Automatic PayPal Withdrawls

[Optegris]

Are the days of manual withdrawals over? It would seem so:

http://blog.openmindcommerce.co.uk/ecommerce-software-industry-news/automatic-paypal-withdrawls/

 

[voyage]

Very Intresting I always wondered why this option wasn't available. Aslong as paypal is clever enough to allow the system to go overdrawn. I can see them allowing it to happen and then charging you.

 

[Optegris]

Well if you issue a refund and your PayPal balance is insufficient, they will debit your nominated bank account or card anyway so not sure how you would end up overdrawn...

 

[voyage]

Well if you issue a refund and your PayPal balance is insufficient, they will debit your nominated bank account or card anyway so not sure how you would end up overdrawn...

Fair enough, forgot about that. I was trying to find a negative as there seems to be lots with paypal

 

[Optegris]

I know what you mean

We use them as a secondary processor but still end up having to make withdrawals every couple of days.

 

[akirk]

Just spoken to Paypal and they deny that the option is available - they say it may be available on .com but def. not on .co.uk

Alasdair

 

[Optegris]

I have a verified UK PayPal account and it most definitely is available:

 

[FreelanceSoftwareDeveloper]

I have a Verified UK Business Account and it isn't available, maybe they are rolling it out so many users at a time.

It would certainly be a useful feature but I don't get the Automatic Withdrawl paragraph in my account.

 

[Optegris]

Hmm maybe, does this mean I'm special? My missus says I'm a special case all the time so I guess it must do

 

[Optegris]

Actually just thought, do you have PayPal Express/Direct enabled?

 

[deniser]

Wow, thanks for this post Openmind. I just logged into my very basic business account which I have hardly used over the past 3 years and found I had the option too! It is a daily settlement but you get the money 2-3 days later for free or faster for a £5 fee. There is a minimum transfer amount of £6 otherwise subject to a fee I think if I am reading it correctly. I am assuming you don't get charged this if there is nothing to transfer on a particular day?

Paypal has kept very quiet about this.....

 

[Optegris]

I'm assuming not, I would sincerely hope that if the balance was below the minimum they wouldn't attempt a settlement but as I've only just enabled this option today I can't confirm.

 

[akirk]

Interesting - the chap I spoke to was adamant that he had worked for Paypal for years, that it was def. not available!

He was refering to paypal.co.uk - I notice from your URL that your account is with paypal.com...

difference?

Alasdair

 

[Optegris]

Nope, look closer and you will see the UK within the domain. I actually login via www.paypal-business.co.uk

It's definitely a UK account.

 

[wizzard]

Interesting - the chap I spoke to was adamant that he had worked for Paypal for years, that it was def. not available!

He was refering to paypal.co.uk - I notice from your URL that your account is with paypal.com...

difference?

Alasdair

the link says paypal.com/uk

You are always redirected to that link. You can put in paypal.co.uk to get to the site, as soon as you go to login it redirects to the link I've put above.

 

[akirk]

apologies - you are of course right - I need better glasses!

still curious though that the chap I spoke to was so adamant - and def. nothing on my account... mmm

must be people they like!

Alasdair

 

[wizzard]

apologies - you are of course right - I need better glasses!

still curious though that the chap I spoke to was so adamant - and def. nothing on my account... mmm

must be people they like!

Alasdair

Maybe he needs re-training?

Edit: Just checked on my account, I don't have the settlement withdrawal paragraph below, maybe you need to enable something as Phil said?

 

[akirk]

okay - looking into it a bit more (inc. looking at the developers' guide) it seems that this is only available for larger merchants...

Another addition is the Settlement Withdrawal feature, designed to allow high-volume merchants the ability to more efficiently reconcile daily payments and transfers.

instructions for use:

To use the Settlement and Reconciliation System, you must have a PayPal Business or Premier
account. You can access the feature from a number of entry points on the PayPal website,
including:
- Merchant Services tab. Click on the Business Resource Center link and then PayPal
Products. Select the Settlement and Reconciliation System.
- History subtab. Click the My Overview tab
- Download History page. Click the Settlement System link in the top right column

however the documentation is against the Web Payments Pro developer's section...
so, I would guess it is only available if you have that...
I have a verified business account and can confirm that when logged in - it is not in any of those places - in addition, if I look at the dev. guide page when logged in I am not show the dev. guide for this (presumably as not applicable?) but if I view Google's cache I see it...

so - not for everyone!

Alasdair

 

[deniser]

okay - looking into it a bit more (inc. looking at the developers' guide) it seems that this is only available for larger merchants...

instructions for use:

however the documentation is against the Web Payments Pro developer's section...
so, I would guess it is only available if you have that...
I have a verified business account and can confirm that when logged in - it is not in any of those places - in addition, if I look at the dev. guide page when logged in I am not show the dev. guide for this (presumably as not applicable?) but if I view Google's cache I see it...

so - not for everyone!

