5% Re-stocking Fee?
DCAMFranklin
Posts: 2,862 ✭✭
Now here is a dealers' Ebay practice that I really don't care for!
Charging Re-stocking Fee!
Sure I offer a refund privilege, but I will pop you for utilizing it!
Charging Re-stocking Fee!
Sure I offer a refund privilege, but I will pop you for utilizing it!
0
Comments
edited to add:
some of these coins are very heavy and if the forklift isn't available then you have to go down to the corner and hire a couple kids to help you lift it up onto the shelf.
"Senorita HepKitty"
"I want a real cool Kitty from Hepcat City, to stay in step with me" - Bill Carter
President, Racine Numismatic Society 2013-2014; Variety Resource Dimes; See 6/8/12 CDN for my article on Winged Liberty Dimes; Ebay
Registry 1909-1958 Proof Lincolns
If I plan on returning something it is because something on the coin didn't show up in the picture or the description didn't match the coin in my opinion. I'm not paying 5% or 10% or anything for that. It's bad enough you have to pay for shipping both ways.
Quit your whining. The seller states the restocking fee clearly enough. If you don't like it, don't buy from that seller. Why do you have to make a post here complaining about it? Are you just looking for some attention?
I thought you were totally against complaining about auctions as long as you have the option to not buy.
DSCAM Trolling on a similar subject... just today
I'm not PO'd. I'm just pointing out the hypocrisy of his post. Nothing will come of it. DSCAM will just change the subject when it becomes obvious that his actions are indefensible.
Nothing pisses me off more than someone getting my coins and deciding they did not like something - and wanting their return postage back as well (even if coin described accurately).
I spent time listing - email communicating - going to the post office - paying ebay fees/sometimes paypal fees, etc. Why should I as a seller do all that stuff so someone can use ebay as an approval service?
Maybe 5% restocking fee $5 minimum - ya thats the ticket.
How many of you have bought coins from Teletrade and sent them back - how many of you have sold coins that people have returned? It adds 2 months on sellers time to get their money. On ebay, it probably adds 3 weeks.
If you buy coins on ebay you should realize you are always taking a risk - if you are not willing to take that risk then stick to coin shows or live auctions where you can spend the time to examine lots of coins and pick the very few that meet your standards.
Wow - I like MNM's words - I'll just leave out "due to the cherrypickers out there" as it may offend some cherrypickers out there.
TBT
If a collector wants coins on "approval", eBay (or any other auction venue) is not the proper place to be doing so. If we only returned coins when we have a valid reason, dealers wouldn't have to do this.
Russ, NCNE
I might go out on a limb and say that he did this because people were possibly trying to buy items and screen them for upgrades and then return them. (it appears as though he sells a lot of registry stuff)
It's not like he tells you this After you try to return an item. Frankly I don't really see a problem and 5% is very fair compared to other sellers and auction houses, etc.
Why would anyone , after purchasing an awesome coin like that , return it?
Brian.
I don't think anyone is implying that EVERYONE uses eBay as a screening service so please don't take it personal. I have returned coins for valid reasons as well. However, I feel that the seller is perfectly within their right to charge a re-stocking fee. If you don't like it, don't bid. If you want to cherry-pick, do it at your local shop or show. If you want to place the blame anywhere, place it squarely on the shoulders of those who use eBay as an approval service or realize the mistake they made all too late.
I personally know of a bidder who found a better deal elsewhere, waited until the coin arrived and then immediately returned it. His reason...not what he expected. The coin...a PF-69 Washington commem. Not what he expected? I searched on his username and found he won another for $10 less. What a jerk.
Just my two-cents (U.S.)
Cheers,
Bob
<< <i>But the assertion that returning coins is somehow whimsical in nature, that's just ludicrous. >>
Baseball,
I didn't say that returning coins is whimsical. I return plenty myself. What I said was that many collectors return them on a whim without valid reason. That is a fact.
Russ, NCNE
This was your quote - << These childish little threads created with no other reason than to ridicule a seller are totally pointless and a complete waste of everyone's time. Perhaps its time to put an end to them. >>
and it sets us apart from practitioners and consultants. Gregor
My Website
"Everything I have is for sale except for my wife and my dog....and I'm not sure about one of them."
You read entirely too much into my very brief comments. The 5% re-stock fee is something I personally don't care for. I hoped to see how Members of this Forum felt about the practice. Is there anything wrong with that?
Perhaps, if a seller lists a coin with a full retail, or near it, initial price, then I can understand a big return privilige with a re-stock fee. However, if the auction is a TRUE auction with a potential very low sales price, I have to wonder how a buyer deserves a return privilege. Everytime I go to my local antique auctions and they hammer down on that piece of furniture, I OWN it. No whining, no buyer's remorse, no return privilege - I just OWN it.
