(Topic ID: 306648)

Have Buyer That Wants to Pay with Zelle or Venmo. Thoughts?

By Gryszzz

2 years ago


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  • 114 posts
  • 62 Pinsiders participating
  • Latest reply 2 years ago by chuckwurt
  • Topic is favorited by 5 Pinsiders

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    There are 114 posts in this topic. You are on page 2 of 3.
    #51 2 years ago

    In Vid's post on not getting scammed, it lays out a problem scenario with wire transfers (https://pinside.com/pinball/forum/topic/how-to-not-get-ripped-off-in-pinball-vids-guide#post-1813449).

    I have no experience with Zelle, but I assume the sequence put forth in Vid's post cannot really happen with Zelle. Specifically, you are probably notified right then and there that the transfer took place (rather than being confused that the additional $$$ in your account unknowingly came from a check). Agree?

    #52 2 years ago
    Quoted from chuckwurt:

    Good to know! Any pesky amount limits?

    I think I have zelle for business and can do like $50k/day or something. Not too familiar with it but it seems bank backed if there’s an issue

    #53 2 years ago
    Quoted from Gryszzz:

    Not familiar with either of these. Any insight helps thanks.

    Selling to make room for Rush?

    100% steer clear of anything even close to PayPal.

    Zelle sounds like our Osko over here in that it’s connected through your bank and is instant funds transfer directly to your account. But bear in mind that with Osko it’s only instant after the first transaction has gone through - so if you’re not already connected with the buyer you’ll have a nervous wait for a day or two.

    I guess PayPal might be ok if it literally was Family or your best friend. Anyone else no chance.

    #54 2 years ago
    Quoted from woody76:

    zelle is 100% safe. It is basically a wire transfer from a checking or savings account. My zelle account can't and is NOT connected to a credit card as it goes through my bank.

    Quoted from palmab03:

    Zelle very safe. Paypal can have a chargeback. I treat Zelle as good as cash for my business.

    I'm one of those nerds that reads the whole service agreement before I sign up for anything. This is from the Zelle agreement provided by Chase Bank - here's the reason why I decided not to use Zelle:

    "21. No Purchase Protection
    Neither we nor Zelle offer purchase protection for the purchase of goods and/or services (e.g.,
    coverage for non-receipt, damage, or "not as described" claims related to the purchase of such
    goods and/or services). The Service is not intended for the purchase of goods from retailers,
    merchants, or the like."

    That doesn't sound like a very good service to use for pinball purchases, especially if they're shipped. Maybe if you know the person, or have some other way to guarantee that you'll get what you paid for. But Zelle does not protect you.

    Remember, if an online service is free, most likely YOU and your personal information are the product that is being sold.

    #55 2 years ago
    Quoted from nicoy3k:

    You guys are paranoid

    Rightfully so , wish the world were a better place but it isnt in this respect.

    #56 2 years ago
    Quoted from Reality_Studio:

    To repeat what others have said, Zelle can't be reversed as it's tied to a bank account. They warn you as much everytime you send money with it that it can't be reversed. I've been using it for many years, never an issue. Zelle is great, I wouldn't touch any of the others.

    And if the person goes to their bank and states it's a fraudulent charge guess what? Its reversed.

    Been there , been done to me.

    I won in then end but had to almost get the states attorney general involved.

    #57 2 years ago

    Zelle is a direct bank to bank wire, much a safer than venmo

    #58 2 years ago

    Zelle is exactly the same as a wire transfer, the only risk is for the buyer. Funds are immediately available.

    #59 2 years ago
    Quoted from DCP:

    I'm one of those nerds that reads the whole service agreement before I sign up for anything. This is from the Zelle agreement provided by Chase Bank - here's the reason why I decided not to use Zelle:
    "21. No Purchase Protection
    Neither we nor Zelle offer purchase protection for the purchase of goods and/or services (e.g.,
    coverage for non-receipt, damage, or "not as described" claims related to the purchase of such
    goods and/or services). The Service is not intended for the purchase of goods from retailers,
    merchants, or the like."
    That doesn't sound like a very good service to use for pinball purchases, especially if they're shipped. Maybe if you know the person, or have some other way to guarantee that you'll get what you paid for. But Zelle does not protect you.
    Remember, if an online service is free, most likely YOU and your personal information are the product that is being sold.

    Correct me if I am wrong, but this is all about purchase protection. The concern was if someone pays like this, is the money "real". All this is saying is that if you USE the service and find something wrong with the product, sorry.

