PayPal Holdings, Inc. is an American company dealing with online payments system. PayPal helps you with online money transfers and gives you an option to discard traditional paper methods like checks and money orders. The company takes the responsibility to process payment for online vendors, auction sites, and many other commercial users. It also charges a fee in exchange of interests like one-click transactions and password memory.
Through PayPal, small business owners can receive payments from customers, suppliers and vendors and can also make payments for essential purposes. PayPal, recently, is spreading its value to people who run their own companies, by entering into the finance sector. On few occasions, when you change your mind about a payment you have made or realize that you have made a payment to the wrong person, PayPal comes useful.
At such moments, when you need to cancel a Paypal payment, you need check that the transaction is in “Pending” or “Unclaimed” mode.
Steps to cancel a pending payment:-
You need to “Log in “on the PayPal sign-in page.
Type your PayPal email address and password to log into your account.
Click “Proceed to account overview” to access your account and cancel PayPal transfer.
Then you need to go to the “Summary” tab located at the top of the page and search the pending payment. If you notice the word “Completed” next to your payment, you won’t be able to cancel the PayPal payment as the transaction has already been made. However, there is still a chance if you see “Unclaimed” or the words “Hasn’t accepted yet,” next to your payment.
To cancel the transaction, you need to review the pending payment. If you cancel a PayPal transaction once, you won’t be able to reverse the cancellation.
Press “Cancel” under the pending payment transaction. Then you will be asked for a confirmation for cancelling the payment. Then click on the “Cancel payment” button to end the process and cancel your PayPal transaction.
You Need to Keep Few Things in Mind While Cancelling a Payment.
You need to contact the concerned person who has received he payment if you want to initiate a refund or cancel the order.
If the payment is already completed, you need to reach out to the company or individual who has received the money and ask to initiate a refund.
If the payment you have made is pending for more than 30 days, it will automatically get canceled and you will receive a refund.
Payments that are unapproved must be canceled within 24 hours of the next scheduled payment or your account will be charged.
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