Paying in Payment's - I don't get it??

robr1967

Today I emailed a seller on EBAY. Who by the looks of the cards I would assume is a dealer.

Now, I am just a little guy here, making an average salary, trying to put together a couple nice sets. So far in my dealings I guess I have been lucky enough to find very ncie dealers that would allow me to pay them over a couple month time frame when buying a load of cards from them.

Well, today I emailed a seller for some cards that I am bidding on. This guy got back to me, and said I don't take payment options. PERIOD.

Now is it me or is this guys DUMB. I would understand, if he said he needed the money right away and said something like that. But telling me that he does not have any payment options...and leaving it at that. Well has now taken me out of the bidding. So in a sense I see it that he is not going to make as much on the cards he's selling.

Just my thoughts.

What does everyone else think?

BobS

Just pay with a CC and make those payments. Why should a dealer whom you have never done any business with trust you to make additional payments after you receive the cards?

MickeyC

I guess this will end up being a rather common occurrence, as Pay Pal is going to be able to invoice customers for a "payment plan". But I agree with Bob, he doesn't know you and it's a risk for him. Build a buying relationship with him, and he may change his mind. By then, the Pay Pal payment plan idea may be up and running, and you can suggest it to him.

Mark

robr1967

Well, 1st off. I told him that I would not want ANY of the cards shipped until they were fully paid for.

And 2ndly, I told him I would easilly give him several references that I have done this in the past with.

mikeschmidt

Doc has been understanding with me in a payment plan. Doc is the best!!!

acowa

I think it's the sellers perogative if he doesn't want to accept those terms...I don't feel like the seller is necessarily dumb. It sound like he just wants a clean transaction that doesn't linger.


I also believe that your logic of <So in a sense I see it that he is not going to make as much on the cards he's selling.> is not 100% foolproof. There's always a possibility that someone will pay in a lump sum what you are willing to pay over a payment plan...and if you were willing to pay more in a payment plan...why not just pay that extra money to your credit card or some other line of credit?

Regards,


Alan

baseballizlife1

I for one have been on both ends of the payment plans.

I sold a Rose PSA 8 rookie on a payment plan to a great guy...who paid exactly when he told me he would. And for this reason I actually think it went higher than expected because I was willing to work with him.

I also have been on payment plans...with a couple different sellers. Not everyone...especially in this market...has the money sitting around all the time to buy high ticket items. I feel if you are upfront and tell the seller exactly when and how much payments will be that it is very fair to be offered a payment plan.

Just my two cents!
Brian

brucemo

Nobody has ever asked me if I took payments on an auction, and I'd be shocked if someone did. I've never heard of anyone doing this.

I think that if you can't pay up front, you are probably too wobbly financially to be buying stuff like this.

bruce

alohaet

I have to put my 2 cents worth in here. robr1967 worked a deal with me on the payment plan some months ago and everything went very well. He made me an offer for several cards and asked about a payment plan. I told him what I wanted and we came to an agreement. He paid me on time and actually paid me ahead of schedule. We all can't afford to pay cash for a car so we make payments. Should we wait tll we have the whole amount before we buy all big ticket items? I think it's in a sellers best interest to be open minded about payments options and try and work with a buyer who might be a potential repeat customer. I just wanted to say that this particular person was up front with me and kept his word.

Ed

Tipem

I think that asking about a payment plan is not a bad idea.I do think that most dealers try to roll in and out of their inventory and are not in a position to get into a payment plan situation. In being a dealer,cash flow or at least access to cash is imperative.Also,even though there are a lot of people out there like yourself that are as good as their word with payment plans,there remains a significant percent that will send money and then just blow off a deal. While I agree that a payment plan option would certainly make certain cards that I would love to own more accessible,I always pay with postal money orders to make the transaction as smooth and hassle free as possible.

alohaet

Tipem, point taken. What do you know about this Paypal payment plan just curious? Like you I find I have to pass on some cards because I don't have the full amount at that time.

Ed

MickeyC

<< <i>Tipem, point taken. What do you know about this Paypal payment plan just curious? Like you I find I have to pass on some cards because I don't have the full amount at that time.

Ed >>



From an email I received today from Pay Pal (it was a long email, I pasted the part about payment plans):

..... Plus, if you sell products that are over $50, you might get more customers if you allow payment in multiple installments. PayPal's Subscription Tools also offer customers a way to budget their payments over time.


Log in and learn more about Subscriptions

Mark

KING KELLOGG

I think one aspect that has been overlooked here is the volitility of this great hobby of ours......


What if???

...The item becomes more valuable in the term of the payment plan???..Hmmmmmm.

...The item becomes less valuable???..Hmmmmmm.

...The same item becomes available at a better price somewhere else???...Hmmmmmm.

All of these situations could (and probably would) create stress on the deal.

I agree with acowa, the buy/sell deals in this business should be clean AND swift.


Something to think about...




Larry.

alohaet

Thanks Mark, will do.

Ed

RobBobGolf

Card Dealers & Loan Sharks should never be one in the same. Leave financing to the banks.

RobBob

LJB17

I think that where the seller was "dumb" was in how he treated a potential buyer. Whether or not he was willing to accept a payment plan, you should always be polite to the customer. Rather than use all caps and insult someone he could have simply explained that was not in his scope at the current time. A reasonable payment plan makes a great deal of sense, especially when the buyer does not expect the cards until the items are payed for in full.

