Ok, quickly, i found a good source of traffic for EPN and my earnings have skyrocketed (well by my standards anyway). Thing is, i was worried about how the traffic was being generated and seems like most buyers were 0 feedback. I also got a number of sales on ridiculously expensive (>$10k) items from these buyers which was obviously good for commission, and i was worried about reversals but got paid the full amount due today! Wahay! My question is, once its in your Paypal account, can EPN reverse any payments or is the money mine forever! I know this sounds paranoid, but these sales were almost toooo easssy and I'm always suspicious. Any ideas guys!
If you're worried, I'd transfer it out of your paypal account into your bank account and just sit on the money for a while. I don't think they will be able to take it back from you, but at least if they do, it'll be earning interest in the bank account while its sitting there. Interest on ten's of thousands should be pretty decent.
Take an additional step. Paypal can take the money BACK out of your bank account attached to paypal if they so desire. So, the only solid way to protect your money is to do what Judd said, x-fer the money to a bank account AND then either withdraw the money leaving a $0. balance OR transfer themoney to another back account not affiliated with paypal.
ohh how I hate paypal, I have this is no sh*t $3500.00 in my paypal account and I will never ever see it. They limited my account a long time ago. I was asked to do ridiculous things, I did them and because I personally knew someone who works there and we don't get along, my account remains on a lock with the balance just stuck there. I have 7 recorded phone calls with them and it would absolutely horrify you.
Thanks guys, i'd already txd the money out but of course it takes 5-7 working days to clear to my bank account. Fingers crossed. lol it was the commission on $10k sales not 10's of k - i wish, someday maybe.
Whoa. I would be concerned about the traffic and the future vs. the immediate reversal. If this is 'suspect' traffic, I would be worried about EPN pulling the plug on your account. If this is fine traffic, but just unusual coincidental low feedback users from purchases, then no problem. As for PayPal, I personally hate dealing with them. No horror stories like jodyq (wow). You might want to consider direct deposit in the future? hanji
you got paid quick am still waiting for my first ever payment does the payment status change to "pending" if you are paying into paypal as my status has not changed?
I've noticed that status often stays at Pending even after receiving payment. For instance, I already received direct deposit for October commissions, and it still says Pending in my Account -> Payment History hanji
That's scary, I can also anticipate problems if I ever start receiving more than the maximum monthly withdrawal amount, as although I am from the UK I live abroad long term and it's pretty hard to get your account verified fully when you're not around. However, they can't withhold your money - they are a bank for crying out loud! You should be able to withdraw it any time you like - regardless of whatever money-laundering, or whatever restrictions are in force, ultimately your ownership of the funds can't be disputed.
lol - they're a bank - that sums it up - anyone been keeping up with the news lately! If I could have Ebay pay me in Irn bru bottles i would (its a scottish thing )
Sorry to burst any bubbles but paypal is not a bank, it is not FDIC insured, it is like western union with perks lol. But 100% not a bank, it is owned by ebay Like a sister company so yes they can hold your money as they are not governed by local and federal laws re: banking.
I just looked at that - in Europe PayPal operates through its Luxembourg company which IS registered as a bank, but I'm guessing you're in the US where it doesn't have the status of a bank. Still, I don't believe any company can just decide at its pleasure whether to hang on to somebody else's money or not - we're not living in banana republics most of us...
Unfortunately they can hold, lock, block and/or seize your money at their sole discretion. You gave them that right when you agreed to the TOS. I suggest that you NEVER fund any PayPal transaction from any source other than a major credit card. If the deal goes bad you can always seek relief from Visa, MasterCard, etc.
That's reassuring... Will have to rethink my use of them. True, I have mostly funded direct from my bank account, but will reconsider that. It's withdrawing funds that I'm mostly worried about though...
PayPal is not secure. Treat it like putting your wallet in your shoe at the beach. Never "hide" more than you can afford to lose.
I never fund PayPal transactions with my bank account but in order to withdraw funds I have to link a bank account. Apparently their TOS says they can take funds out of your linked bank account if there is any dispute about a transaction. I don't understand how that is legal - I would dispute that with my bank and expect to prevail.