(Topic ID: 19662)

Method of Payment


By sleeplengthwise

7 years ago



Topic Stats

  • 26 posts
  • 18 Pinsiders participating
  • Latest reply 7 years ago by pinstor12
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    #1 7 years ago

    I am looking to purchase a few machines from a distant seller. What is the most accepted and safest method of payment for both parties (buyer and seller)? Thanks for the input.

    - Mike

    -1
    #2 7 years ago

    Paypal generally.

    #3 7 years ago

    Definitely.

    Also, I would visit the place you are buying them from if you can. That way, you can get a hands-on look of the machines. Pictures can only tell you so much...

    #4 7 years ago

    I have also accepted personal checks, just waited till they clear, probably better than PayPal IMO.

    #5 7 years ago
    Quoted from ovfdfireman:

    I have also accepted personal checks, just waited till they clear, probably better than PayPal IMO.

    Yea, but, how do you certainty that the seller will then sell the machine?

    #6 7 years ago

    A lot of sellers will not accept PayPal for large purchases because of fees and/or disputes. What is to keep the buyer from opening a dispute. Cash in hand, bank transfer but once it's transferred it's gone or possibly an escrow service. Best advice is get to know who you are buying from and check out the reputation of the seller. Also PayPal places a hold on the money which can be a pain for a seller of they are looking to turn around and purchase something else.

    #7 7 years ago

    If you're the buyer, Paypal works in your favor since in disputes, Paypal will more often protect the interests of the buyer over the seller.

    #8 7 years ago

    Generally, paypal. But it's not perfect. Are there any specific concerns you have?

    #9 7 years ago

    Paypal.

    IMO seller's who do not accept paypal for whatever reason cut themselves off from alot of potential buyers.

    -Some buyers have to charge the price of a pin on their card.
    -A buyer cannot always check on the reputation of a seller (Mr. Pinball Classifieds ad)
    -If you send a MO or Check buyer is left with 100% complete trust in the seller that they will actual sell the machine and that it is not some scam. If seller takes the money and runs buyer's ONLY recourse is legal action, which can be a real PITA and costly.
    -If their is a dispute with paypal, even if they side with the buyer, the seller will at least get the machine back before buyer gets his money back. No guarantee of that if cash/check is sent.

    Just my thoughts on paypal... I think it really does open up a whole new audience to seller's as not everyone can always pay cash in hand.

    #10 7 years ago
    Quoted from charles4400:

    If their is a dispute with paypal, even if they side with the buyer, the seller will at least get the machine back before buyer gets his money back.

    Not at all true.

    Paypay will reverse the payment without even informing the seller. They do this all the time.

    From a few months ago:

    http://news.cnet.com/8301-1023_3-57352627-93/paypal-dispute-ends-in-destruction-of-violin/

    #11 7 years ago
    Quoted from charles4400:

    Paypal.
    IMO seller's who do not accept paypal for whatever reason cut themselves off from alot of potential buyers.

    Sellers naive enough to accept Paypal for large transactions haven't had to deal with bogus disputes/chargebacks. As a seller you should only accept Paypal for an amount that you would be OK with having taken from you.

    To answer the OPs questions, I would recommend a wire transfer.

    #12 7 years ago

    Also shipping isn't cheap, so in terms of getting the machine back in a dispute you could be out a small fortune in shipping charges.

    In terms of reputations on mr pinball, post on the forums for folks who have dealt with the individual before, google them and call them and talk on the phone. If you are at all uneasy do not buy from them. You can also ask a fellow pinsider who is local to check out the machine for you.

    #13 7 years ago
    Quoted from vid1900:

    Not at all true.
    Paypay will reverse the payment without even informing the seller. They do this all the time.
    From a few months ago:
    http://news.cnet.com/8301-1023_3-57352627-93/paypal-dispute-ends-in-destruction-of-violin/

    Wow that's a pretty extreme case with that violin and yes that is just ridiculous of PayPal, I would think there is more to that story as there must be some proof that the violin is fake?