Philabuster

Look at it from this point of view. Say you went to an auction locally in your own community. You may know the auctioneer, other bidders or maybe even the consignor. A piece comes up that you want very badly but you can't afford it. Would you stand up in the middle of the bidding and say excuse me, would it be possible for me to make payments on this? I doubt it very much, because if you did there's a very good chance that the auction will be held up for five minutes while your laffed out of the room. Ebay is an online auction that works on the same concept as a local auction. I see nothing appropriate about asking a stranger across country to make a payment plan available for you. If this would have been asked of me I would have totally ignored the question. Like the answer given in an earlier thread says "The buy deals should be clean and swift" I agree with totally. The only exception may be if you've done business with the person before and you've built up a working relationship. Otherwise the rules of ebay should be followed to the letter. Your the winner. Payment should be made within ten days. I know ebay would not give the seller a payment plan based on what you bought from him and how you were paying for it.

robr1967

Well, thank you all for your input. I really apprecaite all your thoughts, even if I would or wouldn't agree with some of them.

I now have one more question.

What is this Paypal payment thing? I am a member, and have looked over their site, but could not find anything regarding it. Could someone possible post a link to that part of their site for me, please.

Many Thanx
Rob Ruth

Buckwheat

Besides the risk of default from the buyer, and the hassle of recordkeeping and reminders involved in becoming a bank, there is another downside to lending the buyer money. Is $1000 today the same value as $1000 paid over several months? Of course not. So unless you include an interest charge on the payments, the second place bidder may actually have a better bid.

I could see where this could work among people with some relationship, but there is way too much risk for the seller with strangers. Anyone who cannot finance the amount of money needed to make a purchase is certainly a high credit risk.

And Bruce's point about the irrationality of financing baseball cards is well taken. Sounds like a great way to end up in bankruptcy. Financing a car or a house should not be compared to financing baseball cards.

mrichards

Hi Everyone,

As for my 2 cents. I have done payment plans in the past. When you setup something like this as a seller, you have to set the terms and have the buyer agree to them. My compliments to Larry regarding all of the possibilities that can happen during a payment plan. This is an easy step to follow as a seller and I have used this on many cards, which I have sold on time.

#1. I set the payment terms for no longer than 3 months (90 days).
#2. All deposits are non refundable and are to be applied only to the item being financed.
#3. I want 25% down. This is to lock the buyer in. If the buyer defaults, it does not become a waste of my time.
#4. If the buyer should miss a payment, it is considered a default on the agreement and I keep the money paid up to that point.
#5. If the card goes down, tough luck, I do not set the market prices, only sell within them.
#6. Rule #5 applies to me if the situation becomes reverse. I am not a greedy person. If the SMR goes up on a card, it isn't usually more than 5-10%. If I was happy about selling the card before, I should be happy about selling it now. I am making a profit on it, which is why I am selling it in the first place.

Some of these terms may sound harsh, but I am the one who is becoming an interest free loan service.

That's my opinion and this was a great topic.

Thanks,
Mike

crazysc

Well, I sell 99% of my items on a payment plan of some point...

Frankly, it only makes sense if you are very well capitalized, and are selling at a price above ACV (actual cash value). If a card is selling for $1000 on ebay, I see no reason to sell it for $1000 and allow payments over 90 days. But, if I can get $1200 for it, sure I'll take $400/month for three months....

Buckwheat

Sol,

I agree with you entirely. When you sell a product, you can put the "cost" of financing into the price. The cost includes the carrying cost of the money, plus the work of managing the payments, plus the risk of default. When you sell on Ebay, you can't do that very reasonably.

I suppose that if the buyer were to ask about payments before the auction closes, and the seller were to say that yes, they would accept but with a service charge for allowing time payments, it may work out for both. Otherwise, if I was the second bidder, I would be upset that another bidder can beat my cash offer with an installment plan. If a seller accepts an instalment plan, then I would like to know ahead, and plan on paying that way myself, or asking for a discount for cash.

Basically, you just can't get around that there is a cost associated with an installment plan.

vgfc

This reminds me of that thing that many stores do....it's called layaway. I don't see any issue as long as the buyer agrees that payments are non-refundable (so you can't just decide you can't afford the card 2 months later) and as long as the cards are held by the seller until the final payment is received. I agree it is of course the seller's choice as are other things such as accepting checks or paypal or who they ship through. I don't think the best cards around should be available exclusively to the rich folks, give the little guys a chance.

Rob @ www.vintagegradedfootballcards.com

alohaet

vgfc, I have noticed that you are quite a bidder/seller of older football cards. I have also checked out your site to see if you have any cards that I need. I noticed that you have a layaway plan option on your site. I think it is a good idea for those of us that can't come up with a big chunk of dough at one time. I want certain early football cards and some I would buy if the layaway option was available.

Ed

vgfc

Alohaet, thanks for checking out the web site, I am always looking for feedback (what you liked or did not like) so I can make improvements, let me know. If I find any of the cards you are looking for I will keep you in mind, I did have the only 1972 Joiner RC PSA 10 but sold it some months back now....it was perfect! Best of luck with your want list.

Rob @ www.vintagegradedfootballcards.com