posted on November 8, 2000 09:02:09 AM new
Hi Damon,
Damon, I'm not clear on the echeck aspect or relationship with Pay Pal. Can you please link or explain it to us. Thanks.
posted on November 8, 2000 01:05:20 PM new
Hi Empires,
Damon has posted on another board that he's very busy on projects & doesn't have much time for customer questions.
Here's all the info I could find on the PayPal site about e-checks and "instant" e-checks.
To reach this info, you have to start the "send money" process. The info is on the "payment method" screen.
Reasons to Pay With Instant eCheck
It's free and instant.
Avoid incurring debt.
Get an additional entry in our $10,000 Monthly Sweepstakes every time you send money using a bank account.
You only get $1,000 of credit card spending per 6 month period to pay Personal Accounts. So choosing a bank account now will preserve your limit.
Note: If you are paying a business, there is no limit on the amount you can send with your credit card.
If your bank account transfer fails, we'll automatically charge your credit card instead - with no fee. So you've got nothing to lose.
How Instant eCheck Works
Other online payment services take 3 days or more to verify that the funds are in your bank account. We do this instantly by reserving the funds against your credit card.
We will not charge your credit card unless your bank account transfer fails. This is just like when you check into a hotel, and they pre-swipe your credit card.
Your credit card availability will be temporarily reduced by the amount of money you are sending. This is done to guarantee that there are sufficient funds in your bank account to cover the payment.
It's best to use this feature with a credit card, rather than a debit card, because debit cards also draw on your bank account.
Reasons to Pay by eCheck
Much easier than writing and mailing paper checks
Avoid incurring debt on your credit cards.
Get an additional entry in our $10,000 Monthly Sweepstakes every time you send money using a bank account.
You only get $1,000 of credit card spending per 6 month period to pay Personal Accounts. So choosing a bank account now will preserve your limit.
Note: If you are paying a business, there is no limit on the amount you can send with your credit card.
Save time and money -- send payments by eCheck instead!
How eChecks Work
When you add a checking or savings account to your PayPal account, you can choose to pay your recipients electronically, directly from those accounts.
It usually takes about 3 business days to confirm the funds you would like to send. When you send an eCheck, your recipient is notified that they have a pending eCheck payment.
When the funds clear from your checking or savings account, your recipient instantly receives the funds into their account, and you'll receive an email confirming the completion of your payment.
If you'd like your payments to be sent Instantly, try using Instant eCheck!
posted on November 9, 2000 02:25:53 PM new
vargas~
Thanks! I was wondering just what an e-check is and this explains it. I'm not keen on it as a seller though as it holds up the process by up to 10 days or so... I don't think it will last.
On another note... How's things with the Ca. DA? Hear anything yet on the Pay Pal question of legality of fees? Keep me posted..
Thought you may like to check this out for the log...
posted on November 9, 2000 03:34:22 PM new
Hi Empires,
I did hear back from the California Attorney General's Office. The staff was kind enough to reply by letter.
As it turns out, my request for information requires the state AG to render an OPINION.
Under California law, the AG can only render opinions for designated public officials -- such as state legislators, DA's and such.
posted on November 9, 2000 03:39:57 PM newvargas"Under California law, the AG can only render opinions for designated public officials -- such as state legislators, DA's and such".
Well, you could always contact that SL and ask them to do a follow up. Time consuming I'm sure. Heck, forget 'em and make a million bucks instead!
[ edited by Empires on Nov 9, 2000 03:41 PM ]
posted on November 9, 2000 04:50:03 PM new
Unfortunately, I don't live in California, so I don't think a California politico is going to give two hoots about my question.
Perhaps we have a Californian on AW who'd like to volunteer?
posted on November 11, 2000 08:16:49 AM new
State and Federal policticians always like hearing from anyone that can help them justify their jobs. Try the site in CA. and make some dust... heh!
posted on November 11, 2000 08:39:09 AM new
<i>
vargas, quoting PayPal:
"It usually takes about 3 business days to confirm the funds you would like to send. When you send an eCheck, your recipient is notified that they have a pending eCheck payment.
When the funds clear from your checking or savings account, your recipient instantly receives the funds into their account, and you'll receive an email confirming the completion of your payment.
If you'd like your payments to be sent Instantly, try using Instant eCheck!"
</i>
By what definition is three days "instant"?
I have a pending "instant" e-check and the PayPal comment reads:
"This eCheck payment will remain "Uncleared" until the funds have cleared from the sender's account, which usually takes 4 business days. If you are shipping an item, please do not ship your item until the funds have cleared into your PayPal account."
Personally I think a money order would have been faster.
