Hi Guys,
I'm selling some items through Gumtree and some of the stuff is receiving attention from interstate buyers.
I've always only accepted local buyers with cash but wanted to see what peoples experiences and thoughts were on using Pay ID as receiving payment as PayPal isn't bulletproof.
Can Pay ID payments be reversed? Guessing they can, if so, would I need to build a case with my bank with evidence of sending the item etc?
TIA
Have just read up a little more and I think you might be right.
I found this on the 'Police Bank Australia' site
2.7 Refunds and chargebacks
(a) Except as provided in clause 2.6(d) or in clause 14 Mistaken Payments of the Internet and Mobile Banking and BPAY Terms and Conditions, refunds cannot be processed in respect of funds transferred by internet banking. Where a transfer has been correctly completed but you have a dispute with the Payee, you will need to resolve the dispute directly with that person.
(b) No “chargeback” rights are available in relation to funds transferred by internet banking, even if the transfer has been made from a credit card account or another account with an access card linked to it.
https://www.policebank.com.au/important-information/new-paym…
Wonder if it applies to all banks
i recently experienced a situation where the payid payment was withheld for 24 hours. Annoying as I accepted $50 as a deposit to effectively sell the good to the buyer, they then paid the balance of $600 when picking up. I saw the transaction so assumed it was all good. Payment was not received, and bank confirmed they would hold it for at least 24 hours to determine legitimacy.
What really got5 to me was that there was a clause in PAYid or at least Commbank which the payid extracted from, on the lines that the transaction could be reversed after a certain period. Something on the lines that the bank would contact the buyer and they would have the ability to reverse the transaction (only upon certain conditions).
I think that was a commbank policy though, not necessarily payid.
First time takes 24 hours. in future you can get them to send $1 first then full amount the next day on pickup
That doesn't seem to work. Eerily I had exact same amounts as Porker involved when I sold something on gumtree, and payer was with CBA paying me via PayId(Bankwest account). Buyer sent me $50 via PayId as a deposit, and it came through instantly. Buyer subsequently sent the balance of $600 through PayId to me however this time it got held up for 24 hours. Buyer sent me the confirmations and everything, it was clear that the second payment was being held up as part of their fraud prevention policy. Bang on 24 hours after the $600 was sent via PayId, it appeared in my account.
I think that until payer triggers an amount threshold(maybe $100?) to a particular PayId, the payer can make multiple payments instantly to that PayId. Once a threshold is reached, then that particular payment is held for 24 hours, and once that is cleared, subsequent payments can be transmitted instantly, regardless of amount.
maybe beemit would be a better option then
I called Commbank and ING before in relation to this.
They advised that once the money clears in your account, the opposing party can only "request" for the bank to review it which is essentially asking you.
Because PayID is instant clear - they cannot do a chargeback.
Thanks mate
BeemIt is an irreversible option
Chargebacks only relate to credit cards or scheme backed products.
Bank transfers would simply be trace requests.
https://www.commbank.com.au/guidance/consumer-finance/what-t…
Just an fyi in regards to the 24 hour hold when using Pay ID that some people have mentioned.
Anything over $500 & over will trigger a hold for 24 hours, just confirmed with CommBank this morning.
Thanks for all the comments.
FYI all these limits, time delays and so on are put in place by each individual bank based on their level of comfort with the new payments platform and are not inherent to the PayID system. Therefore they vary from bank to bank. The banking system is being quite cautious in phasing in the new payments platform. Many banks also have a soft transaction limit for PayID of $1000 where the first $1000 will be transferred instantly over new payments and the remaining to automatically go through the normal BSB/Account clearance method.
my understanding is payid cant be reversed