    I do wish there were a universally safe service where you could instantly send / receive secure funds that couldnt be refunded. Getting cash out is a massive pain in the ass, but I completely understand the reasoning.

    I am going to start accepting Walmart or Apple Store gift cards as payment, but only if the buyers scratch the back of the card and send me the pin.

    #60 2 years ago
    Quoted from BMore-Pinball:

    Zelle is a direct bank to bank wire, much a safer than venmo

    Venmo also has limits right? Does Zelle ?

    #61 2 years ago
    Quoted from jandrea95:

    Venmo also has limits right? Does Zelle ?

    The limit would be what’s in your bank account.

    #62 2 years ago
    Quoted from jandrea95:

    Venmo also has limits right? Does Zelle ?

    Yes, not sure what it's based on, but Zelle has transfer limits
    Can do a mix of cash and zelle

    #63 2 years ago

    I’ve done a $10k transaction through zelle, no issues. If you’re worried, just immediately slide that money into your savings account.

    -1
    #65 2 years ago

    Does the buyer have any feedback on Pinside from other transactions?

    I use Zelle and have never had any issue's. Do a Goggle search on it and make up your own mind.

    I went as far as to going to my local BB&T (Truist) Bank to get the low down on it before starting to use it.

    #66 2 years ago

    Slightly off topic. I currently have a for sale ad on Pinside and in it I state that I will accept, "Payment via Bank transfer, cash or Bitcoin".

    I mention this here for two reasons. First is Bitcoin is perfectly safe in this regard and as an investor I'm dying to do my first business transaction with it. And I'd like to see more people adopt it and I believe they will eventually.

    My second and most important reason for mentioning it is because my friend, Gryszzz is a HUGE fan of us Crypto dudes.

    Quoted from Gryszzz:

    Did I miss anything this last year or just a bunch of crypto c#nts buying up the hobby?

    Ya gotta love the Gryszzz.

    #67 2 years ago

    Bearer bonds only! Screw cash.

    #68 2 years ago
    Quoted from ToucanF16:

    PayPal is fine if the buyer has a good rep and is vetted. I’ve purchased over 60 pins from fellow Pinsiders using PayPal. Check my feedback and see if anyone has complained.

    Negative feedback was removed months ago - https://pinside.com/pinball/forum/topic/negative-recommendations-feature-removed

    #69 2 years ago

    Feedback means nothing....absolutely nothing!

    Read up on the DIABLO / AUTODLR scamming threads to see why.

    #70 2 years ago

    Hah - I will personally vouch for ToucanF16 in that case.

    #71 2 years ago
    Quoted from Gryszzz:

    Says he has covid and can't go in his bank haha just realized how FUVKIN STUPID IM BEING.

    Problem solved! Did he spell Covid right?

    #72 2 years ago

    Unless something has changed, Venmo is not reversible regardless of the buyers original payment method (even if they used credit card to fund it). Venmo is literally cash on the glass, in a virtual form of course.

    Those scared of Venmo and Zelle got that way due to very real horror stories of PayPal, which is not the same thing AT ALL.

    #73 2 years ago
    Quoted from jitneystand1:

    Unless something has changed, Venmo is not reversible regardless of the buyers original payment method (even if they used credit card to fund it). Venmo is literally cash on the glass, in a virtual form of course.
    Those scared of Venmo and Zelle got that way due to very real horror stories of PayPal, which is not the same thing AT ALL.

    Don't remember the details, but Vid came up with a horror-story scenario where a Venmo payment "could" be faked in extreme cases. Not sure how realistic it was. Buy the general impression is that it's safer than PayPal, but a notch below wire transfer.

    #74 2 years ago
    Quoted from DCP:

    I'm one of those nerds that reads the whole service agreement before I sign up for anything. This is from the Zelle agreement provided by Chase Bank - here's the reason why I decided not to use Zelle:

    "21. No Purchase Protection
    Neither we nor Zelle offer purchase protection for the purchase of goods and/or services (e.g.,
    coverage for non-receipt, damage, or "not as described" claims related to the purchase of such
    goods and/or services). The Service is not intended for the purchase of goods from retailers,
    merchants, or the like."

    There is no purchase protection with cash or wire transfer either.

    This discussion is about safe methods to receive payment without buyers being able to reverse it.

    The risk you are worried about is not with Zelle, it's with your seller not delivering.

