Comments on: 2008 – The year to scrap PayPal echeques

By: Dee

Dee — Sun, 30 Mar 2008 21:52:45 +0000

Actually the reason for the rising number of eCheques is that PayPal changed their transaction risk model and now converts instant payments to eCheques to slow the velocity of payments. It gives PayPal more time to prevent fraudulent payments and also increases their float time so they earn more overnight interest.

By: Sue Bailey

Sue Bailey — Sun, 30 Mar 2008 18:55:23 +0000

So, S Gordon, would you like to give us some of the reasons you like them then?

By: S Gordon

S Gordon — Sun, 30 Mar 2008 18:48:50 +0000

Just because some numpties don’t pay attention to their Credit
Card limits or expiry dates that’s no reason to get rid of Echeques.
Some traders don’t like them, well who cares. I understand them and use the all the time.

By: Andy

Andy — Sat, 15 Mar 2008 02:41:42 +0000

Totally agree with the Echeque fiasco IT SUCKS!!! Ive not been selling long (Im on ebay uk) but i am really doing my upmost to build a good reputation & offer first rate customer service but the 4 or 5 payments ive had this way have been a real pain for both sides. Not yet had one clear in less than 7 days! Now as i promise & always do try to dispatch things quickly i Normally get emails from buyers after 5-6 days saying they havent recieved their item (even after sending a msg trying to explain the echeque clearance time). In Fact At this very moment i have an upset customer who paid using this method 9 days ago & it still hasnt cleared!!! so i havent yet dispatched (well paypal tell me not to). She is a new ebayer & has now left feedback on ebay saying she is disappointed. Thankfully for me it wasnt a dreaded red neg but i guess from her point of view it could have been? But ive obviously had my DSR dispatch rating effected by this & it is through no fault of my own. I feel as a new seller im in a very precarious position. ive only had around 25 transactions on ebay so far so i feel that all it would really take is a couple of negs by disgruntled echeque payers & i would be dead in the water as a seller, or to use another water based metaphor ‘Up the swanee without a paddle’ so to speak, Through no fault of my own!
Yeah it stinks BIG TIME.

By: richjenn13

richjenn13 — Mon, 11 Feb 2008 18:46:31 +0000

Yep,
I too had one forced on me and I too had no idea that the poor seller was waiting over a week for the funds. The receipt I got made no mention of this .
What the **** is going on?

By: Zach

Zach — Fri, 01 Feb 2008 10:24:05 +0000

I hate echeques, i understand that they are secure and safe but.. the waiting time in the UK is appaulling.. ’7-9 working days’??? This is stupid, i too believe 2008 should be the year of change for paypal, where echeques should be stopped. Too many unhappy buyers, too much time…

By: Sue Bailey

Sue Bailey — Fri, 11 Jan 2008 14:48:24 +0000

Because echeques go through the direct debit system, which takes a loooooong time to clear: everyone in that bit of the system sits on the money for a while to make themselves a little bit extra.

By: Jan

Jan — Fri, 11 Jan 2008 14:31:24 +0000

If according to Paypal an eCheque is just like writing a cheque why does it take twice or even three times longer for funds to clear.
My bank only take three days to clear a cheque.

By: What is a PayPal echeque? : TameBay

What is a PayPal echeque? : TameBay — Fri, 11 Jan 2008 14:16:35 +0000

[...] Jan asked today, on TameBay “What is an echeque?” and I guess it’s time to explain. According to Paypal an echeque is “an electronic funds transfer that withdraws money directly from your bank account. It’s just like writing a cheque, only it is done electronically.” [...]

By: Jan

Jan — Fri, 11 Jan 2008 13:43:57 +0000

On the 5th January 08 I received an email from Paypal telling me a buyer had paid by eCheque and that it would take up to 4 days to clear. On checking the transaction in my Paypal account I found it quoting 3 to 4 days clearance.
I checked my Paypal account again this morning (4 working days having past) expecting the payment to have now cleared. I was shocked to find the transaction had now changed from ‘Pending’ to ‘Uncleared’ and it now quoting 7 to 9 days for clearance with an expect clearance date of the 15th January.
Checking on the Paypal help pages about eCheques it states eCheques are like ordinary cheques only easier and quicker to clear…this is absolute nonsense.

What are eCheques anyway and why and how do people paying through Paypal come to be paying by that method.
I remember a couple of years back I paid for an Ebay item through Paypal in the usual manner only to find out from the seller that the transaction had gone through as an eCheque payment. I never made that choice nor was I given any choice of payment type when making the payment….So how do eCheques come about.

Jan