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
Jim- the declared value/insurance thing is a bit of a pitfall. The only way you are assured of getting re-imbursed is if its lost AND you can prove you actually shipped it. UPS and Fedex are much less prone to paying an insurance claim on shipping damage; if fact, they will do just about anything to avoid it. USPS is better, but it is pretty bureaucratic AND slow. But they are more likely to pay in the long run.

Thanks Tvad

Swampwalker

You know that is a fine point you made. when shippnig comes to mind USPS does not. I use them for much if not all of my little things. Never have I even thought to enlist them as carrier for something large.

I will next time for sure, slow is better than NO.

My greatest curiosity revolves around numbers. My own experience I think is a poor scale overall of those issues surrounding buying, selling, and shipping. using those experiences exclusively, ALL my less than good issues have been solely in the latter area. Shipping and/or receiving.

I've yet to have a payment issue, going or coming.

I have had 3 incidents during transportation or surrounding transportation. One overcharge, two breakages. One coming, one going.

The overcharge took about 4 months or so to remedy. Fed Ex did in fact reimburse me the overage. I in turn reimbursed the other party accordingly afterwards.

Given only my personal (not business) experience, I'm in the neighborhood of 7% for ALL shipping results in a problem. the numbers of course aren't truly representative, as the scale is so miniscule. I suppose also as ALL of my issues have been with Fed Ex, yet not all of the sending and getting were done with Fed Ex, thus that figure is likely to be greater. Gee, I never realized that until now. Hmmmm.

So.... just where does one call for USPS rates anyhow? Only online?
Fedex and UPS insurance is poor quality and the adjusters generally try to deny claims (and take anywhere from thirty to ninety days or more to act). Anyone who ships a lot on Audiogon should open a commercial account with a professional freight forwarder such as BaxGlobal, as they have real insurance and expertise with high-value goods. If you are a buyer and the object of your fancy is valuable and prone to damage in transit (e.g., tube amps, CD transports and speakers, as opposed to interconnects), don't buy it unless you can drive to pick it up. If you are in the boondocks and absolutely have to ship with a consumer shipper like Fedex, insist upon careful double-boxing, buy with a credit card, buy the insurance, ship it overnight so they have less time to trash the package, and cross your fingers.
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Grant- The last time I looked at the BAX web site, they had a residential surcharge, so it seems that they must now pick up and deliver to homes. In that case it was a substantial additional charge, but in the past I have received a 42" plasma, a 32" CRT TV(!!) and speakers w/o any damage via BAX. With respect to USPS, there are weight limits and also a low value limit for insurance on international shipments ($600, IIRC). One higher cost alternative is to have the UPS store or Kinko's do the packing. I would double check, but since they are owned by the shipping co, they should not be able to claim inadequate packing. They ARE more expensive on the base shipping charge AND charge quite a bit for packing. Its really a cost-benefit analysis.

As far as problems with the transaction end, I have been burned once on condition (7/10 rated sub arrived fully functional but with 3 chipped coats of paint, dinged corners, and stained cloth) and once on a purchase ("seller" skipped with my $). I have had one outgoing shipment damaged (USPS paid claim after 6 months) and one incoming (UPS approved claim based on 3/16" shipping bolt badly deformed, showing package had been dropped from great height). I have had a pair of monoblocks arrive intact even tho they were both packed with one layer of bubble-wrap, in a single box, with only peanuts around them!!! I watched the UPS guy tumble a SOTA TT end over end down the ramp, and it was fine. I worked in high school as a shipping clerk, and I was trained as a scientist. I understand the physics and mechanics of shipping, so I am pretty darn careful packer. I've probably had 175-200 transactions, so my experience is better than yours.

In terms of payment methods, I agree, as a buyer I want to use pp if its a small item and/or time critical. As a seller I want a wire transfer or USPS m.o. OTOH, if the seller has lots of good feedback, I don't have a problem with a personal or cashier's check. I am most cautious, of course, with overseas transactions (sorry folks) due to higher fraud potential and possibility of misunderstandings, but I have bought from Australia, Hong Kong, France, England, and Hungary, and have shipped to Singapore, Australia, Italy, Spain and Canada, w/o any problems.

The system ain't perfect, but it sure beats getting 10 cents on the dollar in trade like the old days!!!