Sent the payment to a wrong email address on PayPal or of the wrong amount and want to cancel it? Or simply want to get the money refunded for XYZ reason? Any of the situations you have lent in, this article will help you come out of it. Let’s check out the various scenarios in which you will need to cancel PayPal payment and the steps on how to do it.
Is It Possible to Cancel Paypal Payment?
Yes, it is possible to cancel a payment on PayPal but there are some conditions to it. You have to cancel the payment before it is claimed. Once it is claimed then the money will be in the recipient’s account and you can’t cancel then.
If the recipient is not having a registered PayPal account then he has to accept the Claim to get the money. If the recipient creates a PayPal account then the transfer will get complete and you can’t cancel the transaction then.
If the recipient email is not verified then you can cancel the payment but if it gets verified then the transfer will be done and then you can’t cancel the payment.
It is possible that you sent the money to the wrong email address. Now, if that email address exists and the opposite person claims the money then the transaction will be complete and then you can’t cancel it.
If there is no such email address then money will be automatically returned back to your account after some days and you won’t need to cancel it.
Steps for Cancelling a Pending Payment
First of all, you have to log in to your PayPal account. After successful login, go to the Activity page. Here, you will see all the transactions done in the past. Look for the recent transaction that you want to cancel.
Now, there will be a Cancel link across the payment if it is not claimed by the recipient. If it is claimed then you won’t see the cancel button. If the cancel button is there then that means that you can cancel the payment and the money will be returned to your account. Click on the cancel button and you will get confirmation about the same.
After canceling, the money will be returned to your PayPal account and won’t go directly to your bank account. You can check your PayPal balance to see if the amount is shown or not.
When you do the payment, the money will be deducted from your bank account but when you cancel the payment, it will be returned back to your PayPal balance and from there you can manually transfer it back to your bank account. It may take a few days to get the money back in your bank account.
Steps for Cancelling a Recurring Payment
Recurring payments are a good way to continue our service to any business without going into the hassle of doing the payment every month. It allows us to set a recurring cycle of 12 months or so and every month, the payment will be automatically deducted from your PayPal account and you can enjoy the service.
If you have taken any subscription and are making recurring payments then you may need to cancel it sometime. If you are not enjoying the service then you can cancel the recurring payment to the business and stop the payment.
Also, when your cycle is about to end, you have to cancel the subscription. For example, if you have used the service for 1 year so for the next 1 year, it will be auto-charged. If you want to discontinue then you have to cancel the subscription.
For this, you have to log in to your PayPal account. Then, go to settingsà Payments. You will see the option of Manage your Automatic Payments. There will be a View button beside Manage your Automatic Payments, click on the View button and a new page will open up.
Here, you will see a list of all the businesses with whom you have set up the recurring payment. There will be Cancel buttons across those businesses. Click on the cancel button for the one that you no longer want to continue the service.
After successful cancellation, you won’t be charged for the next month or the next cycle.
One thing you have to note here is to cancel the subscription at least 24 hours before the due date. Cancellation will still happen but the money might be deducted. So to avoid this situation, set a reminder, and cancel it before 2 days to be on the safer side.
Also Read: How to Use PayPal on Amazon: Know it Today
How to Get the Money Back When It Is Already Transferred?
If your money has been received by the recipient then you can mutually settle the matter on your own. Let the recipient know to refund the money, he has to simply go to his account and refund it. If he is willing to do so then you will get the money back in some days.
If you have paid to any retailer via PayPal then you can contact the customer service team of that retailer and they will help you out. You can find the contact details on their website and just reach out to them. You will need to return the product but no need to worry, they will guide you through the process and you will get your money back.
If the retailer denies your refund request then you can report this to PayPal and they will do something to resolve the issue.
So, here was an overview of how to cancel PayPal payment. So, next time if you make any mistake or want a refund in any case then no need to worry, just check out the above steps and follow them to solve the issue.
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