There are many factors that can affect the overall time of closing a transaction on PEXBANK. Now, some of the factors do not depend only on the standing of the account and actions of the receiver or the sender, but also on the standards of the payment system like PayPal and its many counterparts out there. In this article, we will focus a little more on PayPal being the most popular electronic payment system while highlighting similar state of affairs for other payment systems.
Beyond the factors listed below, payment can be closed in record time from instant to maximum time of 10 minutes or less. Else, you really have to learn some patience or you will not be successful with most of your exchange transactions. Sharing our experiences in facilitating over #80 million worth of transaction, let’s review the following factors causing delay to fast payment deliveries:
1. Knowledge of the Payment system.
The knowledge difference between the receiver and sender on how the payment system works makes a huge difference in how fast payment is completed. If your transacting partner does not have as much understanding as you do, which is usually the case, your remedy is to cancel the transaction or to be patient and help your partner learn. There are simple ways to do this – share with your partner a link to an article teaching how to complete the payment, or help them learn through you. The payment may not be completed as fast as you wish, but you’ll make some progress.
After this, repeated transactions from people you’ve dealt with before will be concluded in record time. Everyone has a first time and it gets better after. Other times, an experienced user is only experienced in his preferred area of activity. Once he intends to explore another method of payment say through ‘invoicing’, he has to do some learning too.
In conclusion, when you get to this point with a novice, find a way to make things work or accept deals only from those whom you have dealt with before.
2. Status of the sending or receiving accounts.
After initiating an active transaction on PEXBANK, whether you are receiving or sending payment, the standing of your payment account matters a lot. If a user’s account is unverified before a transaction, chances are that verification may be required before your transacting partner is allowed to send the payment and this might bring a very long delay.
Usually, this is the reason why many issues arise in a transaction, with several suspicions that lead to scam eventually. This is why it is not an option to transact without PEXBANK as your escrow partner where payments can be canceled and refunded while your partner takes care of issues with his account. Once your payment is refunded, initiate another transaction with another dealer. Please note, you can cancel as many transactions as possible on PEXBANK because you do not know if your next partner will have the same issue.
There is a maximum transaction timeline of 48 hours at most. If your partner does not agree to a mutual cancellation for your order, you will be allowed to cancel the order directly by yourself after 48 hours and that will come at a penalty to the defaulting partner.
3. Restrictions/limitations by the payment system.
For the reason of checks and balances, a payment system may implement certain limitations to control how business is done or how money is moved around. This is often to prevent fraud, cyber-attack and other scam attempts to user accounts thereby protecting the individual. These limitations include:
- Payment hold and review – usually for a period of 24 hours, payment from or to the unverified accounts can be put on hold to review suspicious activities.
- Sending limit – There’s usually a set limit to the volume of payments an account can send out per day which increases often as the status of the account and compliance by the account holder improves or meets certain requirements to lift the limits. Once this limit is met, if the sender opened an active order with you on PEXBANK, he may not be able to complete your payment on record time as you expected.
- Clearance hold on newly received payments – You may have an active order on PEXBANK with a user that has just received payment and is excited to send money to you. As experience on PayPal, the user may find it difficult to send that payment till after 2 to 3 days. If you’re impatient simply request that the transaction be canceled so that you can find another dealer. PEXBANK just gives you so many options.
Keep in mind that if you are always in a hurry for a quick transaction, be prepared to see many losses, scams and a lot more frustrations if you are not dealing with PEXBANK where you have options to cancel as many deals as possible that might take too long. PEXBANK provides you with a host of many other potential dealers who’s accounts are relatively in good standing and very operational (see their reviews), support your transactions, stake your protection against scam and fraudulent vices and speeds up your transaction in record time without potential losses or hidden charges.
There may be other restrictions that you might have the experience that is not mentioned here. Please, write us a comment highlighting them to contribute to the knowledge of our community.