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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
mitch2
3,914 posts
 
I generally like PayPal when I am buying and USPS money order when I am selling. However, as a seller I also generally accept PayPal and as a buyer I have also sent USPS money orders. I agree with Tvad regarding that sending a money order via express mail, or even UPS next day, can be cheaper than PayPal for larger purchases.
theo's avatar
theo
2,675 posts
 
I have always been satisfied with Money Orders or Cashiers Check depending on amount of transaction. Some have accepted personnal checks and I didn't mind waiting for it to clear. I have never been burned her on AudioGon, most everyone I talk with seems to be a good person with the same hobby as me.
blindjim OP
3,092 posts
 

Most all of anything I sell I will prefer a CC or USP MO. The Pay pal option for me is a last resort. Only if there is no other way to consummate the deal, then I would accept it given the funds placed into my account, then are allowed to transfer to my bank thereafter.

It is my understanding that there is a phone number with which a U.S. Postal M.O. can be verified. It’s on the money order itself. The verification info number is also online at the USPS website. It is busy a lot though.

Same thing with a cashiers check… one can call the bank of origin and determine authenticity. Naturally, I’d seek the phone number of the orig bank via means other than the check’s own info… for if the check is bogus, then too would be the contact info most assuredly. If the number is constantly busy, that too would be a red flag.

So a simple phone call, if you feel a concern or just want to feel better immediately, is all it should take for verifying legitimacy of the instrument.

I get nervous when someone rushes me to sell to them, or buy from them… regardless the fashion of payment.

Whether or not PP fees are included in the sale price, or tacked on, makes no difference to me as a buyer. I see it the same way as a seller. If “OBO” is in the listing, it’s all negotiable. Right?

Personally, I see the shipping aspect as more the chancier endeavor than the payment. There is far greater control in the funds transfers for both buyer and seller than is in the shipping exercise by far.
swampwalker's avatar
swampwalker
5,138 posts
 
Personally, I see the shipping aspect as more the chancier endeavor than the payment. There is far greater control in the funds transfers for both buyer and seller than is in the shipping exercise by far.
You got that right, bro!!!
jmcgrogan2's avatar
jmcgrogan2
6,346 posts
 
MO or check if I absolutely trust the seller, and/or the item isn't too pricey (>$1000).
If the seller is hard to get a handle on, or seems clandestint, and/or the item is a large purchase, I always use a credit card through Paypal. Paypal itself is of no use, but the credit card's bank has saved me at least two times when the item was significantly different than described, and the seller offered no refund, including just today, as a matter of fact.

I know of at least one other AudiogoN member who wished he had followed this procedure after paying a MO for a $5K preamp (used), that showed up defective, and the seller offered no refund or repair help.

CYA is the name of the game when you're swimming in these waters. Better safe than sorry.

As a seller I prefer Paypal or USPS MO. I'll accept personal checks, but it certainly drags out the transaction. I won't do COD though.

Cheers,
John
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