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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
fishboat
245 posts
 
As mostly a buyer at this point I won't do a deal if I have to pick up the 3% paypal. Both parties are getting some benefit. The seller either needs to pick up the paypal fee entirely (as cost of sales) or at most split it with me. If I see " . . . add 3% for PayPal" I move on.

I've bought and sold many items over the web & have no issues with a MO, bank check or paypal...& I pick up the paypal fees on a sale.
uhurit
61 posts
 
I feel uncomfortable and refuse to use Postal money orders. I live in a small town, and want to avoid the implications of doing something illegal or immoral when bying multiple MO, to the tune of 2K,or so. So, Paypal only/personal checks for me.
m297904
93 posts
 
I always prefer to pay via Paypal and always offer to pay via CASH transfer so if the person has a PERESONAL account (you can have more than one Paypal acct btw) they can avoid the fees as well.
When I am selling, I prefer Paypal but I only accept PAypal Cash transfers - NO FEES THAT WAY!!!
It always surprises me that more people do not take advantage of this "loophole".
USPS MO's are next preference but it has taken as long as 5 working days for a MO/CC to arrive at either end. That waiting can be a bit of a nailbiter if you think somoething is sold and only have a couple of inquiries. No one wants to get burned because they sat around waiting for a check that may never arrive...
ANYWAY,
If you keep a Paypal PERSONAL account. You can make instant transfers of any amount and accept cash transfers of any amount AS LONG AS it is not an EBAY auction WITH NO FEES! Their limits on Personal accounts only apply to EBAY auctions.
When people cannot figure out how to send a PAypal cash transfer, or chose not to, I accept the MO's or Cert checks.
justlisten's avatar
justlisten
489 posts
 
Swampwalkers post is right on the money.

I would like to add, based on personal experience, that a Bank Issued Money order or even a Cashiers check, is not an iron clad guarantee the funds are solid. A money order can be claimed "lost or stolen" and the funds withheld. It took me over 6-8 weeks to resolve a situation like this, and in the meantime, my bank was holding me responsible for the funds in question.

What I have learned in this scam filled day and age is that the only safe funds for me to receive as a Seller is Western Union, or a Money Order/Cashiers Check or USPS Money Order, drawn by a Major Bank where I can walk into the Buyers Branch and cash it and obtain cash in hand, not involving my own bank.
raquel
841 posts
 
A couple of comments ...

Checks of any variety, whether personal check, cashier's check, certified check or money order, are all susceptible to fraudulent use (fraudulent money orders and cashier's checks are actually the tools of choice for most negotiable instrument scams). It can take a month or more for your financial institution to discover the fraud, and the above posts are correct that you cover the loss, not your bank. I won't even accept cash given how easy it is to counterfeit currency and how stupid it is to physically carry a large sum of money in cash to the bank.

I will only accept payment by wire transfer, as this is by far the safest way to receive money. The fee for a wire is typically $20-$25 and the money is in the seller's bank account in two days or less. There is no worrying about whether a check will clear or is fraudulent, or who will pay a 3% fee (which can add up to a lot of money if you're buying or selling expensive gear). As a buyer, I like PayPal because it allows me to immediately "seal the deal", but as a seller, I tend to be selling fairly valuable gear and I am not going to be dealing with any 3% fee or fears of forged checks, etc.
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