Explaining PayPal

sharkbite

Can anyone out there explain, in terms Homer Simpson would understand, how PayPal works?

I ask as I've made a few purchases recently and paid for them using paypal. My account shows each purchase as having "completed" status. However, it doesn't state if the seller has had their cash!

Perhaps someone can explain the following principle to me.

I bought an item from X costing £100. I send X £100 via paypal via Bank Transfer. That shows up as -£100. It also shows up as -£100 in the gross and net columns of my account statement.

What I need to know is. Has X received that £100 into their bank account. If not, where has my cash gone to?

As I said, anyone with a superior accounting brain than mine, please explain it!

Sponge Bob

their paypal has the money which is the same as their bank account

A Dub in Glasgo

Paypal is fine when everything runs smoothly. they are a bastard when things do not


If you get a completed message, it means that you have completed payment which means the person you are paying has the money in their Paypal account. This is not the same as saying that the person has the money as they will then need to withdraw that money to their bank account which can take a while and something I always do because of Paypals insecurity for sellers). In the meantime, the person you sell to can use the money in their Paypal account to pay other people

sharkbite

Thanks guys. Your replies have put my mind at rest knowing that my cash isn't floating about somewhere in cyberspace! Now. Next question. Why is the Halifax so f*****g useless?

kadman

sharkbite wrote:

Thanks guys. Your replies have put my mind at rest knowing that my cash isn't floating about somewhere in cyberspace! Now. Next question. Why is the Halifax so f*****g useless?

Of course that pre supposes that paypal release the funds to the seller.

kadman

sharkbite

Well, given that I sent the money over a week ago, and I haven't heard anything, I can only imagine everyone's happy. I know I am as a few of the items I've sold have been paid for without problem and the 400 quid I uploaded from my bank account has, eventually, gone in...bloody Halifax!

So, I reckon if PayPal handed over my dosh, it's now down to them to make sure they pay it out properly. Personally, I just leave my sales cash in my Paypal account to pay others when I stick a bid in.

sharkbite

Payment To XXXXX 11 Oct. 2005 Completed Details -£90.34 GBP £0.00 GBP
Transfer From Bank Account 11 Oct. 2005 Completed Details £90.34 GBP £0.00 GBP
Payment To XXXXX 10 Oct. 2005 Completed Details -£155.34 GBP £0.00 GBP
Transfer From Bank Account 10 Oct. 2005 Completed Details £155.34 GBP £0.00 GBP
Payment To XXXXX 10 Oct. 2005 Completed Details -£7.49 GBP £0.00 GBP
Transfer From Bank Account 10 Oct. 2005 Completed Details £7.49 GBP £0.00 GBP
Payment To XXXXX 10 Oct. 2005 Completed Details -£1.81 GBP £0.00 GBP
Transfer From Bank Account 10 Oct. 2005 Completed Details £1.81 GBP £0.00 GBP
Payment To XXXXX 9 Oct. 2005 Completed Details -£32.75 GBP £0.00 GBP
Transfer From Bank Account 9 Oct. 2005 Completed Details £32.75 GBP £0.00 GBP
Payment To XXXXX 9 Oct. 2005 Completed Details -£25.25 GBP £0.00

This is a sample of my current PayPal balance sheet! I know that the £0.00 is the amount in fees. How do I work out the rest? What does the minus sign mean?

kadman

The minus sign would normaly mean a deduction from that account.

kadman

A Dub in Glasgo

It means Paypal have paid XXXXX and then taken the money from your bank account.

I would never have a bank account registered with Paypal, only my credit card.

kadman

I would never have any thing registered with paypal, after months of e-mails to non existent staff, computer generated responses.

You wait till something goes wrong, and your account is denied access. Then try and contact some one on a phone to query the problem. Fat chance.
Avoid like the plague.

kadman

nlgbbbblth

Bank drafts, electronic transfers or even cash in the post.

May take longer but are better than paypal.