The Lemon Fool

Why is it when I pay for something on eBay the money comes straight out of my account, but when I sell something it takes 5 days for the money to land in my account?

And when I buy something in Argos that never worked the money comes straight out of my account but the refund takes 5 days?

I'm sure one day the boffins will work it out.

Have you actually sold anything on eBay recently?

I have sold quite a few items in the last few months. The cash always arrives in my account the morning after the buyer has paid.

malkymoo wrote:Have you actually sold anything on eBay recently?

I have sold quite a few items in the last few months. The cash always arrives in my account the morning after the buyer has paid.

Maybe Lester needs to change the payout frequency in his eBay settings...

Watis

If I buy online, I pay by creditcard. So it's at least a month before I actually have to pay, and closer to two months if the purchase is early in my statement period.

I've had so few refunds in my life I can't recollect how long they took. Last one was this occasion.

I have stopped selling on ebay. Since I changed address they want a photo of my driving licence and passport before they will pay anything due to me. That's not going to happen.

WickedLester wrote:Why is it when I pay for something on eBay the money comes straight out of my account, but when I sell something it takes 5 days for the money to land in my account?

And when I buy something in Argos that never worked the money comes straight out of my account but the refund takes 5 days?

I'm sure one day the boffins will work it out.

I'm sure you can work it out for yourself if you think about it briefly, and it's nothing to do with technology!

Actually I think you already have...

UncleEbenezer wrote:If I buy online, I pay by creditcard. So it's at least a month before I actually have to pay, and closer to two months if the purchase is early in my statement period.

I've had so few refunds in my life I can't recollect how long they took. Last one was this occasion.

That's funny. When I buy online I also pay by credit card. But I pay the supplier immediately. They receive my funds when the card transaction is approved.

I then have entered into a credit transaction with my credit card company to whom I owe money from that moment. They do give me about up to six weeks to repay the loan without any interest charge but I'm not obliged to repay them in that time, I can take as long as I like in most circumstances as long as I keep up the interest payments.

The upshot is using my card I've paid for my goods or services immediately and have a debt hanging over me until that is also paid, so I'm actually payig two parties, not one (albeit the same total amount).


GS

Mike4 wrote:

WickedLester wrote:Why is it when I pay for something on eBay the money comes straight out of my account, but when I sell something it takes 5 days for the money to land in my account?

And when I buy something in Argos that never worked the money comes straight out of my account but the refund takes 5 days?

I'm sure one day the boffins will work it out.

I'm sure you can work it out for yourself if you think about it briefly, and it's nothing to do with technology!

Actually I think you already have...

I used to do some work for Decca decades ago. Chasing them for money -and as a small company we were worried about cash flow from one of our biggest customers that quarter - the finance guy admitted they had two different departments and sets of rules for paying out cash and pulling cash in. One had the job of holding on to cash for as long as possible - the other, to get it in as quickly as possible.

Arb.

Arborbridge wrote:

Mike4 wrote:
I'm sure you can work it out for yourself if you think about it briefly, and it's nothing to do with technology!

Actually I think you already have...

I used to do some work for Decca decades ago. Chasing them for money -and as a small company we were worried about cash flow from one of our biggest customers that quarter - the finance guy admitted they had two different departments and sets of rules for paying out cash and pulling cash in. One had the job of holding on to cash for as long as possible - the other, to get it in as quickly as possible.

Arb.

You mean credit control and accounts payable. Every business has them.

WickedLester wrote:

Arborbridge wrote:
I used to do some work for Decca decades ago. Chasing them for money -and as a small company we were worried about cash flow from one of our biggest customers that quarter - the finance guy admitted they had two different departments and sets of rules for paying out cash and pulling cash in. One had the job of holding on to cash for as long as possible - the other, to get it in as quickly as possible.

Arb.

You mean credit control and accounts payable. Every business has them.

Indeed, but I was quite young and naive and held high notions of "fairness" - I voted Labour!

Arb.

Arborbridge wrote:

WickedLester wrote:
You mean credit control and accounts payable. Every business has them.

Indeed, but I was quite young and naive and held high notions of "fairness" - I voted Labour!

Arb.

Isn't there an old saying about multi culturalism, taxes and death? I'm not sure I got the order right though.

GoSeigen wrote:

UncleEbenezer wrote:If I buy online, I pay by creditcard. So it's at least a month before I actually have to pay, and closer to two months if the purchase is early in my statement period.

I've had so few refunds in my life I can't recollect how long they took. Last one was this occasion.

That's funny. When I buy online I also pay by credit card. But I pay the supplier immediately. They receive my funds when the card transaction is approved.

Usually not so immediately. E.g. for Worldpay it's "funds are remitted to your bank account the following business day after you take a card transaction" and for Barclaycard it's "the money is usually in your account within 3-5 working days."

https://www.worldpay.com/en-gb/worldpay-smb
https://www.barclaycard.co.uk/business/accepting-payments/learn-about-taking-payments/taking-card-payments-beginners-guide

mc2fool wrote:

GoSeigen wrote:That's funny. When I buy online I also pay by credit card. But I pay the supplier immediately. They receive my funds when the card transaction is approved.

Usually not so immediately. E.g. for Worldpay it's "funds are remitted to your bank account the following business day after you take a card transaction" and for Barclaycard it's "the money is usually in your account within 3-5 working days."

https://www.worldpay.com/en-gb/worldpay-smb
https://www.barclaycard.co.uk/business/accepting-payments/learn-about-taking-payments/taking-card-payments-beginners-guide

I think credit card companies hang onto the money for q few days before handing it over to the retailer so they have a small degree of protection against Section 76 (is it?) claims for faulty goods, in case the retailer goes bankrupt.