PayPal is one of the leading platforms and apps you can use to send and receive payments without giving your bank account information. And even though the platform is pretty easy to use, sometimes it can happen that you have unclaimed money on your account. So how to claim money on PayPal? Keep reading and see how to claim unclaimed money on PayPal.
To claim money on your PayPal account, you need to go to your Dashboard and click on the “Pending” button and then click “Approve.” If you have received money via PayPal and you don’t have an account, you will have to set up a PayPal account first.
You can also claim money on PayPal if you think something is wrong with that payment. You can also request money through PayPal. Here is how PayPal transactions work.
If You Have Unclaimed Money on PayPal, Here is What You Need to Do?
One of the most common situations where you will have to claim money on PayPal is when someone sends you money, but the transaction is not done until you approve it. In this case, on your home page, there will be a pending transaction. Once you click on that transaction, the message will appear asking you to accept the payment. This means your account is set up to receive payments manually and that you will have to do this process every time you receive any funds.
What Is Unclaimed Money on PayPal?
It can happen that you have unclaimed money on PayPal after sending money to someone else or by purchasing something via the platform. Your transaction can be pending for numerous reasons, but you will be able to easily claim that money.
If your payment has a pending status, you can claim your money back by canceling the transaction. In other cases, if the transaction remains unclaimed for the next 30 days, PayPal will send money back to your bank account if you paid with a credit card or to your PayPal balance if you didn’t pay with a credit card. In short, here are the steps to follow:
- Sign in to your PayPal account,
- Go to the activity page,
- If there are pending transactions, click on them,
- Tap “cancel.”
What Are the Reasons for Funds to Be Unclaimed?
As we mentioned, the main reason for you to have unclaimed funds on your account is that your account is set up for manual approval of receiving funds. However, if you have other pending transactions you made towards someone else, there can be many reasons for that. If this is the case, you will need to check some things so you can send the money correctly. Here are the main reasons to have a pending outgoing transaction:
- Recipient of the money doesn’t have a PayPal account,
- Recipient hasn’t accepted the payment yet,
- Recipient hasn’t confirmed a bank account,
- The e-mail or the phone number you type in is incorrect.
How to Claim Money on PayPal with PayPal Me Link?
As you may know, you can receive money via PayPal without linking your bank account or credit card. However, you can not withdraw money without a bank account or credit card, and the funds you have on PayPal will have limited usage. Here is a step-by-step guide on how to request money on PayPal without a bank account.
|Step 1||Open a PayPal account|
|Step 2||Go on the home page|
|Step 3||Click on the “Request money” icon|
|Step 4||Choose to create the “PayPal me” link|
|Step 5||Generate a link|
|Step 6||Send that link to the person you want to send you money|
How to Verify PayPal Account
PayPal only accepts payments sent from verified accounts. Even though you can receive money without a bank account, it can happen that your transaction gets denied because you don’t have a verified bank account. Verifying a bank account or credit card is pretty simple and easy.
You need to go to your PayPal account and add a credit card or bank account. Type in the number of one or the other, and PayPal will charge you a small amount that will deposit on your balance. Once this is done, you will get to choose the verification method, and once you submit all the information, your account will be verified.
Is PayPal Safe to Use?
Even though all the payments via PayPal are made easily without many steps and complications, one must wonder, is this a safe way to send and receive money. Well, PayPal is probably one of the safest platforms there is, and it has excellent encryption technologies that keep all your information (credit card number and others) safely stored. Also, if there are any issues with some payments, you can always file for dispute and complain on the PayPal website. You can also report fraudulent activities and much more. Many people nowadays are using PayPal in their everyday business, and if some company has a long history of disputes, PayPal will charge them a dispute fee.
However, even though PayPal is an excellent way to send and receive money fast and with a minimum fee, it doesn’t provide other types of services banks or financial unions do. You can not get credit or a loan. Also, keeping large amounts of money is always a better option to do with banks or unions. PayPal is excellent for fast online shopping, and although many banks have introduced digital tools in their banking, sometimes the procedures and transactions can last longer or have a couple of steps more.