waiting for payment

[japa711118]

My item has been on payment initiated for a long time. Yesterday, the process went from payment initiated to waiting for payment again. I assume this means the buyer canceled the payment. But how do I know when the item is going to close and how long do I have to wait to close the listing.

[lightlily_arts]

If that is the item you sold on July 31, 2020 then you need to file an unpaid item claim to get your fees back.  eBay will send a notice to the buyer for payment.  If they don't respond the case will close. If you don't do this you won't get your final value fees back.  If you try to cancel it will be a defect for you. It's too late for the buyer to cancel.

[reallynicestamps]

How long is a "long time"?  Two days? Two weeks?

You can open an Unpaid Item Dispute after 96 hours (four days- but after only 48 hours if you are in the USA).

If your buyer is paying from his bank account, it comes out of his bank immediately, but then has to clear the banking system. If he is not in your country this can take up to 10 days, but domestic clearance usually only takes two or three days.

BTW, your customer thinks he has paid and does not know that you have not received his payment. You may decide to send him an explanatory note about that.

Don't ship until the money is in your account, even if it still being Held, which is common for new or occasional sellers.

You will be able to print a shipping label with Held funds, but not with funds that have not cleared.

Your seller wrote an e-check, and just like paper ones, e-checks can bounce.

[mam98031]

Payment initiated usually means an Echeck.  Go to your PP account and look at the details on the payment.  It may be that the Echeck bounced and PP is trying to process it again.  

The buyer can't cancel the payment.  But if it is a bouncing Echeck you can cancel the payment in PP.

If you find it is an echeck, then go ahead and file the UID right away on the listing.  Not the date and time you opened the UID as if no cleared payment arrives within 96 hours after you open it, you can close it 96 hours and 1 minute after you opened the UID.  This is good to stay on top of and close as quickly as you can because it protects your feedback.  Once you have the UID closed for non payment, then you can go ahead and relist the item for sale.