Giving small businesses the opportunity to receive payments from customers easily, PayPal also gives you the option to cancel a pending payment in just a few easy steps. Being effective for domestic and international transactions, there might be occasions wherein you would want to cancel a payment you have already made but is currently pending. In this article, I will tell you how to cancel pending payments on PayPal.
PayPal is widely used for payment systems. It makes paying bills, payments, and even receiving money easy and convenient. Created in 1998, PayPal gives you the option to add your bank account so that the transactions are hassle-free and super convenient.
However, there might be occasions where you change your mind regarding payment, or you suddenly realise that it was made to the wrong account or with the wrong amount. What would you do in those cases? Well, for starters, you must check if your PayPal transaction is under review because, if it is, only then you would be able to cancel your payment.
In this article, I will tell you all about PayPal and How to Cancel Pending Payment on PayPal. But first, let me tell you why PayPal is used extensively.
Why Use PayPal?
PayPal allows small businesses to transact with their customers efficiently and effectively. It has taken the small business financing world by storm. However, there are plenty of reasons why people use PayPal. Apart from being a tool that provides numerous benefits that make it more efficient and valuable, it is also widespread, making it easier for business owners to receive and pay money to vendors or customers worldwide.
The most important plus point with PayPal is that the security system is super-advanced, and it keeps your money safe while transferring. It also keeps your account details secure, and you get the option to get the money transferred directly to your bank account. Needless to say, PayPal is super fast and efficient.
How Does It Work?
Before I move on to tell you how to cancel pending payment on PayPal, let me first brief you with the basics. Knowing how it works is a primary aspect, and you as a user should be well-versed with the same.
First, let me tell you how you can create a PayPal account. Creating an account has a different procedure for both individuals and business owners –
Create PayPal Account
- Go to the PayPal website and sign up for that.
- Select an Individual account
- Enter your phone number and required details.
- Follow the instructions to complete and verify your account.
- To verify your account, you need to link your bank with it.
- To verify your account, you need to link your bank with it.
For Organizations or Businesses
- Go to the PayPal website and click on Sign up.
- Select Business Account in the option.
- Choose from the menu, the type of payments you are looking to receive and your annual sales volume in USD.
- Next, enter in your email address and provide required details to be filled in about you and your business, then hit Continue once you are done.
- Using the menu, provide additional business information like your business PAN and date of formation, and once complete, press Continue.
Whether you are registering as an individual or as an organization or business, you need to complete a verification process in both cases.
Next up, comes how to send money Via PayPal. This is a crucial aspect, as this is what the tool has been developed for.
How to send money via PayPal
Sending money through PayPal is easy; it can be done in the following steps –
- Select the Send button from the PayPal app or your online PayPal account
- Enter the asked details of the person you want to send money to. Also, there is a feature to scan a QR code that directly brings you to the receiver’s account details.
- Enter the amount and message if you want to send some with money.
- You’ll be asked what your PayPal online payment is for: “Friends and Family” or “Goods and Services.” Then, the site processes the given inputs to ensure all the details are fine.
The payments are mostly made instantly or within a few minutes, but sometimes it shows that the PayPal transaction is pending or the PayPal transaction is under review. But why does this happen? On such occasions, you might come to think, why is my PayPal transaction pending?
Why Is My Paypal Transaction Pending?
When you send the money according to the steps mentioned above, you are giving access to get that much amount transferred from your account to the other users’ account. However, this process takes up some time, and meanwhile, the status it shows is ‘PayPal Transaction Pending’ or ‘PayPal Transaction is under review.’ This process takes place because of security reasons.
However, if it is taking a much longer time than it usually does, and you are thinking why is my PayPal transaction pending, then here are some reasons as to why something like this could be happening –
- First-time seller – If you’re new to PayPal, it takes time to identify if you’re a genuine, trusted user or not. As time passes, and you make more frequent payments, your account will be more secure and process your transactions faster than in the beginning.
- Inactive – If you’ve been inactive for a while, PayPal identified your account because of the lack of activity. In inactive accounts, there could be a delay in payments, and thus, this could be one of the reasons why your PayPal transaction is pending. Once you rebuild your activity, it will automatically make the transactions normal.
- Bad Feedbacks – If multiple customers file for a refund, dispute, or chargeback, PayPal takes time to verify your payments so that there are no conflicts, or bad reviews by other users.
- Inadequate Information – If PayPal has inadequate or improper information regarding your account, such as addresses, bank accounts or any other mandatory information, then it might take a long time for your payments to process.
Moreover, if you are making a payment through an e-check, even then it could take a longer time than usual for PayPal to process your payment. But here, it is also crucial to know and understand how long does PayPal Pending take to clear?
How Long Does Paypal Pending Take To Clear The Payment?
If there is any issue with the payment being made through PayPal, it will mark it as Pending. If there is any significant issue with your transactions, PayPal would generally clear the pending status within 7 working days. However, in a lot of cases, it can also take upto 21 days.
