Direct Deposit

[aj111003]

Hi everyone, hope you are all having a lovely day!

Just wanted to get some advice from sellers who offer buyers the extra option to pay via direct deposit. I have offered this option previously and luckly enough have had no problems (plus saved p/pal fees which was a bonus), but I have heard of one case where a seller has experienced problems such as being short paid by the buyer, so its made me think is it really a good option to be offering?

Wanted to get the general feeling what sellers think, the pros/cons and would appreciate you sharing any personal experiences that you may have had. Thanks alot.

[the3coopers]

I find paypal the most efficient form of payment (echecks excluded)

Yeah, they are a bit slower, but they work OK if you just have a process for monitoring the payments. I just have a "pending payment" folder in my email, and the transaction folder (one per sale) gets moved SOLD > PENDING > PAID > SHIPPED > RECD as it processes through my system

eCheques are the BEST form of Paypal payment, because they are 100% verified "not a Credit Card". This means that the buyer can never do a chargeback on you.

I prefer eCheques compared to every other type of Paypal transfer, and the processing delay is basically the same as Bank Deposit anyway.

[viewmont1071]

I notice very short memories regarding the "Glitch" factor

ie... bank details dissappearing willy nilly from the bank deposit express frame in checkout......

I wonder if that is happening again????... must go and check

and

ebay standard response was.......

 twiddling their thumbs looking the other way while whistling dixie....hands clasped firmly behind their back

.... nup nothing suspicious going on there...... there is no way ebay would make it harder for people to pay via bank deposit?????:|

.........................  for the newbies.....

(read this quick before the "BPA" button pushing army moves in)

ebay in its wisdom decided that everybody should use only paypal as a payment mode and.

.......... just as the ACCC raised the big stick and took aim at the head of the ebeast

.... and ebay backed down (with goal accomplished)... but after the period of paypal only payments when bank deposit was allowed as a payment mode again everybodies bank deposit details were dissappearing enmasse (AKA"the glitch" ) so that infuriated buyers more and drove more to use paypal.

......................... others I am sure will remember while some would prefer not too......

[viewmont1071]

I just checked and my payments are running about 60/40 in paypals favour .

Funnily enough on my quirky little website it is about 80/20 in favour of bank deposit

.......  buyers have to pay the paypal transaction fee upfront on my website rather than it being hidden in the price...

.... most buyers choose manual bank deposit because it is cheaper and quicker

..... I would too once I trusted.....................me???:|

[yarmak]

in 12 years I have yet to have a problem with direct deposit.Either as buyer or a seller.The person forgets a digit or places it in the wrong order the problem is solved after a day usually as the transfer bounces.So you have to wait an extra day for payment.And email the buyer or they email for claification.So what?

The advice here is just plain scaremongering

Dave

[digital*ghost]

The advice here is just plain scaremongering

I don't think there is any actual advice in this thread, just several members relating their own experience with payment methods - just as you have.

I've had significantly less issues with PayPal payments, but that doesn't mean I'm not aware that a variety problems can and do occur for others. 😉

[aj111003]

[[/quote]

I don't think there is any actual advice in this thread, just several members relating their own experience with payment methods - just as you have.

[/quote]

Thanks everyone for the feedback! I really appreciate it.  It's been great getting the pros/cons and everyone's experiences. I've also picked up a few things I wasn't aware of, so it's been good.

I've also decided to keep offering Direct Deposit as I am a small seller and want to offer buyers that extra option in addition to paypal, but I can definitely understand how it can be time consuming for large sellers and like everything, everyone will experience different situations with Direct Deposit which may be good or bad.

[wishuponastarcelebrationsandgifts]

Ummm... no you don't. You have to wait between 1 and 3 days to get paid, because that is how long the bank transfer takes.

Not at all. If the buyer banks with the same institution, or it is a branch deposit the funds appear immediately in my account. If the buyer banks with another financial institution, then the funds typically appear next business day.

It usually takes at least 3 business days for funds transferred from my Paypal account to appear in my bank account.

Given that, funds are in my bank account quicker when items are paid for via direct deposit than via Paypal.

[davewil1964]

They're still your funds once they are in your Paypal account. Transferring into your bank account is your choice and has nothing to do with the buyer or, hopefully, handling time.

[wishuponastarcelebrationsandgifts]

They're still your funds once they are in your Paypal account. Transferring into your bank account is your choice and has nothing to do with the buyer or, hopefully, handling time.

My handling time is 1 business day but I post many (if not most) items same business day.

Funds are mine in my Paypal account but they are useless to me until they are in my bank account. I cannot pay suppliers, the tax office etc from my Paypal account.

The question related to issues with bank deposits; I prefer them. As far as a transaction is concerned, items are paid for  when the Paypal payment is received which is immediate (except in the case of echeques which generally take a week to clear), or as soon as the bank deposit appears. I do not see how the question has any bearing on handling times or on the buyer. As soon as the payment is received, in whatever form that may be, the clock starts ticking on handling time.

[the3coopers]

I do not see how the question has any bearing on handling times or on the buyer. As soon as the payment is received, in whatever form that may be, the clock starts ticking on handling time.

Some sellers think that the buyer must wait until the Paypal payment has been transferred to a Bank Account, before shipping. For sellers with "that" philosophy, the handling time is greatly affected.