RogueRose
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Posts: 1585
Registered: 16-6-2014
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Paypal refund policies & online Escrow services - anyone have experience with these?
It's been awhile since I've used Paypal for much of anything although I still have a business account with them. I was wondering if anyone knows if
it is possible to accept payment for something via Paypal and then return the payment if the order is canceled, changed or if it "doesn't go through"
(on seller side for some reason). If this were to happen does paypal keep any of the transaction or are all the funds returned without them taking a
cut of the payment. I didn't see anythig related to escrow with paypal though I may have missed something.
I'm also curious if there are any services where someone can put XX amount of $ into an account, basically an escrow, and then when the merchandise is
delivered the payment is made from the service to the seller.
The reason I am asking is b/c I have some people asking about buying some items from an auction I bidding on, but I can't guarantee that I will win
the auction and I want to have the $ guaranteed if I bid for them. The price of the auction is totally public after close of the auction (it is a
private/closed bid auction) but the item book is published with the highest bid of each lot, so the price of the lot is clearly visible to anyone once
the auction is closed (or maybe it is available for registered users..?)
I was wondering if Paypal could be used for something like this where the buyer could send XXX$ for an auction bid, but if it isn't won, the money
could be returned to the buyer. IDK if it would be possible to make an intermediary account between the customer and bidder/"seller" - where the $ is
sent to this account and held until the auction is won or lost. If won, the $ is transferred to the bidder/seller upon shipment of the item bid upon.
I'm not sure how this could work other than maybe have a third party working to administer the intermediary account and they would have to be trusted
or some other kind of collateral would be needed to make this work.
Are there any solutions out there that fit this type of situation?
Edit: Fixed formatting. Please don't put two dollar signs next to each other- it messes up the formatting.
[Edited on 3-7-2017 by zts16]
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Dr.Bob
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Registered: 26-1-2011
Location: USA - NC
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I'm trying to u2u you, but the u2u system crashes when I send it. Please mail me.
[Edited on 7-3-2017 by Dr.Bob]
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RogueRose
International Hazard
Posts: 1585
Registered: 16-6-2014
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Quote: Originally posted by Dr.Bob  | | I'm trying to u2u you, but the u2u system crashes when I send it. Please mail me at researchtrianglebooks via google's mail address. Everytime I
post an email I get spammed to death. |
I think I figured out you encoded address  - I sent you an email. I'll check
often.
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BILLBUILDS
Hazard to Self
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you can just make a complaint on paypal and that usually works if something doesn't go right
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violet sin
International Hazard
Posts: 1475
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Location: Daydreaming of uraninite...
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Ask them( co-bidders) to temporarily send you $ via send money in paypal as friend/family (no charge transaction) to hold onto as a proof of interest.
Send it back if you loose, same way free of charge. Maybe even if you win, and have them resend in taxable (protected) send money form to have any
coverage on lost in shipping etc.
You may only get a portion of the sum, consider the rest a risk that MAY come out of your wallet. If your projected resale on said item is inline
with their deposit, you are basically covered.
Moral of the story, dont trust other peoples money to be there unless its in your hand or you can afford to cover it. Aka, dont bid more than ya want
to lose.
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