My #1 Low Ball Peace Dollar Set
Yes, it's DSCAM backpeddling as fast as he can after realizing that we weren't lining up to jump on his bandwagon.
Greg
Perhaps DCAMTroll could link us to his auctions so we could see an example of his policies. After all, he's sold "ten times as much", and is real good at dispensing advice to sellers with over 3000 positives to "stop selling on eBay" because they don't know how to treat buyers.
Russ, NCNE
On the inverse. As someone who sells a lot of stuff, I realize there are expenses associated with selling. If someone sends something back, I'm out of the initial fee from e-bay (the final value fees are refundable, but not the initial placement fee), usually $2.20 to $3.20, and any pay-pal fees if they used that service. Pay-pal is $.30 plus 2.2%... at least it was the last time I checked. These expenses are NON-REFUNDABLE! So I certainly dont mind if someone states up front that there is a restocking fee. They are NOT out to make money on it, just hedge some cost. Infact, the restocking fee is often times BELOW what it actually costs for a non-transaction. If you want to
check the terms in one of my auctions, you can see I'm not out to make anything off anyone on a return (or postage), even though I say I'll charge a 2% restocking fee for those using pay-pal. Please let me know if I'm "making money" if someone sends it back.
Keep in mind that dealers want happy customers. The successful dealers know that to hack customers of is shooting themselves in the foot. The ones that give accurate descriptions and treat their customers right are the ones that get the premiums for the coins that deserve it. I could point out a couple of dealers that do this... and you can ask them. They'll tell you the same thing.
In the last couple of years, I've only had one coin returned to me that wasnt an "on approval" coin. The guy sounded really hacked, and I had no idea why. I was asking a pretty good premium on the coin, but man, it was a SCREAMER. You should have read his e-mail. Man, it was scathing. It did NOT set well with me, but he never knew it. I told him I was sorry the coin didnt meet his expectations and I would issue a refund as soon as it got back to me. He sent it back. Even though I said in the auction that I would assess a 2% restocking fee, I didnt. I sent him 100% including postage/insurance. I reaffirmed that I felt the coin was undergraded but that his satisfaction was what mattered. He was very pleased with my fairness in the matter. Less than a month later, he bought a $950 coin from me.
Less than two weeks after the coin got back to me, I decided I would send the coin back to PCGS for a regrade. I sent to PCGS IN THE HOLDER and they UPGRADED it. If you've sent stuff to PCGS before for regrades, you know it is rare when they upgrade when you send it to them in the holder. This satisfied me that my premium was justified. lf I were to sell it now, it would go for quite a bit more than it did the first time around.
I later learned that the buyer had found and bought another example of the coin I sold him while he was waiting on mine. This one was two grades higher (on the holder) so it didnt matter how nice mine was, it was destine to come back to me. Even though I will end up doing much better on the coin because it upgraded. I'm still out about $15 in non-refundable expences because of the non-transaction. So you can see that even though there was no fault with me, I "lost" money. This is why I dont gripe when sellers are up front about a reasonable restocking fee.
Side note: I've bought several coins from M&M. He seems to be a really nice guy, very friendly. I had no problems and would not hesitate to do business with him again.
David
<< <i>Perhaps DCAMTroll could link us to his auctions so we could see an example of his policies. After all, he's sold "ten times as much", >>
Agreed, mnmcoin, Anoconda and many others are not afraid to show the Ebay Id's......... It doesnt seem to me that anyone went out of there way to buy a coin from Anoconda or anyone else for that matter simply to post a negative.
"Senorita HepKitty"
"I want a real cool Kitty from Hepcat City, to stay in step with me" - Bill Carter
Or were you one of those Ohio idiots out in the street burning good citizens' cars?
Hey Ross- I see you are BAILING out of the Kennedy collection. A little late don't you think? So much for your timing in coins! At least the NASDAQ is coming back strong. I don't believe that Kennedy collection will ever have such an opportunity.
You need to work on your people skills, or I'm not gonna be your bestest buddy anymore!
Now, go take your meds... and, I'll check in on you tomorrow.
Are you referring to his chronological age, emotional maturity or mental acuity? I'm thinking that in DCAMTroll’s case it could be some kind of cerebral deficiency. Perhaps, in the spirit of your post, we should declare a temporary moratorium on 'tard bashing?
Russ, NCNE
my .02 worth
Bail out that Kennedy collection quick before you lose another $500, or so, in value.
