(Topic ID: 232822)

Whats the safest way for a seller to receive money


By hoby1

4 months ago



Topic Stats

  • 56 posts
  • 35 Pinsiders participating
  • Latest reply 82 days ago by abracadabra
  • Topic is favorited by 3 Pinsiders

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    #1 4 months ago

    Thinking of selling a game to a fellow in another state that I do not know. He wants STI to pick up the game .

    My question is without giving hime my bank accounting #s how can I receive payment. Or what is a SAFE way to do this . Would be a 5k transfer.

    ANY help would be greatly appreciated.

    #2 4 months ago

    https://pinside.com/pinball/forum/topic/how-to-not-get-ripped-off-in-pinball-vids-guide

    Read that thread carefully.

    Cash or a legitimate escrow service is the only way.

    RM

    #3 4 months ago

    Wire transfer or cash.

    #4 4 months ago
    Quoted from jake35:

    Wire transfer or cash.

    Where do you wire transfer from and too. I though direct into your bank was safe apparently not.

    #5 4 months ago

    I've done many out-of-state transactions. Most were done with good ole cashiers checks from a major bank. The only issue is waiting for the funds to clear, which is immediate if both parties use the same bank. If not, cashiers checks still clear faster than personal checks.

    The last transaction was done with PayPal wo/insurance...seller preferred this and was a highly rated Pinsider (so I did it). No issues.

    snaroff

    #6 4 months ago

    I know most any no PayPal but I have bought and sold with it several times with no issues, dealing with established pinsiders. Wire transfer is the safest way not sure why anyone would think it's not.

    #7 4 months ago

    My only shipped purchase from a seller was with cashier check. He was a well reviewed pinsider. I sent the check and once was cleared arranged the shipping. All went smoothly. Hardest part was the stress of shipping.

    #8 4 months ago
    Quoted from hoby1:

    Where do you wire transfer from and too. I though direct into your bank was safe apparently not.

    The one time I did this, I had my bank open a new account that the money was transferred into. Once it was there, I transferred it to my regular account and closed the new one. It might have cost me $20 or $30 for the opening and closing.

    #9 4 months ago

    I’ve used PayPal many times to buy and sell. If you’re dealing with a highly rated and trusted buyer I would feel ok doing the transaction. I know some have had issues and there’s always people out there scamming, hopefully you’re dealing with someone with a trusted history and positive feedback

    #10 4 months ago

    PayPal or Venmo

    Make sure you receive and withdraw the money from your account multiple days before the shippers show up.

    You can’t get burned this way. Also never trust an email that the money if there log in and check for yourself

    #11 4 months ago

    Wire transfer. Have a conversation with your bank. Safe, quick, non-reversible.

    #12 4 months ago

    escrow.com

    #13 4 months ago

    I’ve used PayPal with pinsiders who have been here and built a good reputation. I’ve never had any trouble

    #14 4 months ago

    Wire transfer. Open a new acct if you are nervous about them having your primary acct info, even though you give that to anyone you give a check to.

    Or a check (personal or cashiers) that is verified to clear. But assuming they mail it to your home address they'll know where you live

    #15 4 months ago

    Escrow.com. Note that there are more protections there than just getting the money into your account. See the link to Vid's guide above.

    #16 4 months ago

    For 5 grand I load that shit up and take off. Add what they are going to pay for shipping. Gas is cheap.

    #17 4 months ago

    1. Create a new bank account.
    2. Have the buyer go to a branch of your bank and deposit CASH into your new account.
    3. Transfer the funds into your regular account.
    4 Close out the new account.

    If the buyer deposits cash into your account, they can't withdraw it back, and the bank can't hold it. Safest, least expensive way of doing it from my experience.

    #18 4 months ago
    Quoted from PNorth:

    1. Create a new bank account.
    2. Have the buyer go to a branch of your bank and deposit CASH into your new account.
    3. Transfer the funds into your regular account.
    4 Close out the new account.
    If the buyer deposits cash into your account, they can't withdraw it back, and the bank can't hold it. Safest, least expensive way of doing it from my experience.

    note that with new FDIC regulations, people other than the owner of the account cannot deposit more than $500
    I believe that transfers between banks can still occur, but you just can't have the person deposit directly into your account (the full amount) any more

    #19 4 months ago

    Bank wire preferably or certified funds. If buyer sends a check it may take a couple weeks to know it’s cleared, even if it is a certified check.
    I never use pay pal the fees are too high and if you don’t know the buyer he could put a chargeback on the purchase months after he has the game.

