Sold a bike on ebay, paypal is holding funds until 21st? stills safe?

DJMK4 · 16 Mar 2014 at 14:01

Hi,

Just a quick one, I sold a bike on ebay for £670, I have good feedback rating 100% 160 feedback.

However this transaction paypal are holding this funds.

apparently he used a paypal e-check to fund, i have been assured by paypal this is a safe way of doing it but obviously I have agreed with the buyer that I wont be shipping until the payment has cleared and reached my paypal ok and I have withdrawn.

So its basically like a bank cheque.

Has anyone had problems with this in the past?

MrMoonX · 16 Mar 2014 at 14:06

In my experience echeque=scam

cjgardens · 16 Mar 2014 at 14:08

I've not had a problem but if he doesn't have the cash in his account when it clears it bounces just like a normal cheque. So you did right by not sending if first.

DJMK4 · 16 Mar 2014 at 14:10

Reading further it still offers all the usual paypal protection, so should be ok I think

cjgardens · 16 Mar 2014 at 14:12

DJMK4 said:
Reading further it still offers all the usual paypal protection, so should be ok I think

What protection? Sellers don't have protection.

DJMK4 · 16 Mar 2014 at 14:16

cjgardens said:
What protection? Sellers don't have protection.

Yes they do, why wouldnt they? they have confirmed just incase he raises a case and doesnt return an item (if he decides to do this)

cjgardens · 16 Mar 2014 at 14:19

So if a buyer pulls a fast one what happens? Let's say you send the bike and he says it doesn't turn up do think PayPal let you keep the cash? Or say you did send it and the cheque bounces do you think they will pay you?

Buffman · 16 Mar 2014 at 14:21

wait until money clears through your paypal and youve withdrawn to save any doubt. What I would do with this large sum (however I guess £large is all relative..)

DJMK4 · 16 Mar 2014 at 14:21

cjgardens said:
So if a buyer pulls a fast one what happens? Let's say you send the bike and he says it doesn't turn up do PayPal let you keep the cash? Or say you did send it and the cheque bounces do you think they will pay you?

I wont be sending until the cheque clears, there would be no way of the funds being reversed once it clears, unless he raises a case

if he raises a case, he would have to return the item, if he doesnt return the item, paypal will offer me seller protection

there will be a delivery confirmation from the bike from the specialized courier.

It will be no different from any other online transaction

cjgardens · 16 Mar 2014 at 14:26

So what protection do they offer? Its a con. They don't protect you in anyway. If they damage it or say its not turned up or you send before that clears you have lost out. Returns is just standard like it is with any company

ancientmariner · 16 Mar 2014 at 14:29

As a seller on ebay, the reality is that you get NO protection. When it all goes south and paypal are involved..you can be sure that the seller will be the one out of pocket. Been through a nightmare previously with paypal and ebay so refuse to use paypal for anything.

jake108 · 16 Mar 2014 at 14:31

MrMoonX said:
In my experience echeque=scam

Pretty much this really - if it involves echeque therefore more likely to be a con IMHO. More dodgy than a chocolate jammy dodger.

DJMK4 · 16 Mar 2014 at 14:59

echeque offers the same protection as any other transaction. I have back to paypal and gone through all the protection.

Its different method of payment

Bobcat · 16 Mar 2014 at 15:04

Seems odd to pay with an echeque in this day/age, i wouldn't be sending anything until funds clear in the bank.

DJMK4 · 16 Mar 2014 at 15:05

Im not sending anything until it clears, already said this

Bobcat · 16 Mar 2014 at 15:09

DJMK4 said:
Im not sending anything until it clears, already said this

Sorry didnt see this in your opening post, was just offering advise on what i would do, stay calm

diamount · 16 Mar 2014 at 15:09

DJMK4 said:
Yes they do, why wouldnt they? they have confirmed just incase he raises a case and doesnt return an item (if he decides to do this)

Paypal will say anything. Even if tracking is provided, with the exact weight dimensions as item sold. Buyer can still say item is not received and the buyer will get their money and the item. Without fail.

cjgardens · 16 Mar 2014 at 15:10

What the buyer has done is he sent you a echeque for 1 of 2 reasons

1 he was hoping you sent the bike before the cheque cleared then if would bounce. He has a free bike and you don't have anything.

2 he's skint and sent a echeque so it delays taking payment out of his bank and is about to get paid

DJMK4 · 16 Mar 2014 at 15:11

diamount said:
Paypal will say anything. Even if tracking is provided, with the exact weight dimensions as item sold. Buyer can still say item is not received and the buyer will get their money and the item. Without fail.

That can happen anywhere, even outside of paypal, they said that as long as its been signed, then thats it, I am protected, if he signs and its someone else's signature, then its prooved its got to its destination, its up to them to find out who signed for it and sort it out there side

ancientmariner · 16 Mar 2014 at 15:18

I sent £300 of new sealed xbox 360 games to a guy on ebay.

He paid by paypal and we both had a paypal confirmed address.

I used royal mail signature required delivery.

He left good feedback to indicate he received them.

I retained the receipt and tracking information. and the scan of his signature when he signed for them

When he issued a chargeback 90 days later, and even after i had submitted all the required info including the receipt, they still sided with the buyer and sent debt collectors after me for the £300.

Paypal protection is worthless and you are kidding yourself if you believe otherwise