(Topic ID: 260386)

Paypal 'funds now' feature?

By ForceFlow

2 years ago


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  • 14 posts
  • 10 Pinsiders participating
  • Latest reply 2 years ago by Zitt
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    #1 2 years ago

    I got an email today about a "Funds Now" feature where paypal is claiming they "won't hold or delay your funds, even during a dispute."

    I've heard horror stories over the years where paypal would arbitrarily freeze someone's paypal money and not release it for months--or longer, and in some rare cases, never.

    Is this their attempt to stop doing that?
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    #2 2 years ago

    My business has accepted paypal for a long time with zero issues

    #3 2 years ago

    Paypal didn't abide by it's own user agreement in the past in regards to holding money, so I have no reason to believe they will now.

    #4 2 years ago

    I'm betting the fees for this are steep

    #5 2 years ago
    Quoted from Manimal:

    I'm betting the fees for this are steep

    No additional fees, as far as I can tell.

    #6 2 years ago

    My inability to gift out funds that were in my paypal account one time, and hours on the phone with representatives telling me to try again, it should wotk now but didn't, tells me all I need to know about how they run their business.

    #7 2 years ago
    Quoted from o-din:

    Paypal didn't abide by it's own user agreement in the past in regards to holding money, so I have no reason to believe they will now.

    +1

    Took me over 60 days to get a recent dispute cleared up, guy was a FIRST TIME USER and I've been with Paypal for about as long as they have been around.

    I'll believe it when IF I see it.

    #8 2 years ago

    I’ve had PayPal since the beginning of time. I am constantly using it on eBay and other sites. The one work around on eBay I have found some sellers doing is when you buy an item and then the seller (I assume) flags their item for removal so you can’t dispute it. So when you go to your purchase history you can’t even access the item. I think it is also a work around for some sellers that sell things that violate Ebay’s terms agreement. For example: I bought an SD card loaded with ROMS on it so that I could build a multicade. Selling ROMS violates their agreement so the seller does the work around of canceling the auction or selling just the card and the “free” service of adding the ROMS. Thankfully I’ve never been screwed.

    #9 2 years ago

    Never had an issue with Paypal holding funds, and I have done thousands of transactions both ways. I think it is something that applies more to new accounts and accounts that are not linked to a normal bank account. Just do not sell over $12k a year, or you are going to get a 1099. Especially important to keep in mind if you are brave enough accept Paypal for machine sales. That is one thing I do not do.

    #10 2 years ago
    Quoted from JodyG:

    I think it is something that applies more to new accounts and accounts that are not linked to a normal bank account.

    Yes, if you choose not to link your bank account they throw their user agreement out the window and make up rules to hold your money as they go.

    #11 2 years ago
    Quoted from JodyG:

    Never had an issue with Paypal holding funds, and I have done thousands of transactions both ways. I think it is something that applies more to new accounts and accounts that are not linked to a normal bank account. Just do not sell over $12k a year, or you are going to get a 1099. Especially important to keep in mind if you are brave enough accept Paypal for machine sales. That is one thing I do not do.

    You have to hit $20k AND 200 transactions for a 1099 to initiate.

    #12 2 years ago
    Quoted from inhomearcades:

    You have to hit $20k AND 200 transactions for a 1099 to initiate.

    I don't think it's AND, it is either 20k or 200 transactions....

    #13 2 years ago

    It’s definitely AND.

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    #14 2 years ago

    Funds now is about external companies... Not PayPal.

    I've actually had this trigger at least once. Ebay asked PayPal to hold funds from a sale... Funds now triggered and money was in my account. Ebay likes to hold funds for any reason. Like low volume sellers

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