ED Magedson – Founder
EBay - Paypalsomewhere in California Internet United States of America
An explanation of payment holds and how they apply to you
Your business is important to us. That's why we're committed to providing a fast and secure payment service to you and your customers while keeping our prices competitive. We're also committed to clearly communicating changes to our policies and procedures. So, we're writing to let you know about a change to your PayPal account.
From now on, payments you receive will be temporarily held in a pending balance. This pending balance helps make sure that you'll have enough money in your account to cover any buyer claims.
Payments will be held in a pending balance for up to 21 days. For example, if you receive a $100 payment (after fees), the $100 will be held in a pending balance for up to 21 days. After 21 days, the money will be available for withdrawal.
The money may be released sooner if:
1. We can confirm that the item was delivered
2. Your buyer leaves positive feedback. (Applies only to eBay items.)
We know this is a change in the way we do business with you and we hope you understand that you haven't done anything wrong. In deciding whether to apply payment holds, we review many factors including transaction activity, business type, and customer disputes.
Payment holds are often applied to new sellers who don't have a lot of transaction history, sellers in traditionally high risk industries (for example, travel or tickets), or sellers who've had a high number of claims filed against them.
If you're a PayPal Money Market Fund customer, you'll continue to earn interest on the total balance while your money is held.
To learn more about this policy change, please read our latest funds availability policy
We appreciate your business and look forward to a continued partnership. Don't hesitate to contact us with any questions.
Bearing in mind my over 500 rating 100% positive with a 10 year history I shall not accept PayPal payments due to the policy below. I will make it clear the reasons for non acceptance being payments will be held in a pending balance for up to 21 days. You will find some other sellers will do the same.
In my case it is an insult for you to do this and for you to gain interest on my proceeds up to 21 days of receipt.
I will make a posting in the Rip Off Report site
This report was posted on Ripoff Report on 01/09/2010 03:34 AM and is a permanent record located here: http://www.ripoffreport.com/r/EBay-Paypal/internet/EBay-Paypal-Holding-funds-for-21-days-Internet-Internet-551388. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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