    I don't think (hopefully) we would ever have to worry about counterfeit pins! With a credit card dispute the buyer has to return the goods for the payment to be completely reversed. The seller can dispute the reversal of funds unless the item is returned to them.

    #14 7 years ago
    Quoted from PinballAddiction:

    Also shipping isn't cheap, so in terms of getting the machine back in a dispute you could be out a small fortune in shipping charges.

    Actually the buyer has to pay for return shipping on his own dime so no loss on sellers part their.

    I have no affiliations with PayPal except that I like to use it, just saying that in general it really does work out for both buyer and seller and that the horror stories you here are not the norm and very rare. Plus you don't even have to go through PayPal for disputes but directly through the credit card company.

    #15 7 years ago

    Paypal is not 100% with the report functionality. Paypal will not refund the cash if the bank account it's tied to is clear of funds. It happened to me, paid a guy for a game, he cleared out the account and skipped. My only recourse (per paypal) was to contact the police in HIS town, which was 12hrs away. Luckily it was for a $40 Xbox game so I cut my losses and learned my lesson.

    Cash in hand, easiest, trusted, etc. But it involves traveling to see the machine. So you travel out there, inspect the machine, then watch him pack/ship it with NAVL if necessary, Pay him in cash, Then fly home and have a new machine! Costs you Shipping + Plane ticket, but you should have FAR less surprises than buying based on photos.

    #16 7 years ago

    Hell no to paypal. If you are buying a game I am selling it's direct bank fund transfer only. I just sold a game yesterday where the fellow walked into a local branch and deposited cash in my account. That's nice for both parties, I have the cash in my pocket, and his game is in my garage all wrapped up and ready for NAVL which will be here in a couple hours.

    If the buyer is in the boonies, a direct bank transfer is usually only a few bucks. As the seller I generally cover this.

    You can get scrwed with PayPal so easy. Even if the buyer sends it as a gift, what if he uses a credit card and then disputes it with the credit card company.

    Quoted from jeffgoldstein2:

    Paypal generally.

    #17 7 years ago
    Quoted from jonogo:

    Paypal is not 100% with the report functionality. Paypal will not refund the cash if the bank account it's tied to is clear of funds. It happened to me, paid a guy for a game, he cleared out the account and skipped. My only recourse (per paypal) was to contact the police in HIS town, which was 12hrs away. Luckily it was for a $40 Xbox game so I cut my losses and learned my lesson.

    At that point you should contact the credit card company direct and they will credit your card back direct (assuming you used a credit card through PayPal which you always should)

    #18 7 years ago
    Quoted from charles4400:

    At that point you should contact the credit card company direct and they will credit your card back direct (assuming you used a credit card through PayPal which you always should)

    Since it was $40, I used paypal funds.. but I'd agree on the extra protection of CC for large purchase through Paypal. Can never be too safe, imo.

    #19 7 years ago
    Quoted from jonogo:

    Paypal will not refund the cash if the bank account it's tied to is clear of funds.

    I've often wondered about this. If I sell something on eBay and the buyer disputes it, is there any way for PayPal to take the money away from me if I have already transferred the funds out of my PayPal account? I guess what I am asking is if they have the ability to pull the funds from one of my linked accounts without my authorization.

    #20 7 years ago

    It depends on who is going to shoulder the risks on the transaction. Wire or Cashiers check - buyers risk
    Paypal - sellers risk.

    Since this is a sellers market, the buyer is going to be often times expected to shoulder the risk if he/she wants the game otherwise someone else will be right behind them to pick it up.

    I would stick with those who have a good reputation and are active in the forums if your going to take a risk. I hate to bring karma into this but, if no one knows who you are and have a karma under 1k that's reason to avoid IMO.

    #21 7 years ago
    Quoted from gweempose:

    I guess what I am asking is if they have the ability to pull the funds from one of my linked accounts without my authorization.

    In a word, yes.

