PayPal is one of the best online money transfer platform and so for that reason, am sure that several individuals will want to set up a PayPal account. The good thing is that setting up a PayPal account is free and do not require much from you.
PayPal is actually an electronic payment service that has been in use for more than 20 years now. With PayPal, you can send and receive money online easily. Sometimes, a mistake might occur and you send the money to the wrong person. If this is the case with you, you might surely be looking for ways to cancel the PayPal payment.
Want to cancel a PayPal payment? then stay glued to this article as I will show you how to do so in a few steps.
What is PayPal?
According to Wikipedia, PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers, and serves as an electronic alternative to traditional paper methods such as checks and money orders. The company operates as a payment processor for online vendors, auction sites and many other commercial users, for which it charges a fee.
How Does PayPal Work?
Between you and a bank, PayPal acts as a middleman. A user can choose which bank account to debit when making an online payment after adding a bank account or credit/debit card to the PayPal system. All transactions are handled by PayPal rather than your bank.
In conclusion, we can say the following about PayPal
- Enables online and in-person payments for goods and services
- Provides a way to send and receive money internationally
- Ensures various levels of digital security and payment protection
- Charges a variable and/or fixed fee for services rendered.
Can You Cancel a PayPal Payment?
PayPal is an online payment service that allows you to send money from your PayPal balance to someone's else PayPal account for a small fee.
With PayPal, you can make payments for goods and services quickly and easily due to the fact that PayPal is integrated with many e-commerce websites therefore allowing you to make payments.
Generally, it is not possible to cancel PayPal payments sent from your PayPal account and in most cases, the payments made from your PayPal account are completed immediately and so cannot be canceled.
Nevertheless, in some cases, the receiver needs to take some action in order to accept the money you sent and finalize the payment. You can cancel a payment and the money will be back in your account right away as long as the person you paid the money to hasn't claimed it.
The above situation is very rare as in most of the cases, the funds will reflect immediately in the receiver's PayPal account and will be ready for use.
Which Types of PayPal Transactions Can Be Canceled?
You are able to cancel any type of PayPal transaction as long as it is still pending. Since the receiver has not yet accepted the money you send, you can cancel the PayPal payment in your activity menu.
It is necessary to note that as soon as the receiver receives accepts the payment, it will finalize immediately and you will no longer be able to cancel or reverse it.
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How to Cancel a PayPal Payment
Anytime you enter someone's email address to send a PayPal payment to them, there must be a PayPal account associated with that email address and in if this is not the case, the payment will remain pending until the person you sent the payment to, creates an account and accepts the payment or until 30 days have gone by.
In case the recipient fails to accept the payment within 30 days, it will automatically be canceled and the money will be sent back to your account.
If there is already a PayPal account linked with the email address you entered, the payment will generally be automatically accepted and completed.
However, some people have set up their PayPal accounts such that some payments submitted to them are not automatically accepted. If this is the case, your payment will not be considered final until the recipient manually accepts it.
Before they do this or before 30 days have passed, you have the option to cancel the payment at any moment. It will automatically expire after 30 days.
You can follow the steps below to cancel PayPal payment that has not yet been accepted:
- Log in to your PayPal account
- Click the Activity button at the top of the screen
- Look for the pending payment you want to cancel
- Click Cancel
- Click Cancel Payment to confirm.
NOTE In case the payment is not marked as pending, then the money has already been accepted by the seller and you cannot cancel the payment. You will have to request a refund instead.
How to Cancel a Recurring PayPal Payment
In PayPal, there is an option that allows you to schedule payment so that you can pay someone regularly.
The only difference lies in the fact that they are done by the software, recurring payments are the same as normal payments. This means that the steps involved in canceling recurring PayPal payments is the same as for any others. Do not forget that if the receiver has already accepted previously sent payments, you cannot cancel them since they have already been finalized.
Recurring payments that are set to occur in the future can always be canceled because no money has yet been transferred. Just a future money transfer is planned by the software. Future recurring payments that have not yet been sent can easily be canceled.
You can follow the steps below so as to cancel future recurring payments on PayPal:
- Log in to your PayPal account
- Select the button with your username on it in the top right side of the screen
- Choose Account Settings
- Click Money, Banks & Cards
- At the bottom of the list click Set Automatic Payments
- Choose which recurring payment to cancel
- Click Cancel.
It is necessary to cancel recurring payments at least 24 hours before the next scheduled payment to make sure it doesn’t get sent.
Final Thoughts On How to Cancel a PayPal Payment
PayPal is one of the best online money transfer platform and so for that reason, am sure that several individuals will want to set up a PayPal account. If you are one of them, just know that you have fallen on the right article as I will show you how to do so.
Generally, there is no method of how to cancel a PayPal payment. The best you can do is to ask the receiver to send your money back to you. However, for pending payments, you can always cancel the payment as long as the receiver has not claimed it and the payment has not been finalized.
You can also cancel future recurring payments easily.
Frequently Asked Questions
Can I withdraw money from PayPal to my bank account?
Yes you can withdraw money from PayPal to bank account and when requesting your PayPal balance be transferred to your bank account, you can choose an instant transfer (for a fee) or a standard transfer, which can take longer.
How do I deposit money into PayPal?
Go to the Wallet. Select Add Cash while you're at the store. Choose a store. Get a barcode and show it at checkout. Let the cash flow. Money will be added to your balance, usually within minutes.
Does PayPal refund money if scammed?
Does PayPal refund money if scammed? Protection you can count on. If you don't receive the item that you ordered, or it shows up significantly different from its description, you may qualify for Purchase Protection, and we'll reimburse you for the full purchase price plus any original shipping costs, subject to terms and limitations.
Can I withdraw money from PayPal at ATM?
With PayPal's Debit MasterCard you can withdraw cash from most ATMs. PayPal Debit MasterCard is only available for customers from the US. Select Checking Account when withdrawing money from an ATM. You can withdraw up to $400.00 USD from your PayPal account from an ATM each day.