    #20 4 months ago
    Quoted from ReplayRyan:

    Wire transfer. Open a new acct if you are nervous about them having your primary acct info, even though you give that to anyone you give a check to.
    Or a check (personal or cashiers) that is verified to clear. But assuming they mail it to your home address they'll know where you live

    I think a wire transfer to your bank account is safe as above. it cost the buyer maybe 25$ on his end and nothing on your end . , within minutes the wire transfer from the buyers bank will be available to you and is not reversible .

    the buyers bank requires identification etc that can be traced back to the buyer. Use common sense such as getting a reference or two or otherwise check that the buyer is who he says he is . If you are not comfortable from your background checks with the buyer knowing your home address or your bank account number( which is on all your personal checks) I would sell it to someone else.

    #21 4 months ago

    I think what most people forget about is the buyer's point of view as well. I'm ok with doing paypal as a buyer since I have some recourse if I get scammed. With a wire transfer, I have zero recourse as a buyer if something goes wrong. With wire transfer you are literally sending cash to a total stranger and hoping they are 100% trustworthy. Paypal used to be easier to scam, but in recent years, they now require "proof" if someone tries to do a chargeback stating fraud etc. Credit card companies are the same way, and in most cases will side with whatever paypal decides. I myself have won such claims as a seller recently, from buyers who were trying to scam the system using the old scam methods of "my credit card was stolen", only to find out that paypal and the CC company work together to stop their sham.

    #22 4 months ago

    How about Walmart to Walmart wire transfer. It’s up to 2500 just would have to do it twice

    #23 4 months ago

    EMT? (E-mail Money Transfer) Do you guys use EMT's in the States? Can't get those back. I use EMT for all in Canada.

    #24 4 months ago
    Quoted from V8haha:

    PayPal or Venmo
    Make sure you receive and withdraw the money from your account multiple days before the shippers show up.
    You can’t get burned this way. Also never trust an email that the money if there log in and check for yourself

    I personally would not do Venmo. Venmo has absolutely no buyer protection and is meant only for friends and family. I would recommend PayPal instead as it seems to have much better buyer protection.

    #25 4 months ago

    I have done many deals via PayPal as buyer and seller for as much as $6k give or take. Always withdraw and clear it to your checking account prior to shipping out the game. There is no way to get scammed by this method at all once the money is in your checking account. And it only takes a day to land in your checking account.

    That and its all about relationships and trust. Its always best to deal with folks you have a relationship with, can easily build a relationship with OR know people who have verified and solid relationships with. I had once incident where PayPal locked up money I was paying to a seller for several days (long story, i basically made a transaction to an incorrect email and the money ended up in limbo for a week) and the buyer shipped me the game anyway while it cleared. There was a level of trust. Always build that trust and talk to other folks who have dealt with a particular buyer or seller if you are doing out of market / shipped transactions.

    #26 4 months ago

    Cash on the glass. Only. No exceptions, do not pass go. Read vids info, seriously, go read it all. Make ya never want to deal with others again, except cash and carry. If there was a pin I really wanted far away, buy a plane ticket, go see the machine, play it, leave with it, take it to your shipper yourself. Now if both parties honestly know each other, that’s different. But any joe off the street, or friend of a friend who’s sister in law knows their baby daddies cousin? Nope.
    I mean cmon we can be talkin 10 grand here, buy a plane tic for $300 and do it in person. Meet em in broad daylight where there are others or others know exactly where u are .( find my iPhone app is great, tell your spouse if I don’t call in exactly 10 min or whatever call the cops) Have a bank account that has branches everywhere, ie boa or chase or similar. That way you get the cash IF machine checks out, don’t goto strangers back yard in dark with 10k, hello!

    #27 4 months ago

    Problem is I don’t know the buyer. He is a newbie here and I need to protect myself against chargeback.

    Should I just walk away. He is willing to to money transfer. I was thinking Venmo

    #28 4 months ago
    Quoted from hoby1:

    Problem is I don’t know the buyer. He is a newbie here and I need to protect myself against chargeback.
    Should I just walk away. He is willing to to money transfer. I was thinking Venmo

    If your gut is telling you something is wrong, listen to it. There will be other buyers.

