Processing a credit... let's play with the time...

[Jules1979]

Friendly Greetings!

I am checking the infos, what changing and something changed...

The process credit was 3-5 business day without holidays, and it changed to 5-10 business day or more.
https://prnt.sc/DdsgrgZnDU-w
My feeling is: evolving backwards slowly and quietly...

And what is your feeling about this?

[Resi Pfeffer]

I dont really see a reason for transactions being that slow, other than them trying to keep the money as long as possible for obvious (greedy) reasons.

[Alwin Alcott]

3 hours ago, Jules1979 said:

And what is your feeling about this?

weren't the fees raised to guarantee the fast pay out ?... i wonder if it get cheaper by every day it takes longer....

[LittleMe Jewell]

The Knowledgebase says 5-10 business days.

https://community.secondlife.com/knowledgebase/english/account-balance-r1/#Section__2_2

[Artorius Constantine]

It was the quicker before they raised the fees to make it quicker. Right after the fee hike it was quicker for a couple months and then right back to 'days of waiting'.

However, lately it has been (IME) an average 48 hour turn over for me, on business days.

Cashed out Saturday Night, got it Monday late afternoon. Not gonna complain about that.

That said, I don't see why the hold up for most people who cash out regularly to the same account. They can take the money instantly, why can't we get it instantly?

I've been cashing out the same basic way for over a decade now, meaning the same basic amount (or less) on a fairly set schedule, to the same PayPal account, for over 10 years. I don't understand why they need to keep verifying that.

I'd like to see a 'trusted merchant' classification that allows instant cash out as long as it's to the same Paypal/ Skrill account as the account listed for payment info.

 

[Rya Nitely]

mine is also usually 24 to 48 hours, and has been for a long time. These are my last two below, which are typical time period. 

Jan. 19, 2023, 5:03 p.m. PST order placed      Completed Jan. 20, 2023, 7:20 p.m. PST

Jan. 30, 2023, 2:18 a.m. PST order placed       Completed Jan. 31, 2023, 8:20 a.m. PST

 

 

[TheDarkhand]

Federal changes in regulation added more checks for money laundering in 2022, this was brought on by the  Biden Administration with the hire 87,000 new IRS agents, the current red tape needed to provide digital trade payments for international and national vendors has many new added levels. Not that SL is part of a problem, but overall any business like the 3rd party that handles payouts for SL  are under all new regulation, if your in the USA you might want to speak to a CPA if your taking over 500 a month out of SL, you need to pay tax on it with the new regulation slipped into the last round of budget request for the FED.

 

Edited February 1, 2023 by TheDarkhand

[Butch Daddy]

On 2/1/2023 at 9:58 AM, TheDarkhand said:

Federal changes in regulation added more checks for money laundering in 2022, this was brought on by the  Biden Administration with the hire 87,000 new IRS agents, the current red tape needed to provide digital trade payments for international and national vendors has many new added levels. Not that SL is part of a problem, but overall any business like the 3rd party that handles payouts for SL  are under all new regulation, if your in the USA you might want to speak to a CPA if your taking over 500 a month out of SL, you need to pay tax on it with the new regulation slipped into the last round of budget request for the FED.

 

The IRS didn't hire 87,000 new IRS Agents.  

The funds in the act were allocated to help with general agency costs along with hiring more people over the next 10 years.  "More people" also included the 5,000 new customer service representatives that were recently hired as of the end of 2022.

That dopey number of 87,000 "agents" came from a report in 2021 stating that more funding could allow the agency to hire 87,000 employees (not just agents) by 2031 and that an estimated 52,000 IRS employees may retire over the next 6 years as they reach retirement age. 

For those who might fail at maths, that is a net gain of 35,000 employees over the next 6-10 years across the ENTIRE country in all jobs in the agency.  

None of which probably has anything to do with how long it takes a PCR to process from SL to your PayPal or Skill account. 

[Iren Tinkel]

at least you can get your money. me - not anymore😃

[Charlotte Bartlett]

On 2/1/2023 at 8:58 AM, TheDarkhand said:

Federal changes in regulation added more checks for money laundering in 2022, this was brought on by the  Biden Administration with the hire 87,000 new IRS agents, the current red tape needed to provide digital trade payments for international and national vendors has many new added levels. Not that SL is part of a problem, but overall any business like the 3rd party that handles payouts for SL  are under all new regulation, if your in the USA you might want to speak to a CPA if your taking over 500 a month out of SL, you need to pay tax on it with the new regulation slipped into the last round of budget request for the FED.

 

Those things are totally unrelated and do not impact speed of process credit for established accounts who cash out within their limits, patterns and have up to date KYC.

I suspect what you are confused with is the deferred 1099 rules for IRS.   These now come into play in 2023. But change nothing for those cashing out, as they would already be self reporting income and being taxed based on the individual tax situation.

Edited February 7, 2023 by Charlotte Bartlett

[Jaylinbridges]

Feb. 7, 2023, 5 p.m. PST

Process Credit to PayPal

In Progress

Still waiting...  Turnaround was 2 days last year, but not this year so far.

Feb 13, 2023 Status  In Progress

 

[Jaylinbridges]

On 2/13/2023 at 5:49 AM, Jaylinbridges said:

Still waiting...  Turnaround was 2 days last year, but not this year so far.

It went through later on Feb 13, so 6 days, or 4 business days to process.