....... bob**rgte**
Now, my preference as a bidder in E-bay and other coin auctions is to have a free return priviledge. In most large coin auctions returns are not allowed except for reasons of authenticity. Teletrade I believe was the first large coin auction house to allow returns with a charge; that has been followed by Heritage in some of their sales.
But, as a seller of certain items at auction (not coins), it is preferable for me to have some fee, regardless of how it is charaterized, primarily to discourage returns based on post-bidding information. I am involved in the design of auction sales for a large and well known client, and our sales generate more annual revenues than all the coin auctions held in the country. In our sales, we charge a 20% return fee. Partly as a result, our return rate is one-fifth of one percent. That's a rate that any seller would like to have.
Now, I'm not suggesting such a rate is appropriate for coin auctions. But there is a growing trend towards more flexibility return policies along with a relatively small fee, and I see that trend as being generally favorable to both the seller and the buyer.
It would be doubtful that a coin purchased for $50,000 would need a restocking charge of $5,000-$10,000. This appears to be more of a return penalty then a true cost. Of course unless, there were certain precedures that were necessary to insure the value & protection of the article, ie transportation, guards, climate control, vault fees, insurance, ect. Otherwise, it would seem to be a penalty.
If someone, a buyer were to challenge restocking fees in court, the seller would have to show evidence of the costs involved. Wages, time would also be a consideration. If you could not, then the stocking fee would be disallowed and costs might be imposed agianst the seller. If a dealer did a tremendous volume business, some interprising attorney could possible bring a class action in order to recoup the restocking fees paid by all other buyers similarily situated over a several year period. That could end up being very costly to the buyer, since attorney's fees would be tacked on to the settlement/verdict.
Overall, I think MNM's restocking charge is reasonable since he does indicate a limit to the charge. The other option seller's have is just not to allow returns. Therefore, restocking charges are necessary in this business (EBay). A reasonable charge should not be questioned, those that are percentages of the purchase price could be considered illegal, since they are probably institued as a penalty and to discourage returns.
Returns are a part of the normal retail business environment, sellers, even coin dealers should accept this and make the necessary changes to their policies. Just imagine how long Nordstroms would have stayed in business if they charged a restocking fee on every article they have ever sold.
Just my Legal 2 Cents, and by the way -
This post was not meant to imply any legal advice to anyone and should not be construed as such. I recommend that anyone reading this who may be effected by restocking charges seek legal advice in their own jurisdiction and how your states/local laws apply, which may or may not be diffferent then the comments made above. No attorney-client realtionship as been formed by my response to this particular thread.
Michael
MW Fattorosi Collection
Tell us, DCAMTroll, who are you really? Clearly, you're a liar and a fraud. The only question is; are you a liar and a fraud using a second handle?
Russ, NCNE
"Senorita HepKitty"
"I want a real cool Kitty from Hepcat City, to stay in step with me" - Bill Carter
<< <i>From: ended@ebay.com
To: sales@compucheap.com
Subject: eBay Auction 802262158 Cancelled - Results Null and Void
Date: Sun, 24 Nov 2002 13:13:32 PST
Dear Russ Stringham (sales@compucheap.com),
Please be aware that auction:
802262158 - 1979 S 10c PCGS Proof 69DCAM TYP 2 DEEP CAMEO
in which you were a bidding participant, has been ended early
by eBay for violating one or more of our listing guidelines.
Because the auction was ended early, you as a bidder are not
required to complete the transaction. Since this is a listing
violation, the seller is free to relist the item in the proper
format. Should you wish to do so, you are free to bid on the
item again if it is relisted.
If you care to review our listing guidelines for a better
understanding of our auction policies, they can be found at:
http://pages.ebay.com/help/community/png-list.html
Please feel free to contact us with any questions or concerns
you may have on our existing policies.
Regards,
Customer Support (Trust and Safety Department)
eBay Inc >>
It's not the first time this troll has done this stuff.
Russ, NCNE
"Senorita HepKitty"
"I want a real cool Kitty from Hepcat City, to stay in step with me" - Bill Carter
a welcome read amongst the plonking and vitriol.
z
In the past you have accused ID:Tate of actually being me with a 2nd ID. You were WRONG. There have been other accusations made that don't come to mind right now.
Hundreds, if not thousands of people, read this Forum and any one of those people could have contacted Ebay about that fee. I KNOW IT WAS NOT ME! Period!
I'm sure that if someone has contacted Ebay about the re-stocking fee, then there will a multitude of other sellers suffering the same fate.
Lucy- You are a fool to buy into this idiot's claims with no evidence. He makes you look like a fool as well.
Russ, NCNE