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Discussion Starter · #1 ·
Hey guys,

I'm thinking of selling some of my watches, posting them on the sales forum. But I don't know what payment mechanism to use. I don't have a paypal account, and I'm wondering if its foolish to suggest a money order, given the inherent fraud that's possible from those. Any suggestions? I think I'm conformtable with a money order if the person purchasing it is someone that I know from WTF and has been a member for awhile. Is that foolish? Thoughts?
 

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Agent Orange:

I do not deal much with online purchases other than credit card, so my opinion here is limited. Hopefully others can chime in; but, may I suggest:

1: Certified Bank Check from a MAJOR bank (Bank Of America, Citizens, WAMU, etc.) These banks have branches nationwide, so you can cash them easily enough. To my knowelede, a person has to 'buy' the check with cash, and the bank supplies the check.

2: USPS money order. They can be cashed in ANY USPS location, and should someone forge them, they come under so many federal laws, that it is better protection than a check. I do not see many people forging those, especially since all the computers are linked, and each one has an unique identifying code.

Hope this helps.
 

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Hi AO,

Paypal is a convenient way of getting paid however the fees suck and it is more of a case that the buyer wins if there is a dispute.(Whether the buyer is correct and honest or not.)

I think the big secret selling via the net is to ensure that you have clear funds in your bank account if you are accepting any sought of payment.

I know JBH II (John) had some drama when selling an item,about a fraudulent postal order or cashiers cheque.(Which one I can't recall.)

Use caution and as sad as it may sound,treat everything as suspicious when dealing on the net.Always take steps to verify who you are dealing with,even something as simple as checking the phone book to see if they are listed.Send to a street address not a PO box.

The above are a couple of safe guards,no doubt there are more,and I think one major point is ensure the item is insured and the receiver has to provide identity and sign for the item.

Good luck
 

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I've always sold preferring to use PayPal. The fees, at about 3%+, are a bit high. But at least it is a convenient and quick way to get paid.

However, I like to think I'm a conscientious seller. I always describe my watches accurately and include recent pics. I dislike sellers that request that you ask for pictures. Also, I always give the buyer my phone number in case there are any problems and I always - always, ship the watch the next day after PP notification is received.

Be aware that selling watches on any forum can bring in a few problems. Sometimes a buyer will ask you to hold the watch until he gets the funds in a couple a days but then you never hear from him again until after you sell the watch again. Small itty-bitty problems, but problems nonetheless.

Also, make sure you specify whether or not you accept trades in your post otherwise you'll be swamped with trade offers when you really just want the cash. And be clear whether or not you'll ship outside the USA. I hate standing in line at the post office filling out customs forms.

I hope I helped you out a bit. Good luck with your sales. Maybe try sticking close to home on the WTF sales forum before you go out into other fora.
 

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Hi AO,

Paypal is a convenient way of getting paid however the fees suck and it is more of a case that the buyer wins if there is a dispute.(Whether the buyer is correct and honest or not.)

I think the big secret selling via the net is to ensure that you have clear funds in your bank account if you are accepting any sought of payment.

I know JBH II (John) had some drama when selling an item,about a fraudulent postal order or cashiers cheque.(Which one I can't recall.)

Use caution and as sad as it may sound,treat everything as suspicious when dealing on the net.Always take steps to verify who you are dealing with,even something as simple as checking the phone book to see if they are listed.Send to a street address not a PO box.

The above are a couple of safe guards,no doubt there are more,and I think one major point is ensure the item is insured and the receiver has to provide identity and sign for the item.

Good luck
Aaron is quite correct - someone tried to pay me with a counterfeit cashier's check on a $2000.00 watch. The only thing that saved me is that I insisted on waiting until the check cleared. The bank tellers thought it was real, and deposited it. It wasn't until two days later that I determined it was bogus. :scared:

Paypal fees are 3.5% I believe - not a big huge deal for an under $1000.00. Just adjust your price accordingly. A wire transfer is what I insist upon on anything over 1K.
 

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Due to the stories that I have heard I have nevr used paypal and never will.
I have bought and sold (too) many watches over theyears ans always use a USPS money order for buying and selling.
As a seller I can kill 2 birds with one stone.
Cash the MO and ship in one transaction.
Plus it's safe for the buyer and seller because it's a federal crime if a USPSMO is mis-used.
Mileage varies but that's my opinion.
 

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Discussion Starter · #7 ·
Thanks guys. On the money order thing, how do you decide when to ship? Do you make it clear to the buyer up front that the watch will be shipped immediately after the MO clears? What's the procedure? Thanks very much for all of your advice.
 

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Hello Agent Orange

You need to ensure the payment clears and that there is no possibility of the buyer or anyone recalling it such as a freeze on his account in the unfortunate event of insolvency or anything like that. Here in the UK a cleared item apparently can still be recalled by the issuing bank though they must do this within a certain period. You may wish to check with your bank how long it takes for an item to " fully clear " the system and cannot be recalled. Ask them too which instruments they recommend that are " as good as cash in your hands ".


