rubbish all in the name of "security".........................
Message 15 of 27
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21 Day Hold on Payments

This policy to hold funds is a disgrace. I don't know how anyone can think Paypal are brilliant. This must be illegal somehow? And how is one supposed to send items when funds to cover postage are locked away in Paypal high investment account? Utter gutter rubbish all in the name of "security".........................

Message 16 of 27
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21 Day Hold on Payments

Its disgusting and in no way will prevent scammers.

 

I have traded on ebay 13 years still with 100% feedback but a few late delivery stars because buyers dont read the delivery time before they order and then wrongly penalise me.

 

Now I have ebay/paypal  holding $ thousands for up to 21 days which effectively renders me insolvent.  I will now have to shut down my paypal and ebay account.

 

 

 

Message 17 of 27
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21 Day Hold on Payments

Have they suspended you from selling? If not, lodge a complaint with the FOS and PayPal will release your funds. The more complaints that are lodged, the more chance we have of getting this ridiculous scam stopped.

 

It doesn't stop the scammers because they involve their mates to 'buy' cheap items and make sure they have enough transactions, $$ and feedback so they don't qualify for the hold.

Message 18 of 27
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21 Day Hold on Payments

Hello....Where do I find the site for FOS.  please ......I have been selling for years .....suddenly my payment kept    ....can't get a reason .....outrageous !!!!!!!    Bri

Message 19 of 27
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21 Day Hold on Payments


@bikebittz wrote:

Its disgusting and in no way will prevent scammers.

 

I have traded on ebay 13 years still with 100% feedback but a few late delivery stars because buyers dont read the delivery time before they order and then wrongly penalise me.

 

Now I have ebay/paypal  holding $ thousands for up to 21 days which effectively renders me insolvent.  I will now have to shut down my paypal and ebay account.

 

 

 


you'll have to wait 180 days from your last transaction before you can shut down an account, by then you'll have all your 21 day hold money.

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~~ ~~ ~~ Those who do right, have nothing to fear.
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