How to Cancel a Paypal Transaction From My Bank Account

How to Cancel a PayPal Payment Mistakenly Sent to the Wrong Person.

How to Cancel a PayPal Payment: It can be super frustrating to send money to anyone and later realize along the line that there was a mistake somewhere. If you have already made payment to someone via PayPal and might be wondering if it is possible to cancel the payment, the answer is yes. However, there are some rules to that. Do read on to find out everything you need to know.

What Is PayPal?

PayPal is anelectronic commerce company that facilitates payments between parties through online transfers. PayPal allows customers to establish an account on its platform, which is connected to a user's credit card or checking account.

Once identification and proof of funds are confirmed, users can begin sending or receiving payments to and from other PayPal accounts online or through the company's app.

How PayPal Works

PayPal offers payment services and solutions for both personal consumers and businesses. The company allows personal consumers to shop, make payments, and transfer money with relative ease. Users need an email address to sign up for an account and must provide a credit card, debit card, or bank account to complete the setup.

PayPal verifies all the information to make sure the person setting up the account is the rightful owner before the service can be used. PayPal account holders can use the company's website or mobile app to transfer money to others using the recipient's email address or mobile phone number.

Shoppers can choose the PayPal option to complete purchases online if the retailer has the service. Transactions are completed within minutes and the company promises that transfers are available for payment or withdrawal to a bank account immediately. PayPal also offers businesses a range of solutions for their day-to-day operations.

This includes payment portals for both online and in-person transactions, business management solutions, as well as credit and financing options.

Business owners must also provide an email address in order to create an account. PayPal attempts to make online purchases safer by providing a form of payment that does not require the payor or payee to disclose credit card or bank account numbers. Therefore, money is secure, privacy is protected, and, since the customer base is so large, transactions are faster than traditional methods.

How do I Know if PayPal Payment has been Claimed?

If you believe that you have sent funds to the wrong PayPal email address, that is currently owned by someone, you can tell whether the payment has been confirmed or not as all unconfirmed payments will have an option to 'Cancel' within the action column of the transaction in question.

Is it Possible to cancel a PayPal payment?

You can cancel a PayPal payment, but only if it's the type of payment that needs to be accepted. Additionally, it only works if you catch it before it gets claimed. Once the money is in the other person's account, you can no longer cancel the PayPal transaction but you still have a few options to refund it.

Unfortunately, the conditions required to cancel a PayPal payment are pretty specific. There are only a few situations where payment needs to be claimed.

• The recipient's email doesn't have a registered PayPal account. As soon as it's registered, the transfer is complete.
• The recipient's email is not verified. As soon as it's verified, the transfer is complete.

Fortunately, this covers a major reason why you'd want to cancel a PayPal payment: entering the wrong email address. If the email address doesn't exist the money will stay in limbo, and even if you don't cancel it the payment will automatically be returned to your account after 30 days. If the email address does exist, you need to cancel it quickly before it gets claimed.

How to cancel a pending PayPal payment

The first thing you need to do is log into your PayPal account and navigate to theActivity page. This page lists your past transactions, and you should be able to find the payment you want to cancel somewhere on the list.

Note however that if the payment has not been claimed, there will be a small Cancellink. Click it, thenCancel Payment on the next page and your money will be returned to your account. If there is no cancel option, that means the money has already been claimed and you'll have to try something else (see the next section).

Where will the Money be Refunded to?

Although you will get your money back, it may not return to the same place it came from. PayPal automatically withdraws money from your bank account when your PayPal balance is insufficient, and instead of returning the money to your bank, it will appear in your PayPal balance. From there, it's easy to transfer it back to your bank account, although it may take a few days.

How to cancel a recurring payment on PayPal

Recurring payments, like subscriptions, are easy to set up on PayPal. However, when your subscription ends you may need to cancel the PayPal transaction in addition to canceling the subscription with the business itself.

There are two ways to do this, and the first is very similar to the method listed above. The only difference is that you need to filter forAutomatic Payments on the Activity page. The other way to cancel a recurring payment on PayPal is completely different. You still need to log into the website, but that's the only step the two have in common.

Once logged in, click on thesettings cog in the upper right part of the screen. Then, clickPayments in the top middle. After that, clickView next to Manage your Automatic Payments and a new page will open.

From there, click the name of the business you have the recurring payment with, thenCancel. Note that you have to cancel the recurring payment at least 24 hours before it's scheduled to occur. You can still cancel the subscription, but the next payment may still be sent.

READ ALSO:

• How to Pay At Gas Stations That Accept PayPal
• Restaurants That Accept and Don't Accept PayPal
• PayPal Credit Card Review
• How to Transfer Money from PayPal to Skrill
• Can I Use PayPal at Pizza Hut

Conclusion

If for some of the already mentioned reasons, you are unable to cancel the Paypal payment, there are a couple of ways to get help. The ideal situation here is if you know and trust the recipient. Simply ask them to refund the money. It's easy for them to do from the Activity page, and won't cost anyone any money.

If the retailer denies your refund request, you can report an issue in PayPal's Resolution Center, where a customer service representative will have a look at your case. This doesn't guarantee you will get your money back, but PayPal is generally good about granting customer requests within reason.

How to Cancel a Paypal Transaction From My Bank Account

Source: https://suntrustblog.com/how-to-cancel-a-paypal-payment/

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