Wish you well my friend


ZIN
 

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I believe that a USPS MO is cleared as soon as it's cashed at the Post Office.
That's why I ship and cash out at the same time.
Believe me the folks at the USPS check out the MO before paying out!!
If they do not have the cash onhand at the PO it can be deposited,as a check, in your acct but I would wait for it to clear.( mostly due to bank processing rather than the validity of the MO.)
 

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US Postal Service MO is the safest way, followed by paypal. Bank wire transfers give your account numbers to the buyer, which can be dangerous. The other advantage of paypal is people can use a credit card. Until a year ago, I owned retail stores. My company charged 1.5 percent, plus a transaction fee, to process credit cards. Some charge even more. So 3.5 percent for a non=commercial account is actually pretty good. Just add it to your price.
 

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AO I only use Paypal for my postings on Ebay. It is easy to track your funds and pay your fees, plus what boscoe mentioned about credit cards. Now if I would sell on the forum I would also include M.O. and checks. Always wait until funds clear before you send the item out. Good luck hope this helps.
 

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Thanks guys. On the money order thing, how do you decide when to ship? Do you make it clear to the buyer up front that the watch will be shipped immediately after the MO clears? What's the procedure? Thanks very much for all of your advice.
Agent Orange, back in school I worked in a bank. I can't tell you how much fraud exists because people think a cashiers check or money order is guaranteed. It isn't.

There is nothing preventing the purchaser from going to their bank and cancelling the cashier's check in the system. They can then send you the worthless piece of paper. All the cashier's check/MO means is that funds were available at the time the check was printed.

I ALWAYS require a cashier's check from a MAJOR BANK (with a location close to me) or Postal MO from anyone I sell to. I then take the check/MO to either the major bank's branch or the PO. I then have them cash the check and give me the money right then. Don't let them talk you into opening an account with the money or anything else. You want cash and should wait there till they give it to you. It could take 30 minutes and you will probably have to give them your proof of identity. I do this because you better believe they will check it out throughly and make sure the check is on the up and up before giving you any cash money. If they give you an account there is the possibility the funds can be revoked later on.

NEVER just deposit it in your bank account. YOUR bank might give you immediate funds on it based upon YOUR credit/standing, but they will take it back a day or so later if there is a problem. Furthermore, they will probably charge you a NSF fee for the bogus cashier's check which is just asinine.

I KNOW the banking business well. If you get lazy and just deposit, see the money, and send the watch you are exposed to risk. International cashier's checks often have an unlimited rollback period. For international, get a wire transfer to a special account you have created expressly for this transaction and close the account and take the money out BEFORE sending the merchandise.

Be smart, don't get lazy, and you'll be alright.
 

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What if you cash the Certified Bank Check at the bank of issuance? For example, if the Certified Bank Check was from Citizen's Bank, why not just cash it outright then and there, regardless if there is an account? Won't most banks cash their own checks?
 

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What if you cash the Certified Bank Check at the bank of issuance? For example, if the Certified Bank Check was from Citizen's Bank, why not just cash it outright then and there, regardless if there is an account? Won't most banks cash their own checks?
Of course, and this is the preferred method. This is why you should ask for a check from a major/nationwide bank. If it is from a major bank there is a good chance there is a branch in your area where you can go in and cash it.

Be careful with international though as there is no rollback period. Even an international concern like a Citibank might not be able to validate funds on a check drawn from one of their international branches.
 

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I have used PayPal for years, and I am reasonaby happy with it.

The normal fees are around 3%, but beware of international fees!

You get hit with "cross border fee" as well as the "currency change fee" when the sending Paypal account is in Pounds Sterling for example (recent history for me) AS WELL as the 3% normal transaction fee...

For as much as possible, I demand USPS Postal Money Orders. I then take it to the PO, cash it, and walk home (or ship the item in my hand if that is the case).

I prefer not to deal with other banks; my bank is the only one (a credit union actually) so it does not fall prey to the huge bank buy-outs you hear about every week.

You sign up with a bank because it's the right one for you, and then the bank is bought and your fee schedule changes and everything else... I got burned on that in the past too.... "But it's bank policy" was the explanation; "But not of the bank I opend my account with!" was my response... You know who won that argument... ME! I took my money (what was left of it) elsewhere...:cursing:
 

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Hi agentorange.

sorry I didnt catch your name. you didnt play the Namegame. hehe.

about selling watches online. since I am in the business of online retailing, I can share with you what I personally feel is the best and safest mode of selling watches. I am saying this based on the experiences of both a seller and a buyer end.

1) Paypal : fastest and most reliable. though incur paypal fees. you can split fees, or get buyer to pay fees or you bear it.

2) wire transfer: I think this is the best so far. cheaper, and direct. no chance of fraud. just make sure to ship the watch until you get the money.

all in all, I say this. if customer is paying through credit card in paypal, try to make sure that the billing address = shipping address. If buyer suggests other address, have him verify the shipping address. Most of the time, check with the biller that he knows his card has been charged.

never send to PO box.

as a good check, like I always do, I will give a call to the biller to get him acknowledge the payment and the watch he/she just bought. Unless you are very sure of the buyer, you can skip this step.

If you want, get buyer to fax or email you his/her latest utility bill or somesort.

last but not least, trust your guts. when in doubt, Dont deliver. You save the hassle and a few dollars when a fraud occurs.
 
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