    18
    #75 2 years ago

    Wow. Thanks for all the insight! Of course I've used PayPal many times, with people I know or trust. I don't know this guy. Also, it's not a machine, just $1500 for my spot with Joe. Doesn't mean I wanna lose $1500 though lol.
    Looks like Zelle is the way to go here.
    Again, thank you all for your valuable input; this is why I wanted to come back to Pinside... y'all are the best!
    Merry Christmas Pinsiders!

    #76 2 years ago

    Well, this is a good thread for a question I was just pondering... my wife does bank wires for work all the time. She may do a pmt for me for a purchase. She said she would need the person's routing #, account #, name and address. And I thought... is this how people do it? Are ppl comfortable giving out that info? Or is there a more private method?

    #77 2 years ago
    Quoted from jackd104:

    Well, this is a good thread for a question I was just pondering... my wife does bank wires for work all the time. She may do a pmt for me for a purchase. She said she would need the person's routing #, account #, name and address. And I thought... is this how people do it? Are ppl comfortable giving out that info? Or is there a more private method?

    No. You need to do it with their bank directly. Do not give that information to the other party.

    Or use Zelle

    #78 2 years ago

    Same here not reversible at all.

    Quoted from Atari_Daze:

    Never seen a zelle transaction that states reversible.
    I use it all the time.

    #79 2 years ago
    Quoted from Gryszzz:

    Wow. Thanks for all the insight! Of course I've used PayPal many times, with people I know or trust. I don't know this guy. Also, it's not a machine, just $1500 for my spot with Joe. Doesn't mean I wanna lose $1500 though lol.
    Looks like Zelle is the way to go here.
    Again, thank you all for your valuable input; this is why I wanted to come back to Pinside... y'all are the best!
    Merry Christmas Pinsiders!

    Merry Christmas Gryszzz. Good to see you back here.

    #80 2 years ago
    Quoted from DakotaMike:

    Don't remember the details, but Vid came up with a horror-story scenario where a Venmo payment "could" be faked in extreme cases. Not sure how realistic it was. Buy the general impression is that it's safer than PayPal, but a notch below wire transfer.

    Someone could fake a payment notification email or text if one would be inclined to fall for that, but they can’t fake $ in your account. Check your balance, if it’s there it’s as good as cash.

    I do understand why people lump all online payment services together, but Venmo is not comparable to PayPal in any way other than being web-based and having the same parent company.

    #81 2 years ago

    Can you elaborate on that at all? If there is a real reason to avoid Zelle (or Venmo) I would definitely like to know.

    #82 2 years ago

    Realistically how do you use Zelle when banks have limits of $2000, $2500 or $5000?

    #83 2 years ago
    Quoted from Strummy:

    Merry Christmas Gryszzz. Good to see you back here.

    Thanks Strummy! Merry Christmas to you too brother!

    #84 2 years ago

    IMO, it’s sellers choice. I only accept cash and wire transfer. As a buyer, I’ll be happy to write you a check or use a cc if you want.

    I have no problem loosing a sale or a game if they other party and I can’t agree on payment. No hard feelings.

    #85 2 years ago

    Just saw this thread. Zelle absolutely safe...it's bank operated, and easy to use. You'll actually see the $$$ in your account quicker than if someone wired it to you.

    Wires are a PITA unless you have the right bank.

    I love cash, but even harder to pull from branches, depending on amount.

    #86 2 years ago
    Quoted from jitneystand1:

    Can you elaborate on that at all? If there is a real reason to avoid Zelle (or Venmo) I would definitely like to know.

    There’s absolutely no risk for the seller, as funds are immediately available in your bank account
    https://www.businessinsider.com/is-zelle-safe?amp

    #87 2 years ago
    Quoted from jitneystand1:

    Can you elaborate on that at all? If there is a real reason to avoid Zelle (or Venmo) I would definitely like to know.

    Read this thread. It’s been discussed. Zelle is just like a bank wire. Venmo is almost just as hard to reverse.

    #88 2 years ago

    What’s in it for Zelle? How do they make $?

    #89 2 years ago
    Quoted from chuckwurt:

    Read this thread. It’s been discussed. Zelle is just like a bank wire. Venmo is almost just as hard to reverse.

    Sorry, I misread completely…I thought you were saying don’t use Zelle (I lumped that statement in with your prior statement about not giving info out).

    Quoted from TheFamilyArcade:

    What’s in it for Zelle? How do they make $?

    I’d guess it’s like so much else these days, give it away until it’s become commonplace, then monetize.

    #90 2 years ago
    Quoted from TheFamilyArcade:

    What’s in it for Zelle? How do they make $?

    Easier, safer way to transfer $$$ = more people use it = the bank has another way to track your spending habits. Info like that has a far greater value than any " fee" could generate. Is what it is.

