I love the fact that using PayPal for online purchases is very secure and in fact provides reasonably good protection for the consumer but I am dismayed that it takes a ridiculously long time to complete a money transfer from my bank to PayPal. This is ridiculous in this day and age of literally instant banking transactions. I have made attempts to get a direct answer from PayPal but like many have found it impossible to actually ask for a reasonable explanantion from them. Instead here I am making a post to a forum because sending an email directly to a human that might actually provide an answer to a specific question like mine seems impossible. The few times I have used PayPal were not exactly great experiences only because of the length of time PayPal took to verify my funds that were taken from my bank account the next day after I made the purchase yet were not paid to the seller for 4 days. That is not what I consider great service. Too bad there isn't any real competition for this company.
I couldn't agree more! I am in the process waiting again for my money to be transfered to my account although it was withdrawn three days ago from my bank. I hate how long it takes and some sellers require immediate payment. Someone needs to fix this. If I were savvy enough I would create a site to compete with this one!!!
I couldn't agree with you more. The lack of care exhibited by PayPal is unconscionable in this rapidly growing market. Because they seem to have a monopoly on secure internet transactions they have little concern for the consumer. Someone with the entreprenurial wherewithall to offer a competitive solution is definitely in order here. Were my knowledge of this accessory to banking/money transfers sufficient to offer a solution I would do so without hesitation but at this point offering a competitive solution is relegated to our agreeing about the painfully poor service offered by PayPal.
I agree!!! I am really frustrated. I thought it would only be a 24 hr turn around to get my money. Four days is ridiculous. They probably hold your money to get interest on it. Electronic banking shouldn't take this long. It only takes a matter of minutes to verify funds in a bank. I won't do this again. Especially when I need the money to make a payment.
In part to keep costs down, PayPal uses the ACH (automated clearing house) process to clear funds. ACH is not a wire transfer, it is a group of payments electronically transferred to financial institutions. At the automated clearing house, all of the transactions in the batch will be segregated according to the destination bank to which they were sent.
For more information please check out NACHA - The Electronics Payments Association.
If the use of the clearing house is to keep costs down, I find it unconscionable that when I make a money transfer from my bank to paypal, the funds are immediately removed from my account 3 or more days later the funds are credited to my PayPal account. During those 3 or more days my money as well as the thousands of other people are waiting for their purchases to be approved and someone is making interest from those funds. Someone is taking advantage of the system. Why is it impossible to email PayPal and actually get a response? Why is the only method to get any sort of repsonse by posting at this forum? You explanantion is plausible but still doesn't explain the lack of concern by PayPal for providing customer service. Service to the customer is important whether you think so or not. Not having any means other than posting complaints here at this forum is not customer service. Having direct questions answer in a timely fashion is however. PayPal has made the choice of not providing an adequate means for inquiry and that is not how to run a business.
