Follow these simple steps to cancel a PayPal Payment:
- Step 1: Log into your PayPal account.
- Step 2: Click on the “Profile” tab at the top of the screen.
- Step 3: Click on “My Money.”
- Step 4: Click on the “Funding” tab, which is found in the left-hand sidebar.
- Step 5: Under “Pending Transfers” locate your pending purchase and click “Cancel.”
- Step 6: When the second pop-up window appears, click on “Cancel Transaction.”
- Step 7: Click “Ok” on the confirmation window.
You Have Successfully Canceled Your Payment.
If you have made a payment for an item that you no longer want, there are several ways to cancel the transaction. You can ask PayPal to stop processing what appears to be a legitimate transaction.
If the purchase was made through your bank account or credit card, however, it might not be possible to stop what seems like an authorized charge because the money has already been taken out of your account. It’s best to act as quickly as possible once you realize you don’t want what you purchased; otherwise, the seller will receive their product and be under no obligation to reimburse you. One thing that makes PayPal transactions different is that they must be canceled within 60 minutes of initiating the purchase or there’s nothing anyone can do about it.
What Can You Do to Cancel a PayPal Transaction?
The first thing you can do is contact the seller and ask them if they would be willing to cancel the transaction. Sometimes, what seems like an unauthorized transaction might not be so at all. If for some reason, the seller cannot cancel the PayPal transaction, there are several other things you can do:
1. Contact PayPal directly. You will need to provide your email address or mobile phone number that was used to open your PayPal account as well as any additional information needed to verify your identity on their site. Once they have confirmed your identity, you should see an option on their site that will allow you to report what appears to violate one of their rules or policies prohibiting transactions that involve items that were either stolen, mis-shipped or never received.
2. Report what appears to be a fraudulent transaction to your bank. You will need to provide your bank information and any additional information needed in order for them to take the next steps that could include stopping the payment from going through completely or placing an “investigation hold” on your account while they try to figure out what happened with the purchase you made.
What are the Issues Associated With Canceling a PayPal Payment?
PayPal transactions can be canceled for a variety of reasons, though there are several limitations to this process.
When filing a dispute to cancel a transaction or stop payment on an unauthorized or mistaken PayPal transaction, it is important to know what you can and cannot cancel.
Canceling Transaction Limitations:
To cancel any PayPal transaction, the buyer must file a complaint within 180 days if the problem is not resolved. This applies even if their bank puts a block on the funds and refunds them back into the account. According to eBay, if your bank returns funds from a canceled PayPal purchase back into your bank account, you won’t be able to file for an Item Not Received (INR) refund through PayPal. You will have to return the funds back into your PayPal balance before initiating another INR request.
How to Prevent Paypal Payments Issues in the Future?
Every time you pay for something using PayPal, there’s a chance that the money will be deducted from your account but not credited to the seller. In other words, there is a possibility of having a PayPal payment issue. In this post, we’ll teach readers how to prevent PayPal payments issues in the future.
In order for pay pal protection to work all users need to have an active pay pal account. If one doesn’t have a Paypal account and wants to pay online they can sign up for free at https://www.paypal.com/home/. The first step is signing up with pay pal or linking their credit card/bank account, After completing this process all buyers must turn on pay pal buyer protection before placing any pay pal payments.
In pay pal protection, PayPal has a policy that protects buyers from their funds being taken away by online transactions made pay pal. In the event of a pay pal payment issue happening PayPal will hold the money in a safe account until the issue is resolved or refunded back to the buyer. This process may take 45 days or longer and result in fees charged. To avoid PayPal payment issues users need to turn on pay pal protection before completing a purchase.
Related Post:
How to Set Up a PayPal Account