[Merged] Google Checkout - Paypal killer?

[Shaun]

Originally Posted by Chrysalis

paypal is faster and cheaper then uk banks, suits me.

cant remember been able to transfer between uk bank accounts online with instant clearance in multiple currencies.

I have to wait 5 days to get my money out of Paypal - is there something I'm missing?

The point is, you should be able to pay instantly through BACS but the banks won't update their systems to allow it - IMO the goverment should force them. In Sweden (I think it's there) people can transfer between banks immediatly and clear cheques over night so it can be done.

[kronas]

Originally Posted by Shaun

I have to wait 5 days to get my money out of Paypal - is there something I'm missing?

it takes a full seven days for me i hate paypal's monopoly too, i hope it comes to the uk soon, it even has a selection for uk users in the link madgamer provided....

[Chrysalis]

Originally Posted by Shaun

I have to wait 5 days to get my money out of Paypal - is there something I'm missing?

The point is, you should be able to pay instantly through BACS but the banks won't update their systems to allow it - IMO the goverment should force them. In Sweden (I think it's there) people can transfer between banks immediatly and clear cheques over night so it can be done.

the 5 day delay is your bank not paypal.

I know, why do you think this is?

Whilst your money is umm waiting clearance the banks can invest it, get interest on it etc. Oh and the off chance you have insufficent funds to pay a bill in the mean time they can also charge you

[kronas]

Originally Posted by Chrysalis

the 5 day delay is your bank not paypal.

I know, why do you think this is?

Whilst your money is umm waiting clearance the banks can invest it, get interest on it etc. Oh and the off chance you have insufficent funds to pay a bill in the mean time they can also charge you

how in blue blazes does that work ?

[bob_a_builder]

how in blue blazes does that work

Quite profitably thank you ...


"The UK is now taking longer to clear payments than almost any other G10 country. It should, given today's technology, not take three days for a customer to clear a cheque or receive an electronic payment."

Why does clearing take so long? With cheques, there is a physical transfer as well as an electronic exchange of funds. According to the Association of Payment Clearing Services, which operates the UK's clearing systems, paper transactions are processed in a three-day cycle. On day one, the cheque is processed and the information is passed electronically through a data exchange network. The next day, the cheque is delivered to a centre where banks exchange customers' cheques. On the third day, bank staff review the cheque presented for payment and make decisions about whether to pay or return it. Settlement between the members, for the net values of the cheques exchanged between them, takes place over their Bank of England settlement accounts on day three.

In total, nearly 12m cheques are written every day and about two-thirds pass through the inter-bank clearing. Given the volume of exchanges and the physical element of a paper transaction, this can never be an instantaneous process, so a two or three-day delay is understandable.

The same cannot be said for electronic payments. While cheque writing is a dying art, BACS handles 3.5bn transactions a year. This number is to increase to 5bn by 2006. On a busy day, the system deals with 60m transactions. But why does it still take up to four days for a BACS payment to clear? Unsurprisingly, it all comes down to making money.

The Federation of Small Businesses has accused banks of stalling the process to gain extra profits, and the Consumers' Association estimates that banks make more than £30m a year in interest from investing money sent by electronic transfer."

Source

[Shaun]

Originally Posted by Chrysalis

the 5 day delay is your bank not paypal.(

It's a combination of the two - Paypal send payments to bank accounts by BACS wich take 3 days, where do the additional days come from? I'll leave that one to you.

Back to my point - using paypal isn't instant in all cases and in some can cost you alot of money when they decise to mess you account up and won't believe you when you ring them.

Bunch of crooks if you ask me.

---------- Post added at 10:12 ---------- Previous post was at 10:01 ----------

Originally Posted by bob_a_builder

In total, nearly 12m cheques are written every day and about two-thirds pass through the inter-bank clearing. Given the volume of exchanges and the physical element of a paper transaction, this can never be an instantaneous process, so a two or three-day delay is understandable.

Three days is not understandable at all in this day and age.

When you pay in your cheque at most banks now the details on the bottom of the cheque (cheque number, sorting code and account number) are scanned/typed in at the point where you had it over. The amount of the cheque is also typed in. This data could be used to pass the request for payment to the paying bank and authorised over night (if there are sufficient funds/the cheques not been stopped/the account closed etc.). The scratty bits of paper we call cheques could then take a leisurely wander through the system until they reach the filing cabinet where they will spend the next 8 years before being shredded.

The bit’s of paper are now superfluous to the whole process they’re just files away and never see the light of day again.

The data is already entered into the system in most banks so why aren't they using it? they manage it abroad but not here.

Rip off Britain anyone?

Edit- and if you still doubt me:

British banks are bottom of the European league when it comes to processing consumer payments. In Belgium, Denmark, Greece, Spain, Finland and the Netherlands, electronic payments are cleared on the same day. In Sweden, the clearance process can take just a couple of hours, with payments made in the morning appearing in customers’ bank accounts that afternoon.

Furthermore, when payments are made, the money goes out of one account, but does not immediately appear in the supplier’s account, posing the question as to where the money goes to. The FPB believes that, with the technology available today, having to wait days for payments to process is simply unacceptable.

http://www.fpb.co.uk/YZ8E1hdoMhH4Xw.html

Edit - Edit - Even the OFT agrees with me -

The Office of Fair Trading has had enough and has demanded that banks, which allegedly cream off £25 million a year in interest during these payment delays, come up with a way to push electronic transfers through in less than 24 hours. They have six months to come up with a solution. Meanwhile, the watchdog will turn its attention to the lumbering cheque-clearing cycle.

http://www.tiscali.co.uk/money/guard...ercheques.html

[Chrysalis]

correct I think the paypal side of transfer to a uk bank account still has a 2 or 3 delay my apologies but the rest is our banks.

also with cheques I have never seen one clear in 3 days with my bank its usually 5 to 10 days.

[AndyCambs]

Originally Posted by Chrysalis

correct I think the paypal side of transfer to a uk bank account still has a 2 or 3 delay my apologies but the rest is our banks.

also with cheques I have never seen one clear in 3 days with my bank its usually 5 to 10 days.

Bank with Nationwide - cheques paid in on Monday earn interest after three days, and can be drawn on from the same date. Look here https://nationwide.custhelp.com/cgi-...GFnZT0x&p_li=1

[Chrysalis]

yeah in process of changing banks, but I was pointing out banks are clearly profiteering of the clearance process by extending the time for clearance.

[AndyCambs]

Originally Posted by Chrysalis

yeah in process of changing banks, but I was pointing out banks are clearly profiteering of the clearance process by extending the time for clearance.

Thats why i choose Nationwide for a start - the big four banks (and some of the others like HBOS) charge far too much for transactions. Nationwide is still thank goodness a mutual organisation

[Shaun]

Originally Posted by AndyCambs

Thats why i choose Nationwide for a start - the big four banks (and some of the others like HBOS) charge far too much for transactions.

Which transactions?

[punky]

eBay has banned the use of Google Checkout in its auctions...

Seems it won't be the PayPal killer after all...

[Chrysalis]

I wouldnt replace paypal with google checkout, I know many hate paypal and think its evil, but remember google checkout is new, not matured and has hardly anyone using it.

[zinglebarb]

I just set up a google checkout account cuz ebuyer are giving you a tenner off if you place an order over 30 quid

[Paul]

Did mine yesterday lol, got a cheap HD on the way to replace the one that melted recently Mind you it was about 7 years old so I suppose it was about time