    If your gut is saying it’s prob ok, ask for references with other pinsiders. If he can’t provide, walk.

    How far away is he?

    #29 4 months ago

    Utah

    My gut is not really desided. I have ALWAYS been a cash and carry guy

    #30 4 months ago

    Everybody was new here once, I get it. But What are the odds the first machine he wants is out of state? When I first started I bought at shows I went to, or places within an afternoons drive. I think most honest people would do it that way. Then as time goes on and collections and networks grow the radius grows with it. If you were new, what are the odds the one machine you wanted was across the country and you had to have that one and that particular one only? Weird huh? Sure there were titles I wanted, so I looked for them locally. I didn’t call Texas for my first machine. Look, this guy could be saint, and by fortune you have what he wants. Great. But if your gut is worried. Be worried.

    #31 4 months ago
    Quoted from Phat_Jay:

    Everybody was new here once, I get it. But What are the odds the first machine he wants is out of state? When I first started I bought at shows I went to, or places within an afternoons drive. I think most honest people would do it that way. Then as time goes on and collections and networks grow the radius grows with it. If you were new, what are the odds the one machine you wanted was across the country and you had to have that one and that particular one only? Weird huh? Sure there were titles I wanted, so I looked for them locally. I didn’t call Texas for my first machine. Look, this guy could be saint, and by fortune you have what he wants. Great. But if your gut is worried. Be worried.

    He owns a few other games also. Just a newbie in the sense of only been 6 months

    #32 4 months ago
    Quoted from hoby1:

    He owns a few other games also. Just a newbie in the sense of only been 6 months

    Great, that makes it easier. References from those purchases. If they’re pinsiders or klover’s even better. Otherwise he could ask his brother to pose as a seller for reference.

    #33 4 months ago
    Quoted from hoby1:

    Problem is I don’t know the buyer. He is a newbie here and I need to protect myself against chargeback.
    Should I just walk away. He is willing to to money transfer. I was thinking Venmo

    I sold a car to someone in TX once and the money was wired to my bank. I had it go into my savings account and immediately transferred it to my checking account. My wife worked in the banking industry for years. They CANT do a charge back with a wire transfer. GLWS

    #34 4 months ago

    hoby1 - After reading your responses, my advice is only accept a bank wire in this situation. It's essentially cash in hand, same day, without the worry of a buyer filing a complaint for who knows what weeks/months down the line.

    If the buyer has an issue with a bank wire, vet out their concerns. Make sure you hold up your end of the bargain by providing as many pictures and videos of the pin. I would also suggest offering up a phone call to answer any questions they may have. This will create assurance you aren't misrepresenting your pin (not that you are).

    Good luck with your sale.

    #35 4 months ago

    You guys are WAY over thinking it

    Trust em? Any form of pmt is good

    Don’t trust em? Cash or Wire transfer

    #36 4 months ago
    Quoted from PNorth:

    1. Create a new bank account.
    2. Have the buyer go to a branch of your bank and deposit CASH into your new account.
    3. Transfer the funds into your regular account.
    4 Close out the new account.
    If the buyer deposits cash into your account, they can't withdraw it back, and the bank can't hold it. Safest, least expensive way of doing it from my experience.

    When I purchased my TWD this is what the seller did.

    #37 4 months ago
    Quoted from Phat_Jay:

    Everybody was new here once, I get it. But What are the odds the first machine he wants is out of state?

    My first machine was out of state. Seller even took PayPal.

    My second machine was out of state. Great guy, chatted on the phone a couple of times. He let me send him a personal check (I offered to wire transfer).

    Third machine was local at least

    #38 4 months ago

    Crazy question.... could there be a possibility of chargeback if he friends and family’s PayPal

    #39 4 months ago
    Quoted from hoby1:

    Utah
    My gut is not really desided. I have ALWAYS been a cash and carry guy

    PM me his name. I might know him.

    #40 4 months ago
    Quoted from Leeb18509:

    PM me his name. I might know him.

    I was just about to suggest hoby1 PM you or Jeff and see if anyone in the local scene knows him.

