How do you pay? Why?



I thought maybe some light should be shed on how we pay for our purchases here and why we do them the way we do.

Personally I’m not very enthusiastic about paying extra for convenience via Paypal. It’s really no quicker as the following transfer of funds to the bank being used takes 3-5 business days after the funds hit your Paypal account… and there's that sur charge as well.

Postal money orders are fine enough but depending on the price tag, several need be acquired very often.

Cashiers check (certified funds) is my pref. One stop shopping. Right at my banking facility and the funds are secured, if lost or stolen I have but to make a call to my bank. Ever try calling the Post office? You can't. Not directly anyhow

The problem I continue to see is the ‘time frames’ being reported by sellers about how long Postal money orders, and/or cashiers checks take to be posted. I keep hearing from one day to a week or more by some accounts for these MO’s and CC’s to be posted.

Maybe my bank is special, I don’t know, hence this thread. Always when I deposit MO’s or CC’s, the funds are posted to my account within 24hr, or the next business day… sometimes immediately, depending on the time of day they are presented…. Which is fine.

Personal checks do however take lots longer. I’ve been told as much as two to four weeks by my bank.

How does your financial institution handle receipt of certified monies like Postal M.O. & Cashiers checks?

Have you asked lately, or just go online later and take a peek?

These more secured funds should surely involve less time to post than personal checks... or why bother with them in the first place?
blindjim
As a seller I like PayPal for smaller items and USPS money order or cashier's check for pricier items (say $500 or more). My bank teller told me that even though funds would be available to me immediately from my deposit of a money order or cashier's check, there was the possibility that a few weeks down the road the check or money order could turn out to be a fake and then I'd be on the hook. I asked him about the cashier's check I was about to deposit. He took one look at the issuing check service and said it was a reliable one and this check was very likely good. I deposited it and had no problems. Again, buyer's feedback and communication with you as seller is critical.
As a buyer, I like to use PayPal too, it's far more convenient and I can do it immediately rather than wait in line at the bank or PO or both before work. If the fee is not covered by the seller, or amounts to more than about $15 though, I don't use PayPal. Paying a $15 fee is about my limit for convenience. Sometimes, sellers will pay or split the fee with you though, for mutual convenience. The service really does benefit both buyers and sellers even though PayPal funds do not clear into your bank account for 4-5 days. You can just wait to ship until the funds are in your bank account. But if the buyer has good feedback I go ahead and ship as soon as the payment has been made, esp if the purchase is for a relatively small amount.
I have been lucky on both ends, as buyer and seller, following these practices for over 6 yrs of trading on Audiogon, Head-Fi, and eBay. I am the MOST cautious dealing with eBay of course. The other two sites are for extreme hobbyists and I've never yet been burned by one of those lunatics (self included).
My post office won't cash in USPS money orders because they never have enough money on hand to do it. Then my bank holds them for 5 business days... So USPS money orders are no good for me anymore.
Don't confuse 'posting' time to your account vs actual clearing. Hence CCs and MOs post immediately, but you may find out a couple weeks later that it is counterfeit, leaving you holding the bag. It is, however, not typical to see counterfeit items like these, so in that regard it is 'safer'. I always ship upon receipt of a CC, but I am still taking a chance, although a small risk im my opinion.
if someone takes paypal without the 3% fee (inexpensive items) i jump on that

otherwise I send a personal check priority mail
quick enough, efficient, easy to keep track of, and I don't have to track down a money order somewhere
I only use Paypal. Been burned too many times by the "check is in the mail". With Paypal, the transaction is complete and well worth the surcharge.