PayPal is an effective application for sending and receiving payments online to friends, family, clients, and customers at home and abroad. However, sometimes a transaction needs to be canceled, either because the price was entered incorrectly or because of a complaint from the buyer. Here’s How to Cancel a PayPal Payment Transaction.
How to Cancel a PayPal Payment If It Hasn’t Been Claimed
Follow the steps below to cancel a pending or unclaimed PayPal payment:
- On your PayPal dashboard, find and select the payment you want to reverse on the Summary page. You will be taken to the Transaction details page.
- At the top of the page, there should be a Payment status. If the word next to it says Completed, you cannot cancel the payment, because the recipient has received the funds. If the text says Pending or Unclaimed, select the Cancel button.
- You are shown a screen for confirmation. Select the Cancel Payment button at the bottom. Your PayPal transaction will now be canceled.
Also Read: 5 Best Apps to Make Money PayPal
When Can I Cancel a PayPal Payment?
Unfortunately, you can’t reverse or cancel a completed PayPal transaction. Payment can only be canceled if it is marked as Pending or Unclaimed on the Transaction details page.
What Happens When PayPal Refunds Money?
If the PayPal transaction is canceled successfully, the funds are returned to you. If you made the initial payment using PayPal account funds or a bank account, the money will be returned to your PayPal account within three to four days. If you use a credit or debit card, funds are returned to the card balance within 30 days.
What to Do if You Cannot Cancel a PayPal Transaction
If you are unable to make a PayPal payment cancellation, you will need to contact the recipient personally and ask them to refund your payment. How you can send them an email using the address associated with their PayPal account. The final option is to file a dispute via the PayPal Resolution Center.
Also Read: How to Save Bitcoin on PayPal
How to Cancel a PayPal Subscription
If you have a PayPal Subscription subscription, which is officially known as an automatic payment, and you want to cancel it, it’s pretty easy to do this.
Canceling automatic payments only cancels future payments and will not refund previous transactions.
- From your PayPal dashboard, select the Settings gear icon in the top right corner.
- Select Financial Information from the left menu.
- Scroll down to Automatic payments and select the Manage automatic payments button
- Select the name of the automatic payment that you want to stop.
- You will be taken to the Billing Details page. Next to Status, select the Cancel link to stop recurring payments.