In a nutshell, the time period for which PayPal can keep your transaction under review is 7 days to 21 days. If the payment does not get transferred after this time, you must get in touch with customer care as they will provide you with further assistance.
However, PayPal could also keep your transaction under review. Now, what would this mean? And under what circumstances does PayPal keep your transaction under review?
Paypal Transaction Under Review
As easy as it is to make payments through PayPal, this online payment processor is exceptionally safe and takes good care of security breaches. When PayPal detects risk by any transaction, it is marked as a transaction under review. The transaction is checked thoroughly and investigated, and PayPal either processes the transaction or denies it as per the result of their survey about it. You will usually be notified of the payment review resolution within 24 hours. Till then, your PayPal transaction is under review.
However, there are plenty of measures you can take to ensure that there is no delay in the payments.
How Can You Prevent The Delay Of Available Funds?
If you experience ‘paypal transaction is under review’ plenty of times, there are a few things you can take care of. Some of them are:
- Always check your emails if any alert has been popped up from the PayPal side.
- Prevent refunds, disputes, and chargebacks.
- Communicate and provide good services to customers to get good feedback.
- Don’t be inactive if you want to continue the services effectively.
However, there could be occasions when you could be dubious about a payment, or you suddenly realise and wish to cancel the payment. At such times, you might want to know how to cancel Pending Payment on PayPal. Well, the process is easy. However, a few pre-conditions and situations must be taken care of if you wish to cancel your payment.
When Can You Cancel A Paypal Payment?
Before moving on to how to cancel pending payment on PayPal, it becomes imperative to know in which situations can you cancel an already processed payment. As easy it is to make payments, both domestically and internationally. PayPal also gives you the option to cancel certain payments. However, certain kinds of payments can’t be cancelled.
To cancel a payment, the first and foremost thing to check is whether they have been claimed or not. Once you transfer a given amount, and the status shows as ‘completed’, the money is already in the person’s account. In this case, it is obvious that you can’t cancel the payment. All you can do is request for a refund.
Transactions with PayPal are super easy. However, there are only 2 conditions under which you can cancel your transaction and get your payment back. The 2 conditions are –
- If your payment is pending.
- If the transaction is still under review.
However, in a lot of cases, if the payment gets through, but the user on the other side has not claimed it, even then it becomes a situation wherein you can easily claim your money back. The situation where a payment needs to be claimed arises when the recipient does not have a registered PayPal account, or the email or any other important information is not verified.
Now that you know in what situations you can cancel your payment, let me tell you how to cancel pending payment on PayPal.
How To Cancel Pending Payment
If you change your mind about a payment that has already been made, you can cancel it, as long as it is at the awaiting stage.
So to cancel the transaction on pending stage, here are some easy steps you can follow:
- Sign in to your account with your credentials.
- Go to Summary.
- Locate the pending payment
- Click Cancel under the pending payment.
- Click Cancel Payment.
If your transaction has not reached your bank yet, allow 3-4 working days for the money to appear in your balance. Once the payment is in your credit, you can withdraw the funds and put them back into your bank account.
However, PayPal is highly automated. If there is a payment which hasn’t been processed and is pending for 30 days or more, PayPal cancels it automatically, and the money gets refunded back to you.
How To Cancel A Recurring Payment On Paypal?
There might be situations wherein you take a subscription, and the money gets deducted from your PayPal account automatically, as per your instructions. If you wish to change your mind regarding the same at any time, you can easily cancel the subscription. All you need to do is follow these easy steps –
- Once logged in, click on the username button, which is there in the upper right corner.
- Click Account Settings.
- Navigate to Payments
- Now go to Set Automatic Payments
Here, you would get the option to cancel the recurring payment easily.
I Can’t Cancel a PayPal Transaction. How Can I Get the Money Back?
As I said, you can get the money back only under specific conditions. If in a situation where you have made the payment, and the party on the other side has received it, then you are not left with many options.
Emailing them and requesting them to return or refund it back remains your only option. If they do not return the money, you can file a PayPal dispute, and then the decision remains in the company’s hands.
You can also use the Request Money tool on PayPal to ask kindly for the amount to be returned. This way, transparency is also maintained, and PayPal can observe the interaction between you and the opposite party.
We are fortunate enough to live in a world where we can do anything with the mighty weapon, the Internet. This even includes making and receiving payments with just a single click. Online payment processors like PayPal have made our lives much easier. Transacting money has been a cakewalk with PayPal; however, there might be situations when you could have made a wrong payment. In such a situation, you might wish to cancel the payment and know how to cancel pending payment on PayPal. If you follow the steps above and take care of the preconditions, cancelling the payment would not be a hefty task. But it is always best to check the receiver, the details and the amount you are transferring so that situations like these rarely occur.