    They don't try this as much with larger transactions like they used to but it still happens. They certainly still do it for smalller amounts most notably for e-bay fees you haven't paid. You also have to realize that they can "freeze" larger amounts in your Paypal account for up to three weeks (and in some cases longer) even if they buyer's payment cleared fine the very first day. They most often do this to sellers who don't often do larger transactions. In the event that the buyer gets the charge reversed and you were able to withdraw the amount from your Papal account into your linked bank account they most likely will try to withdraw the amount (plus fees) from your bank account with or without your permission.

    #22 7 years ago
    Quoted from Svengo:

    gweempose said:

    I guess what I am asking is if they have the ability to pull the funds from one of my linked accounts without my authorization.

    In a word, yes.

    They don't try this as much with larger transactions like they used to but it still happens. They certainly still do it for smalller amounts most notably for e-bay fees you haven't paid. You also have to realize that they can "freeze" larger amounts in your Paypal account for up to three weeks (and in some cases longer) even if they buyer's payment cleared fine the very first day. They most often do this to sellers who don't often do larger transactions. In the event that the buyer gets the charge reversed and you were able to withdraw the amount from your Papal account into your linked bank account they most likely will try to withdraw the amount (plus fees) from your bank account with or without your permission.

    Yep. It's their form of "spam/fraud protection" They assume that if you have a real linked bank account you are less likely to commit fraud. Unfortunately, that doesn't stop it from happening. They can and will tie up your funds, or withdraw from linked accounts or backup CC on file, if necessary to complete a dispute.

    On the other side of the coin.. Paypal does offer a paper trail and a receipt of sorts, so it should be disputable in a court of law with some high chance of successfully winning the battle. However, travel charges (you have to go TO the county/country the crime occurred in.. ie where the toolbag lives), legal costs for lawyer.. filing papers.. etc, on top of the stress. You have to weigh all the "costs" associated with the potential losses and determine if its worth it to you to dispute.... However, once you are in the aforementioned Toolbag's neighborhood, you could make a visit to him and "settle it out of court" too...

    #23 7 years ago
    Quoted from jalpert:

    Hell no to paypal. If you are buying a game I am selling it's direct bank fund transfer only. I just sold a game yesterday where the fellow walked into a local branch and deposited cash in my account. That's nice for both parties, I have the cash in my pocket, and his game is in my garage all wrapped up and ready for NAVL which will be here in a couple hours

    That would be me he is referring to. This was a smooth transaction for both of us. I felt more comfortable actually depositing the cash in his account then just sending somebody a cashiers check. With a paper trail should something go wrong like he didn't ship the game or something I have everything to had over to the police. Plus we talked in great length before the transaction and he went out of his way to make sure I was comfortable with the game before I actually purchasing. Great seller to deal with!

    #24 7 years ago

    Another thing to remember if you sell a couple machines in a year at the current prices and use PayPal you could fall under some new IRS rules

    http://thenextweb.com/insider/2011/08/16/new-irs-rules-require-paypal-to-report-sales-information/

    #25 7 years ago
    Quoted from sleeplengthwise:

    I am looking to purchase a few machines from a distant seller. What is the most accepted and safest method of payment for both parties (buyer and seller)? Thanks for the input.
    - Mike

    Fly out or drive there, inspect the machines in person, pay in cash. Arrange shipping or load them for the return.

    Otherwise, check reputation thoroughly, ask for references, check pinside, rgp, google, etc.

    There is no perfect method. Use common sense. Don't forget that both the buyer and seller need safety.

    Good sellers will try to build a positive image which is then easy to check.

    Tom

    #26 7 years ago
    Quoted from bigdaddy07:

    I would stick with those who have a good reputation and are active in the forums if your going to take a risk. I hate to bring karma into this but, if no one knows who you are and have a karma under 1k that's reason to avoid IMO.

    Hey, hope everybody agrees with you! In fact, I don't know if I would trust someone with a karma under 100,000.

    While you are out checking someone's score, I'll be buying great pins under your "karma" nose.

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