I just recently sold my site and the buyer paid throurh paypal by eCheque. I have to wait for upto 5 days for for it to be credited to my account I'm just wondering if I should start transferring my site over to the person now or should I wait until the payment has been credited to my account. Basically could an eCheque be cancelled by the buyer after I have transferred my site over?
I strongly suggest you to wait till echeck cleared in your paypal account. Don't take risk to transfer your site over to him before payment reflect in your paypal account. DON.
Paypal advises that you have to wait first before it is cleared. Transfer it after it has been cleared
Please wait for the transfer to be completed. The reason why you should wait is that the customer can either cancel the transfer in the midst or there may be insufficient money in the account which could be quite troublesome for you. Since the customer uses eCheck option means that he is not too anxious about receiving your site so that means you should not be too anxious too. If he wants it fast and badly, he could have paid via Instant Transfer or Credit/Debit card.
This echeck thing happens when someone pays through their bank a/c connected to paypal. If he had payed you through the funds that were available in his Paypal balance you could have got the funds instantly. Anyways, tell him that you will only start the transfer once the echeck clears..
Wait until the check clears as everyone else says. ACH transactions can be returned for any number of reasons, not just because the account has no money. It could be closed, frozen, or you name it.