UGH! How Did That Happen?
MY FUNDS ARE BEING HELD FOR 21 DAYS!
Oh NO!
I know I always write motivational and inspirational posts that really lift people up. However, this one is simply for venting. I may need your feedback.
I opened a new PayPal account, aside from my other PayPal business account to keep them separate. Then, I put a credit card transaction through for $250 for web work I had done for a client. It was accepted, however they put a hold on it for 21 days!
I WANT MY MONEY!
I called the company today and they said it was routine to hold the first money received if it is a new account. So, if I had put it through using my other account, I would have the money now!
It may have been a bad decision on my part. On the bright side, I won't be able to spend it right away and will have that income at the end of the month! I know that everything happens for a reason.
PAYPAL ALWAYS CONFUSES ME. WHY CAN'T IT BE SIMPLE.
I asked a question to the community about what provider to use to receive a payment. The majority chose PayPal.
Any suggestions about setting up automatic cc payments?
I got some great replies. However, I should have just used my current account.
OK, the ONLY way to receive the payment right away is if I refund the money on my client's credit card, wait 5 days for it to clear, and then use my other account or another provider to put the transaction through again. However, that's too complicating, and I want to keep it simple!
So, I'll wait.
Has anyone experienced this before? Do your PayPal transactions go smoothly? They all did (in my other PayPal account) before this!
LIVE AND LEARN! I guess if that's the worse that could happen, I'm doing quite well!
Erin :)!
UPDATE! I JUST LOGGED INTO MY PAYPAL ACCOUNT AFTER I GOT AN EMAIL NOTIFICATION THAT MY MONEY WENT THROUGH! SURE ENOUGH, IT DID! ALL YOUR PRAYERS AND MINE WERE ANSWERED! THANKS! SO, THE TOTAL TIME HELD ENDED UP BEING ONLY A WEEK! YAYYY! I JUST TRANSFERRED IT TO MY BANK ACCOUNT!
Recent Comments
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I would look into stripe. No international fees. Quicker and can be done mobile also. I only use PayPal if it’s bank to bank not credit. Easier and no hold up. Good post reminding us to check how we process
Hi William and thanks for your thoughts! I do have a Stripe account also, but haven't gotten the gist on how to use it accurately. That's why I used PP. I will just grin and bear it for now!
Erin :)!
Always only pay large amounts into (and out of) a Business account.
I, too, have a Personal account with Paypal as well as a business account. But I limit the Personal account to small transactions only.
Paypal is suspicious of people having more than one account. But it won't be alerted to accounts which only pass small amounts.
In this case you'll probably be ok with a $250 payment, and it's just Paypal being cautious and holding the funds in case there is any clawback from the card company.
Thanks for explaining that, Peter. I also have a business account with them, which is the one I should have used. Live and learn! Nice connecting with you!
Erin :)!
Hi, Erin, that can be annoying seems to be how they roll on new accounts, 21 days seems to be the standard, this article may be of interest.
https://www.paypal.com/us/brc/article/funds-availability
Just think on the bright side after the qualifying period, you will have two PayPal accounts now that could be very handy.
Thank you, Alex! The article was very helpful and interesting. I appreciate you taking the time to find it for me! You do make a good point about having 2 PayPal accounts now. :)
Erin :)!
Good Morning Erin,
That is the way things go. They are often beyond our control so one has to practice patience.
The good side of your story is you got that money working and that is good news for all who have not received any money yet.
Your cloud does have a big silver lining.
Greetings from the south of Spain, Taetske
You are absolutely right, Taetske! Thanks for reminding me of that! I do love silver linings! xoxo
Erin :)!
Do not insist with Paypal, just be patient and wait for those 21 days.
Paypal is not easy to work with. In some cases they can hold people´s money for 180 days.
Yikes, Emmanuel--that is quite a long time! You make the 21 days sound almost inviting! Thanks! Happy to connect with you!
Erin :)!
Hi Erin,
I am surprised that someone that pays close attention to details as you normally do, did not catch this. I think you will also find that almost all of the online cc processing companies for the very first transaction they process through a newly opened account, their will be a grace (verification) period; it seems to be the new norm.
I would suggest you do not cancel that transaction let it go through. If not the same thing will happen to the next transaction as well until the first transaction is completed you will be looking at the same 21 day delay of your funds.
I know this does not make the delay any easier to swallow; but as you said look at it as money in the bank (which it is actually).
Calvin
I know, Calvin--I kicked myself for not realizing that! Oh, well. You make a great point on not cancelling. I will wait it out. Thanks for all your explanations!
Erin :)!
Oh poor you , 21 days OMG. first world problem.
LOL, yep it is standard but next time it will work. Money in the bank not earning interest, it gets worse, they will probably take a cut or small fee, OMG
New post " how I built a saving account"
It's bedtime Erin but I guess you do your best work in the small hours.
HAHA, Peter! Yes, this post is worth mocking. lol. If that is my first world problem, I am doing great, huh?!...and they did deduct a fee of $7.25. (2.9%) UGH!
In the past, I did some eBay business with a friend we were pretty successful and then PayPal also holds our money for months and did need a lot of proof regarding where we buy the products etc. We did get it in the end, but a lot of hassle to receive your own money that customers did pay.
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Over the years I have heard many horror stories where PayPal is concerned.
In the majority of cases, the person complaining simply broke the rules. Whether they knew the rule or not is immaterial.
When I started my Paypal account there was a delay in all payments for the first month, but after that things ran smoothly.
I have never had any problems with Paypal so I can only tell of my own experiences.
Derek
Thanks for filling me in, Derek! I hope the worst is over then. We shall see.
Erin :)!