If I understand you correctly, your buyer has already paid, and the money is showing in your Paypal account -- is that right?
I wouldn't jump to the conclusion the buyer is trying to defraud you. Some buyers (especially new ones) don't understand how the Paypal system works, so they don't follow through with the verification process. Instead, they pay directly from a bank account.
If the buyer's Paypal account isn't attached to a credit card, I'm surprised the payment didn't show as an "eCheck" on Paypal -- is that what you're referring to by the funds not being accessible until Aug. 31st, or does that have to do with your own Paypal restrictions? If that is the case, then you should not ship until the e-Check clears. What I do in these cases is contact the buyer, politely explain that his payment has to be cleared by Paypal first, and then I will ship. If you want to be helpful, you can also explain that attaching a credit card to his account will avoid holds by Paypal.
If there is no credit card attached to the buyer's paypal account, then credit card chargeback won't be an issue to worry about.
Your only way out of this transaction will be with a defect, because you will have to refund and cancel for a reason that is not the fault of the buyer. In fact, the buyer could refuse the cancellation, which will put you exactly back where you are, but now with an irate buyer.
If the funds have cleared, you should ship. If the funds are shown as an e-Check, wait until Paypal tells you they have cleared, and then ship. Use a tracked service if you're concerned about delivery confirmation -- Expedited Parcel to the U.S. is fast, reasonable, and includes $100 in insurance for loss or damage. You'll get a significant discount if you purchase the label through eBay/Paypal.
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