Friday, 18 June 2010

Paypal - So slow!

What is it with paypal, and the speed of their payments? It is such a terribly slow system they use.

I have to wait for payments until the item is received by the buyer, which can take an age when they have to leave positive feedback. Then, you must transfer the money. Initially this looks positive as the website informs you its 2-3 working days. Once the transfer is started, it suddenly tells you its 4-5 working days.

I got stuck with an echeque which took 7 days to clear, then I had to wait a further 2 days for the item to be received and feedback left, all before I could initiate the slow transfer process. It will take over 2 weeks to get payment for an item in this way.

I understand why they do this. The money hangs around in their bank account for longer accruing interest. However, it's crap for the seller and crap for the industry.

With 2 hour fast bank transfers available with most of the UK banks, I am surprised a competitor hasn't sprung up to take on the ageing Paypal. I for one would be glad to see them replaced as the default online payment method.

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