what is a paypal Echeck? - Chicagoland Sportbikes
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post #1 of 9 (permalink) Old 04-14-2008, 04:21 PM Thread Starter
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what is a paypal Echeck?

I cannot find a simple answer of why sometimes I receive Echeck payments, it pisses the heck outa me.



What is it, etc, why does it happen?

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post #2 of 9 (permalink) Old 04-14-2008, 04:27 PM
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It's when someone pays without a credit card - normally by bank ACH. You have to wait the normal four or so days for the transfer to be completed before Paypal gives you the funds.
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post #3 of 9 (permalink) Old 04-14-2008, 04:37 PM
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It's when someone pays without a credit card - normally by bank ACH. You have to wait the normal four or so days for the transfer to be completed before Paypal gives you the funds.
+1 ach vs credit card purchase
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post #4 of 9 (permalink) Old 04-14-2008, 04:38 PM
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post #5 of 9 (permalink) Old 04-14-2008, 06:27 PM Thread Starter
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Quote:
Originally Posted by Insomniac View Post
It's when someone pays without a credit card - normally by bank ACH. You have to wait the normal four or so days for the transfer to be completed before Paypal gives you the funds.
Whats ACH standfore, (while I am asking)

I didnt realize that, I always thought my funds from bank were instant.


hmf. I feel like a jackass wondering why some sellers were taking so long to ship out.

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post #6 of 9 (permalink) Old 04-14-2008, 06:48 PM
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Whats ACH standfore, (while I am asking)

I didnt realize that, I always thought my funds from bank were instant.


hmf. I feel like a jackass wondering why some sellers were taking so long to ship out.
I've had some eChecks take up to two weeks to go through, yet the customer gives me shit thinking I'm delaying their order.

ACH is the system used for most bank transfers, whether it be Payroll, B2B, or utility bills. The theory is that the transfer is sent by Bank A, then the funds are put on hold for a couple of days by Bank B, then Bank A settles the transfer after no complaint from it's customer and tells Bank B the money is now theirs. The general concept is that transfers can be disputed without any money officially changes hands.

ACH is separate to a wire transfer in which the money is transfered instantly with little to no option for dispute. As a general rule, if the transfer is initiated from the sender bank directly (online banking) it is most likely going to be a wire transfer - but can also be an ACH, whereas if the transfer is initiated by a merchant account (such as a website, or physical shop) it's almost definitely going to be ACH. This is why Paypal is ACH, they are protecting their own ass by pushing the settlement period beyond what the bank requires.
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post #7 of 9 (permalink) Old 04-14-2008, 08:52 PM
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Originally Posted by FiReBReTHa View Post
Whats ACH standfore, (while I am asking)

I didnt realize that, I always thought my funds from bank were instant.


hmf. I feel like a jackass wondering why some sellers were taking so long to ship out.
If you are tied to your bank account, it should *always* default to draw from that account instantly. The only time sending payment isn't instant, is if you change to by clicking "other forms of payment".

I find that most people who send me E-checks, simply haven't taken the time to correctly connect to the bank account and verify address.

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post #8 of 9 (permalink) Old 04-14-2008, 08:57 PM
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Quote:
Originally Posted by FiReBReTHa View Post
Whats ACH standfore, (while I am asking)
.
ACH = automated clearing house

It's the network that processes credit and debit card transactions.

http://en.wikipedia.org/wiki/Automated_Clearing_House

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post #9 of 9 (permalink) Old 04-14-2008, 09:09 PM Thread Starter
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ah, thank yaz guys.


I had payments going in and out and I got lost because I have to keep going back to this one payment checking up on it.

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