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catdat
Posts: 3
Joined: 1/19/2005
Status: offline
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Payment by Paypal from Bank account - 12/30/2005 20:41:47
Recently Paypal released a new payment method - payment direct from bank account instead of using the credit card method.
I thought that this was a good idea and deleted my credit card from paypal and set up my bank account as the new payment method
I made a payment to renta coder [who are all good and well worth a look when you need some special work done].
Here's the crunch - Paypal treated the payment from a bank acount as a cheque payment and WILL NOT RELEASE PAYMENT UNTIL IT'S CLEARED.
Meanwhile the money's out of your account in pay pal's hands [where they get the interest] and your service provider doesn't get paid till the "cheque's" cleared.
Are these characters ultra smart or still in the dark ages - just because PP call it an e-cheque it doesn't make it a cheque.
So if you want instant transactions over the web then Paypal's bank account payments are not the way to go - in fact I can see their e-cheque system making them an extra few mill a year in interest collections at our expense.
Dennis Doull
Compass Internet Solutions
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mkaye
Posts: 2
Joined: 1/10/2006
Status: offline
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RE: Payment by Paypal from Bank account - 1/10/2006 3:41:49
I use my bank account with PayPal and it is instant. I am using an Authorized Free Business account.
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