HI all,

Just received payment for a watch I'm selling and Paypal states the funds are "on hold". Buyer wanted to use the Goods and Services function rather than F&F. Anyone have any experience with these holds and when it gets released? Do the funds only get released once the buyer gets his watch and releases the funds?

-J.

 

I have never dealt with PayPal payment delays, but here's a PayPal article on it.

https://www.paypal.com/us/brc/article/funds-availability

.

 

Yeah, I read that but still unclear whether the funds will auto-release or whether I need to "do something" to have them release. Like ti says I need to build trust as a seller, etc etc. But I'm selling this watch as an one time thing so that doesn't seem appropriate.

Maybe they just need to run some checks on their end?

 

Thread not long ago

found this one
https://omegaforums.net/threads/paypal-hold-on-funds-for-21-days.107944/

But there was one only the other day with the same issue

 

Thank you, had a look. The funds were actually just released (about 24 hours later). I'm not sure what they did on their end to check but I have the funds now!

-J.

 

This generally happens when the buyer is new to PayPal. They wait to ensure the funds are actually released in order to avoid fraud. It’s for your protection, so wait.

 

Had a paypal hold for a watch that I sold. Hold was approx. 4-5 days

 

Banks and card processors are more vigilant now with the high Covid unemployment, they are often holding funds longer, even with established customers. The Wall Street Journal covered this a few weeks ago, many businesses are hurting because their cash flow from the processors is often delayed now. YMMV.

 

Once the buyer receives the watch, they (the buyer) can actually “release” the funds by selecting that option, and then it’ll be available for you to transfer to your bank account/PayPal account.

 

No, it is because of a new seller. It is one of PayPal’s measures against hit and run fraudes from new users.

 

Is PayPal an issue if the buyer uses the "Send money to friends & family" option?
I know there is some "buyer protection" if you use PayPal to buy products or services, but I didn't thing the "F & F" payments could be reversed or contested.
Just curious.

.

 

it’s an issue if the seller sends a rotten lemon instead of a watch. The buyer would have no recourse and it’s the same as sending a wire transfer. F&F payments can be reversed if they were sent fraudulently

 

I sold most all my model train stuff and did not ask for F&F nor jack up the price for fees (seriously, watch sellers? and you want a higher percentage than the actual fees?).

Ahem. As I was saying, I did not ask for F&F because I want my buyers to be comfortable buying from me and to know they have some recourse in case I screw them, which I will never ever do. The only time I ask for F&F is from actual friends, or you have inspected the merchandise with your own eyes and held it in your own hands.

 

There are two sides to this story. Wait until you experience your first fraudulent PayPal chargeback or dispute/claim and you may be singing a different tune.

 

But that would be true of any remote transaction. I had a few where I've sold watches on eBay and had issues, one was some dipstick who tried to get around "no returns" with various excuses. First it was "too hard to wind" then it was "it doesn't work". He shut up when I told him if my watchmaker determines it's fine, no refund.

I don't blame Paypal for that, I blame the lack of face to face. But that's the way things are going.

 

PayPal has been doing this for several years now. All new sellers will be subject to a "hold" for a few transactions. Once they determine that the seller has no complaints they will allow immediate transfers.

 

I would never send the watch until the funds are available to transfer to my bank account. It's like waiting for a cheque to clear..

 

No, I guess I didn’t explain well. A return is no big deal, take the return and sell it again. Minor issue. I’m talking about fraud where they claim you didn’t send what was promised and get a refund from PP and they keep the watch. Common scam, and the seller is not protected. At best it takes a lot of time and effort to fight with PP trying to prove that you sent the watch using photos or video that you took during packing (I hope you have those). Very likely you’re out the watch and the money.

This has been discussed ad nauseum on the forum and it’s common knowledge. Google or search the forum and you’ll find that PayPal is the main culprit. eBay at least provides some seller protection. If you’re paid by PP F&F or wire transfer then there’s no danger of being scammed this way. It’s not correct to say that seller risk is inevitable in any remote transaction, it’s a matter of who takes the risk, buyer or seller.

Anyway, you don’t have to believe me, but there’s a reason that a lot of collectors don’t want to deal with PayPal G&S from newbies, and it’s not the fees. You have to be really careful to vet the buyer, and it’s not easy since scammers are good at lying. If a seller has a long history with lots of excellent feedback, it’s not outrageous at all for him to ask to be protected in a transaction with an unknown buyer.

 

Thank you for posting this explanation.
As someone who has only been on the buying side of PayPal, it never made sense to me why sellers avoided using the PayPal G&S transactions. Now it makes more sense.
.

 

This same thing just happened to me, which is interesting after seeing all the posts here about it lately. I have been selling on ebay and accepting payments via paypal for 20 years, so it's not just new sellers. This is what Paypal said:

"We’ve placed the money on hold because we believe this transaction may involve a higher than usual risk. The money has been added to your on hold balance. There's no need for you to do anything and as long as no claims are raised by the buyer, the funds will be automatically released in 21 days."

This is a $255 watch. I sold a watch last week via ebay and paypal for $700 and there was no issue, so I'm not sure what the heck is going one here. Inclined to just cancel the transaction. I've been considering moving away from paypal and ebay for the very reasons @Dan S describes above. This might be the straw that... you know.