    #41 4 months ago

    So many of you guys overthink things to much. I sell an average of 300 games a year. and at least 50% is through the internet often with people that I have never met

    You have to protect yourself, no question there, but its very easy to protect yourself

    Ideally, cash is king, no doubt there
    But when selling to someone across the country or so, there really is only two options

    1. Cashiers check, buyer has to wait 5-10 business days to verify it clears, then ship

    2. PREFERRED WAY: Wire transfer. there is no recourse/chargebacks period. If the bank has a fee (mine does, 25.00 for domestic, 50 for international). Either negotiate that into your price, or negotiate it with the sale. As a seller, I want to reach as many as I can, so I often eat that fee. But If we haggle back and forth agree on a price, then they say they have to do something like transfer that cost fees, then I tell them that they can eat the fee. There is nothing that a person can do with your bank and routing number that can hurt you, they can only deposit money basically, they can not withdrawal. So you are covered. You can ship the game instantly this way to.

    Paypal is good for one thing, a deposit, and a small one at that. Even friends and family can be chargedback if the person paid using a credit card that has credit protection, which as a seller you do not know, so avoid paypal for full payment.

    #42 4 months ago

    This is a PITA with opening a new account " says the Wells Fargo bank near me "

    Question : If he pays by cashiers check at a Wells Fargo bank , and I only cash it at a Well Fargo bank which I dont have an account at..... is it 100% safe?

    #43 4 months ago
    Quoted from hoby1:

    This is a PITA with opening a new account " says the Wells Fargo bank near me "
    Question : If he pays by cashiers check at a Wells Fargo bank , and I only cash it at a Well Fargo bank which I dont have an account at..... is it 100% safe?

    Cash it or deposit it?
    If you cash it, try having someone rip the cash from your cold dead fingers

    #44 4 months ago
    Quoted from northerndude:

    Cash it or deposit it?
    If you cash it, try having someone rip the cash from your cold dead fingers

    Cashing it........and im done with the bank.

    #45 4 months ago

    The bank will charge a fee for cashing it. BofA pulled that on me once. Also some want a thumbprint or other such nonsense.

    #46 4 months ago

    They do want a thumb print, and 7.50.

    #47 4 months ago

    Maybe there is a reason why no one has mentioned it, but Apple Pay & Google Pay seem to be great options (I've used them 3 times now, once as buyer and twice as seller). Works like a wire transfer but right from your phone. No recourse for the buyer whatsoever that I am aware of, so they'll have to trust you completely.

    #48 4 months ago
    Quoted from hoby1:

    Crazy question.... could there be a possibility of chargeback if he friends and family’s PayPal

    Absolutely. If a card is used, the charge can be disputed or the card closed. If it is a direct draw from a bank account, there is a hold placed on the money, but the official transaction does not take place for sometimes several days. Plenty of folks have been scammed when money was sent and then an account was closed or severely overdrawn. In those cases, PayPal does not eat the loss....they go after the person holding the money.

    Vid's guide is pretty much on the spot so far as the ways to protect yourself. And for those that say this is being over-thought......I worked investigations for over 20 years, and I can introduce you to hundreds of folks that wished they would have over-thought a transaction or two. All it takes is one shark bite to keep you from ever swimming again...........especially if you lose a leg.

    #49 4 months ago

    He is sending a Wells Fargo cashiers check and I will be cashing it a a Wells Fargo bank which I do not have an account at. I asked if it bad and they discover at a later time which should NOT happen they will go after the person that issued the check. WF said they will verify at the time of cashing

    They said they will give me cash at that time for $7.50. No one I talked to said there could not be a problem as long as I have the cash in hand before shipping

    Thoughts?

    #50 4 months ago
    Quoted from hoby1:

    He is sending a Wells Fargo cashiers check and I will be cashing it a a Wells Fargo bank which I do not have an account at. I asked if it bad and they discover at a later time which should NOT happen they will go after the person that issued the check. WF said they will verify at the time of cashing
    They said they will give me cash at that time for $7.50. No one I talked to said there could not be a problem as long as I have the cash in hand before shipping
    Thoughts?

    My two cents: If you'e getting assurance from Wells Fargo that you will not be liable for a bad cashier's check after cashing it, then go for it.

    Make sure you communicate with the buyer that once you cash the check, you will ship on "x" date. As a buyer, I would want to know what next steps are once you cash my check.

    Good luck with the transaction.

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