I used it a few times. I actually like it because I don't want to use my credit cards to pay when my statement date is only a few days away. Paypal will email a few days prior to pay date to remind you that they will withdraw money, so you have time to check you bank balance and deposit if necessary.
Glad I don't sell on eBay anymore. I just decided it is not worth it.
As a buyer, I don't buy anything I cannot pay for right then. If I don't have the cash, I use my credit card and then pay it quickly.
*Terms and Conditions for Pay After Deliver Extended Coverage
The Pay After Delivery ("PAD") payment option allows qualifying buyers to purchase eligible items and wait up to 14 days to pay for them. The PAD payment option is only available for eligible purchases under $10,000.00 and is not available to all buyers. In order to use PAD, qualifying buyers must have a valid checking or other qualifying account at a bank which is linked to their PayPal account and identified as their primary bank account from which funding transfers may be withdrawn; if there is no valid linked bank account then PAD will not be available, even if the qualifying buyer has used PAD before. Where a buyer and item purchased are eligible for PAD, which shall be determined in PayPal's sole discretion, buyer may choose the PAD payment option at the time of purchase. Although PayPal will not impose a fee for a buyer's use of PAD, it is possible a third party, such as the financial institution holding the primary bank account, may impose a fee in connection with the payment or purchase, in addition to the amount of the transaction.
If buyer selects PAD as the payment method:
- The entire transaction amount will be funded from the buyer's primary bank account linked to buyer's PayPal account, even if the buyer has a balance in their PayPal account, except where there are insufficient available funds in the primary bank account. Buyer authorizes PayPal to submit the debit to buyer's primary bank account for the amount of the transaction, and resubmit it again if the initial debit is rejected or insufficient. In the event there are insufficient available funds in buyer's primary bank account, buyer authorizes PayPal to fund the remaining amount of the transaction from any of the following sources: buyer's PayPal account, credit card, or debit card. For each payment using PAD, buyer authorizes PayPal to debit the primary bank account for the full amount of the payment 14 days after the transaction date, or sooner in accordance with buyer's instructions. PayPal will send buyer by email a reminder before the scheduled debit.
- Where buyer has qualified for and initiated a PAD transaction, PAD will be identified as buyer's preferred payment method for future eligible transactions; however, buyer may change their preferred payment method at any time for future transactions. Buyer will still need to select the PAD payment option for each qualifying payment at the time of the transaction. Buyer may select a different payment method for future transactions and change their payment method at the time the buyer makes the payment.
- Buyer's PayPal Purchase Protection rights described in Section 13 of the User Agreement will apply to a purchase using a PAD payment option, except a buyer using PAD must file a dispute within 45 days from the date of the purchase. If buyer has a problem with their purchase buyer must follow the procedures described in Section 13 of the PayPal User Agreement. If buyer files a dispute within 14 days of making the purchase with PAD, PayPal will debit the primary bank account after the resolution process is complete and only if buyer loses. Buyer authorizes PayPal to debit their primary bank account for the full amount of the payment if buyer loses a PayPal Buyer Protection claim.
PayPal has the right, at any time and in its sole discretion, to terminate, cancel, suspend or modify the PAD payment option, qualifications or eligibility for PAD, or any buyer's ability to use PAD.
It pretty much sounds like "Bill Me Later" specifically for eBay.
This was offered to me yesterday as well. I declined but I believe it said that you had to have a back up credit card associated with your account in the event that your bank account didn't have enough funds.
I wonder if this is paypal's way to discourage people from using credit cards to pay. If they remove the money from your bank account, you won't have the ability to do a credit card dispute if paypal doesn't resolve things to your satisfaction.
It irks me that I am not allowed to use a credit card to pay for items because I have money in my Paypal account.
By the way, this has nothing to do with eBay. It was offered to me when I purchased something on a website.
Stop being amazed by anything that eBay does. eBay is getting more and more desperate every day; they are on the cusp of going down the gurgler; yet, at every opportunity, they continue pulling the chain on themselves; they are caught up in the eddy swirling around in the “john” and they are desperately trying to find some way of clinking to the side of the pan before they are finally washed down to the sewage farm, where the cretins in control of this most unscrupulous entity most certainly deserve to be.
Regardless, if PreyPal sources your funds from your credit card you already have a delayed payment situation.
PreyPal no longer likes sourcing funds from credit cards. Their ugly adoptive mother, eBafia, having of recent years encouraged even more fraudsters to crawl out of the woodwork onto the eBay Marketplace, has of late had to try to do some repair work to overcome the problems PreyPal has been causing the credit card companies, of which those companies are not happy about.
This latest gimmick is simply a clumsy device to try to get you to allow PreyPal to access your funds directly from your bank account. …
Hell will freeze over before I give up the protection afforded by my credit card and give either of these two unscrupulous entities access to my bank account …
I don't know if this is that big a deal. I've done 10-15 transactions since they rolled this out and it was only an option on maybe two of my purchases.
ETA: Maybe it has changed since they first came up with this idea [http://www.ecommercebytes.com/C/abbl...92379951.html], but the idea used to be that it was only offered to top buyers who spend $5,000.00 within the previous 12 months. It's possible that that is no longer the case, but a requirement like that would probably cut down on your more unscrupulous buyers.