Alasdair

I am not a large merchant - although I probably was 3 years ago until I stopped using them.

Neither do I use Payments Pro, just the basic business account.

I suspect it has more to do with trust issues such as length of time operating account, amount of chargebacks, where the money is being paid into, verified and VAT registered business etc.

 

[sysops]

I suspect it has more to do with trust issues such as length of time operating account, amount of chargebacks, where the money is being paid into, verified and VAT registered business etc.

Well, I can't see a link in our account, and it still has a sensible amount of money going through it. I would guess that like all such features they are rolling it out to accounts in batches. This reduces support load.

 

[sysops]

I take it back, it is there. It's not on the Withdraw > Transfer to bank account page, it is on the Withdraw page.

 

[akirk]

mmm, I am feeling paranoid now
1 personal & 2 business accounts - nothing there
aaaggghhh

mind you don't get much money in, so I would guess it might be therefore those who have regular income streams through PayPal as they suggest...

Alasdair

 

[deniser]

I signed up at 12.25pm ish. Nothing has left my account yet. I wonder what time of day they will do this? I won't believe it until I see it........

 

[Optegris]

Well I got this this morning:

Dear Open Minded Solutions Limited,

PayPal attempted to withdraw your 01/10/2011 end-of-day balance to your bank account. Unfortunately, it was not successful because your 01/10/2011 end-of-day balance was more than your balance at the time PayPal attempted withdrawal.

If you send or withdraw money (including refunds and reversals) after your end-of-day balance and before PayPal attempts to withdraw funds from your account, there will be insufficient funds to withdraw. In these cases, PayPal will attempt to withdraw the ending balance of any balance that was not previously withdrawn, within the last seven days.

Settlement Withdrawals will continue automatically on the next working day. If you use the Settlement File to reconcile amounts withdrawn with your transaction totals, then your Settlement Withdrawal amount will simply reflect the activity for all the Settlement Files back to the previous Settlement Withdrawal.


Yours sincerely,
PayPal

Quite possibly the worlds most confusing email but what I think they are getting at is my PayPal balance as at 10th Jan. was too low to be automated. So it looks like it's working or trying to at least...

 

[sysops]

Well I got this this morning:



Quite possibly the worlds most confusing email but what I think they are getting at is my PayPal balance as at 10th Jan. was too low to be automated. So it looks like it's working or trying to at least...

I had exactly the same email. There's around £800 in the account.

I read it 3 times, but it still makes no sense.

 

[Optegris]

Did you have any pending withdrawls? i.e. did you make any withdrawl requests between 10th Jan and now before setting this up?

 

[sysops]

Did you have any pending withdrawls? i.e. did you make any withdrawl requests between 10th Jan and now before setting this up?

Yes, for ~£600. I always leave a minimum of around £200 in the account, so I am not sure what the email was getting at.

 

[Optegris]

Right so maybe it was trying to withdraw £800 but because you had a pending withdrawal for £600 it couldn't do it?

I'm guessing here because the email is so badly written

I'm just going to let the balance mount up over the next week to see if it actually does what it says on the tin...

 

[sysops]

Right so maybe it was trying to withdraw £800 but because you had a pending withdrawal for £600 it couldn't do it?

I'm guessing here because the email is so badly written

I'm just going to let the balance mount up over the next week to see if it actually does what it says on the tin...

Oh, I see what you mean. It wouldn't have been hard for them to code the auto withdrawal mechanism so that it only used cleared balance.

 

[RyanBTBiz]

Great discussion here. Thanks for sharing - good to know.

 

[Optegris]

Oh, I see what you mean. It wouldn't have been hard for them to code the auto withdrawal mechanism so that it only used cleared balance.

This is PayPal we're discussing here

 

[deniser]

Well no attempt was made to auto transfer my money; it's still sitting there

 

[sally_b]

Thanks openmind for pointing this out and to sysops for letting me know where to find the link. I haven't set this up yet as I'm too chikcen to try it. Does anyone know if you can set it up but still manually withdraw aswell if you get a lot of payments in and your balance builds up?

 

[Optegris]

Well it looks like if you manually withdraw it won't settle automatically as there will be a balance conflict. I would do one or the other...

 

[sally_b]

Thanks Phil.

 

[Optegris]

Just a quick update to this, on the 14th Jan, PayPal automatically drew down my available balance to my nominates bank account without any interaction by myself.

Looks like it's working nicely

 

[Idontbuy]

We have Paypal for UK and USA and it looks like we can use this automated system for the UK but not the USA.

Very interesting
Thanks
Pete

 

[Optegris]

Aye, as mentioned above, it looks like this is a gradual roll out...

 

[deniser]

Mine is working too now.

 

[Liliane]

oh that's cool!