Refund stressing me out
I sold an item for around $7,000, but I had to refund it. Since my available balance wasn’t enough to cover the refund, my account went into the negative. I see that the processing section shows around $7,000 as my available balance does that mean it’s going to automatically cover the negative balance? It says a payout is supposed to happen today, so I’m assuming that’s what it’s for. I’ve been stressing about this all day and just need some clarification.
14 comments
ryry-jj
·8 months agoI believe "cancel" and "refund" are handled differently. If cancelled before shipping, then the money just flows back to the buyer and fees are credited, assuming a mutual cancellation between the two. If returned for a refund, or refunding after a label is printed, then the seller may be on the hook to cover the refund for a period of time. Not 100% sure, but I think this is correct.
The best rule of thumb for sellers is to have their own money available to cover any cancellation or returns. If selling a $7k item, you might want to have $7k in the bank to cover all refunds, who knows when ebay will actually release your money, especially if you are new
kensgiftshop
·8 months agoNo, not if the funds are being held.
Until the hold is released, can't do anything with the funds.
kathiec
·9 months agoI suspect the OP might not have realized the watch was required to be authenticated and cancelled when they found out. Let's just say I mistrust a brand new seller selling nothing but designer goods at bargain basement prices. There was a time when eBay would never have allowed it. Now, not so much.
12345jamesstamps
·9 months ago'account went into the negative'...it usually is OK for 3 days...and as long as you are selling and processing funds are entering available funds it is OK.
However, eBay usually only waits 3 days and then will require that money in the negative balance.
eBay usually sends out an email to you saying if they are taken money out of your banking.
A refund of that amount is immediately taken out of available funds...next time wait a few days.
I think you be OK...but it will be real close.
Never do refunds immediately...wait a few days for processing of funds to enter available funds.
kensgiftshop
·9 months agoA few days wouldn't help.
For that amount, they'll hold the funds for 30 days.
12345jamesstamps
·9 months agoSomething's going on...saw seller sold a number of items...and then they disappeared when I looked again.
Also the high end item is currently gone.
And items currently for sale are different.
So, I might have been correct at the beginning....
bonanza125
·9 months agoThe process may take a little time due to the payout to refund timing. Eventually it gets sorted out cause if the money is in your bank account then they will take it to cover the refund.
mudshark61369
·9 months ago@soh.maryl ,
"Wow, eBay allowed a new seller to list an sell an item for 7K? Wonder what the rationale was for that?"
Simple, the fees they collected for the sale which was actually more than 7k.
@bonjourami ,
The watch just sold yesterday I believe. I think the buyer is requesting cancellation, which is why the OP posted.
bonjourami
·9 months agoI see...thanks.
bonjourami
·9 months agoDid the watch not pass the authentication?
kensgiftshop
·9 months ago@qualityfirstshop
If it's that watch, the funds will be held for 30 days.
If you don't have the avaliable funds, you'll have to pay it until the hold is released.
mudshark61369
·9 months ago@qualityfirstshop ,
"I sold an item for around $7,000, but I had to refund it".
Why did you have to refund the money? I see you sold an item yesterday for around that amount. Did the buyer request cancelling the order? If so and because of the price of the item, ebay may show your balance as being less than what you sold the item for because their fees were taken out of the funds you received. However, if the buyer wanted to cancel the transaction and you agreed, the full amount they paid is available for refunding. eBay does not keep their final value fee for a buyer cancellation request.
Read the info in the link below, to learn more about buyer cancellation refunds.
https://www.ebay.com/help/policies/member-behavior-policies/order-cancellation-policy?id=5298
soh.maryl
·9 months agoWow, eBay allowed a new seller to list an sell an item for 7K? Wonder what the rationale was for that?
hotwheelsbum
·9 months agoWhen I opened this account last July after being off ebay for 4 years, I was given a 5000 listings limit with up to a $50,000 sales limit. NEW Account.
I probably could have listed a $7000 item.
Would I have though?
No Way In Hell. Not on ebay. 😂