What's an Echeck? Why use it?

[bsshog40]

I use Paypal on Ebay of course and I have seen the option of using echeck. Instead I usually just to instant payment from my bank acct.. Why would anyone use the echeck when using Paypal instead of paying instantly? It also takes about as long as a regular check to clear correct?

[RI AL]

Check this out. It kind of explains it. I've never used one nor received one either.

 

 

http://www.dummies.com/how-to/content/the-echecks-in-the-email.html

[bsshog40]

Thank you sir, that was very informative. I would presume the only reason a buyer would use this is if they weren't expecting to have the funds for a few days after the auction ended. At least that's my point of view in using echeck.

[Schatzy]

I hate when people pay with an echeck just because it takes 7 days to clear.

I have never used it because I just have it come out of my bank account.

[bsshog40]

I don't care for it much either. I sold a camera lense on ebay and this was how I got paid. On the positive side, got more money for it than I expected. (thumbs u

[Revenant]

eCheck is an electronic check. I didn't think that PayPal did this. Since all banks have electronic routing numbers now an eCheck or a check can clear very quickly. Many sites have started to use it as an alternative to credit cards (who charge a fee) and PayPal (who also charge a fee).

[gpnyc]

Paypal eCheck is not a true electronic check. If it were, it would clear quickly like William just said. Paypal's eCheck is just a way for them to play the float on your money. They take it out of your account today and post it to the seller's account in a week. This way they get to earn interest on your money for a few days. Its a game to pad the bottom line, nothing more.

[Schatzy]

I don't care for it much either. I sold a camera lense on ebay and this was how I got paid. On the positive side, got more money for it than I expected. (thumbs u

 

Man o Man someone just paid me with the eCheck today!!

If you bought something on eBay, why would you want to want another 7 days still it is shipped!!

[RGT]

I have received eChecks through PayPal on a few occasions. I have even asked buyers to use the eCheck. I have only done this when it was someone on the board who I trusted. The reason is that the PayPal fees are limited to $5 with an eCheck and it doesn't take a real high priced coin for that to be a significant savings. Of course in these cases the buyer didn't have to wait for the check to clear before I shipped.

[Schatzy]

The reason is that the PayPal fees are limited to $5 with an eCheck and it doesn't take a real high priced coin for that to be a significant savings.

 

Thanks for pointing that out!! I did not know that!!

 

 

My only problem is when I pay for my coins with paypal, it comes right out of my paypal balance (my coin fund )!!

[bsshog40]

The reason is that the PayPal fees are limited to $5 with an eCheck and it doesn't take a real high priced coin for that to be a significant savings.

 

Thanks for pointing that out!! I did not know that!!

 

 

My only problem is when I pay for my coins with paypal, it comes right out of my paypal balance (my coin fund )!!

You are right RGT. I can see where this would be helpful when paying for a high dollar item. Jaime, when you pay for something thru Paypal, you can click the "more funding options" and you can choose to pay another way. When there is money in your Paypal acct. it checks that option to pay from those funds automatically.