    They're cutting the middle man out....

    #91 2 years ago

    Zelle is the best platform.. Money shows up in your account instantly.. Just be aware of the daily limits

    #92 2 years ago

    I use Venmo and Paypal all the time for sales, but only when the person is well known in the community. If they aren't then I go with cash.

    If you use Venmo then keep in mind there's a $5k a week limit for sending. So if the game is more than that then they'll have to split up payments.

    #93 2 years ago
    Quoted from atrainn:I use Venmo and Paypal all the time for sales, but only when the person is well known in the community. If they aren't then I go with cash.
    If you use Venmo then keep in mind there's a $5k a week limit for sending. So if the game is more than that then they'll have to split up payments.

    Be mindful that if you have over $600 in goods receipts for the year, PayPal reports that to the IRS. You’ll get a 1099 and have to pay taxes on it. If you do too many gift receipts, PayPal may freeze your funds. Avoid PayPal. I suspect Venmo will be next.

    Wire transfers are safe, but also can raise the eyes of the tax authorities. Cash is the best for safety and avoiding tax headaches.

    #94 2 years ago

    I’m aware Pinside negative feedback is removed. My point was PayPal is fine. You can read the textual comments on my feedback and there’s absolutely nothing negative written about me using PayPal.

    #95 2 years ago
    Quoted from Lermods:

    Be mindful that if you have over $600 in goods receipts for the year, PayPal reports that to the IRS. You’ll get a 1099 and have to pay taxes on it. If you do too many gift receipts, PayPal may freeze your funds. Avoid PayPal. I suspect Venmo will be next.
    Wire transfers are safe, but also can raise the eyes of the tax authorities. Cash is the best for safety and avoiding tax headaches.

    The $600 reporting limit starts in 2022 and is required from any service that pays you electronically (PayPal, StubHub, Venmo goods/services, etc.). You will have to show on your taxes that it’s not taxible income (e.g. no profit). I believe Zelle is exempted from the new requirement.

    And, on topic, I would have no problem using Zelle. Big problem using PayPal unless I know the other party well.

    #96 2 years ago
    Quoted from Zitt:

    I wouldn't. Zelle and Venmo is payable via Credit card. This means; they can reverse the charges with their credit card company and you loose your game and they cash. Just not worth the risk in this day an age.
    Cash is king.

    not accurate.
    zelle is from your bank account only and you have to have the cash in your account. its safe and not reversible.
    1500 limit per day, you can break payments up if needed.

    now, Venmo on the other hand, venmo states clearly it is not intended for electronic purchases and if they catch you they (VENMO) can take the money back themselves even if you already supplied the buyer with the item.

    Zelle is fine, cashap is fine, paypal friends and family only is fine, wire transfer is fine. know the sellers rep before doing a payment as such, its easy.
    if seller is unknown or has minimal interaction on here or elsewhere, don't do it or at least take extra pre cautions.

    #97 2 years ago
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    #98 2 years ago
    Quoted from Zitt:

    I wouldn't. Zelle and Venmo is payable via Credit card. This means; they can reverse the charges with their credit card company and you loose your game and they cash. Just not worth the risk in this day an age.
    Cash is king.

    Quoted from silver_spinner:

    Not accurate. Zelle is from your bank account only and you have to have the cash in your account. its safe and not reversible.

    I just did some research, and it appears that it is indeed possible for a Zelle transaction to be reversed. If the transaction is funded from a stolen bank account, the bank will initiate a chargeback once notified by their customer.

    #99 2 years ago
    Quoted from gweempose:

    I just did some research, and it appears that it is indeed possible for a Zelle transaction to be reversed. If the transaction is funded from a stolen bank account, the bank will initiate a chargeback once notified by their customer.

    Exact same as a wire transfer. Thanks for the info.

    #100 2 years ago

    I was enabling Zelle on my account and saw the following in the T&C. Doesn't seem to vibe w/ the "good as cash" sentiment I was getting from the thread...

    11.B. Refunding Payments Made to You by Members

    You agree that you are responsible for the full amount of any Transfer Transaction we credit to your Funding Account which is later reversed for any reason. You agree that we may withdraw the full amount, or any portion, of any reversed or disputed Transfer Transaction, plus any applicable fees, from your Funding Account or from any other account you have with us, without prior notice to you. You agree that you, and not we, will be responsible for resolving any payment dispute with any Member from whom you receive money through a Transfer Transaction.

    There are 114 posts in this topic. You are on page 2 of 3.

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