Payouts

[foster9]

Paypal used to release funds immediately. I think that included a minimal fee.

(The class action suit against Paypal changed that. Many moons ago Paypal

would take up to 4-6 days to release funds).

Ebay payouts take days (2-3 days depending on holidays and weekends).

But if you opt in Ebay will release funds within 30 minutes with a MINIMUM charge of 25cents

per transaction.

Unless of course this has changed?

[luckythewinner]

---

@foster9 wrote:

(The class action suit against Paypal changed that. Many moons ago Paypal

would take up to 4-6 days to release funds).

---

What class action suit was that? 

[monica-sells]

my frail brain cells don't recall this class action regarding holding payments with paypal

please enlighten me...

and

is there a question there somewhere?

[foster9]

Before ebay managed payments Paypal was used for payments through ebay.

Many years ago Paypal would hold sellers funds for up to 6 days sometimes or longer.

Apparently a class action was filed against Paypal because of this and after the lawsuit

resolution the Paypal funds became available immediately. I do not know the exact date

of this but I think it was somewhere around 2015-2016?

I can't seem to Google this lawsuit.

[foster9]

O.k. I just Googled "Paypal class action lasuit 2015" It states that Paypal had been holding

funds in reserve accounts without paying interest to customers. Therefore $3.2million was

paid as compensation for these claims.

[dirk12955]

Seems to me that all those years selling on ebay that the funds were available to me 

from the moment the buyer paid.   When did I start taking PP?    2001 or 2002 ?

[dryophelia]

@foster9 

It wasn’t the fact the funds were being held, it’s that interest was being made during the hold period. 

[dbfolks166mt]

O.k. I just Googled "Paypal class action lasuit 2015" It states that Paypal had been holding

funds in reserve accounts without paying interest to customers. Therefore $3.2million was

paid as compensation for these claims.

   Hum, maybe a precedent there for all the funds that eBay holds in escrow for extended periods of time

 https://topclassactions.com/lawsuit-settlements/closed-settlements/paypal-account-hold-class-action-... 

[heckofagame]

Maybe one should read the free info before one uses a site or payment processor rather than assuming that something will work as one has dreamed or imagined. 

[dbfolks166mt]

@foster9 

It wasn’t the fact the funds were being held, it’s that interest was being made during the hold period. 

     It wasn't the fact that interest was being made by PayPal that is an allowable business practice and virtually every smart business does it on their cash holdings. It was more about the account holders were NOT being paid the interest. There a dozen or so states that require the account holders be paid interest on escrowed funds regardless of whether the business is earning interest on the held funds or not. 

[dbfolks166mt]

Maybe one should read the free info before one uses a site or payment processor rather than assuming that something will work as one has dreamed or imagined. 

     That free information was probably one of the pieces of material submitted in the law suit. A business can define any terms it wants but the contractual relationship between the business and the customer cannot override the law. 

[heckofagame]

...the contractual relationship between the business and the customer cannot override the law.

 In theory, but it's pretty common practice among the wealthy.

[1tuna]

paypal never held my funds

I had a great relationship with paypal

as a a matter of fact it was so good I was a member of "funds now"

MP is also very good. I get my money fast,it just keeps rolling in 

I am unsure just what your complaint is,

maybe you just wanted to mention the old class action suit from paypal..its old news

managed payment does not keep any interest from our funds

@foster9 

[deutches-philatelics]

In a few years ebay will get rid of MP for a new and improved way to handle our payments.

The boards will be flooded with threads about how much all the sellers loved MPs and why

did ebay take away MPs

Two out of 3 thread starters will post,  "Paypal?   What's that?"

[monica-sells]

I always wondered about why this line is even mentioned/acknowledged in the help pages:

=======================

Tip
If we place a hold on your funds, it will usually be resolved within 30 days, but in rare circumstances it may take longer. For most orders, adding tracking information can help you receive your funds faster. eBay does not earn interest on held funds.

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Now I know why.........