paypal for big ticket item on ebay

pandaman

I am listing big ticket coin on ebay (starting at $6,000). Would you recommend listing with paypal? I have seen post not accept credit card payment through paypal (3% fee) but I am more afraid of paypal "freezing" my checking account...don't need freeze that size. How should I list if want to take paypal but no credit card? If I stop paypal access to my checking account, would that stop them from freezing my checking account. I have heard such companies can freeze account for whatever amount paid until transaction is corrected or verified. I know many bidders bypass all non paypal auctions. Thanks

Russ

Whether or not PayPal is likely to freeze anything would depend in large part on your history with them. They are no different than any other processor in that they weigh the track record in to their risk management assessment.

Russ, NCNE

eagle7

Im sure someone will correct me if I am wrong but I dont think paypal will allow someone to pay for a 6000 dollar item with a credit card in any transaction. You can email them but if you look in their rules I am sure it will state a 500.00 limit on any single transaction.

Russ

<< <i>You can email them but if you look in their rules I am sure it will state a 500.00 limit on any single transaction. >>



That's not correct. The only time any specific upper limits apply are if the account is not verified. Otherwise, how PayPal will handle a large transaction will vary from user to user.

Russ, NCNE

BAJJERFAN

If you have a paypal account it would be wise to use it. If it is a premier account then open yourself a second personal account and use that. Keep the minimum or no balance in the checking account associated with your paypal account. I have an agreement with my bank that should I inadvertently write a check with insufficient funds then they will automatically transfer funds from a savings account to cover the shortfall. If you have such an agreement you might want to reconsider it for a time. I would say that even a limited paypal situation would be better than none at all. If the transaction is problem free you have nothing to worry about.

pandaman

Thanks. If not accept credit card, the payment through paypal should say "instant" under "type of payment" . If the bidder tries to pay credit card, will it say "Credit Card"? I don't think want credit card. I am Premier, Verified w/ 30 feedback at paypal. Payments types have always been "INSTANT". Just never had item this large.

Russ

pandaman,

Since integration in to the eBay system, all eMail notices say "Notification of instant purchase payment", even when the buyer pays by credit card. The only way to know is to log in to your PayPal account and check.

If you have a personal account and you get a CC payment, it will list two options; "accept" or "deny". To accept, you'd have to upgrade the account.

Russ, NCNE

pandaman

If I SHOUT in my listing NO CREDIT CARDS & they still pay by credit card, do I just refund $$ to bidder & request non-credit card as stated in listing? Personally, I will push for Postal MO (w/ free shipping & instant shipping). Do you guys avoid sellers w/ such restrictions on paypal?

Russ

Even if you shout it, some will still try to pay by credit card. I have five point all caps red type at the top and bottom of every one of my auctions, in addition to the policy stated in the description and again in the notice I send out at auction end, and I still get people paying by credit card. I deny the payment and send them a note.



<< <i>Personally, I will push for Postal MO >>



The post office will not sell money orders for $6,000.

Russ, NCNE

LucyBop

Russ, quit beating around the bush and get to the point. Do you or don't you accept us good buyers credit cards?

pandaman

USPS will issue money orders adding up to $6000+. For free shipping ($20+), seems it would be worth that small expense. I have heard of forged Bank Checks but never forged USPS M.O. Western Union M.O. also more secure, I think

LincolnCentMan

If you have a premier account, you're going to get hit with the 2.2%... or what ever it is... fee reguardless of what sorce they pay with. It doesnt matter if they pay with a credit card, a bank account, or even a pay-pal balance.

I have recieved several payments over $500 through pay-pal. I think there are limits that you can spend through pay-pal based on your level of verification. The more they know about you... where you live, your bank number, your credit card numbers, your thumb print, your left eye retinal scan, and wheather they have a small genetic sample.... the limit goes up. Well, ok, so they dont want your thumb print.... but some times it sure seems like it.

David

coinslinger

If someone is buying a $6,000 item from you, then they must be a very high end collector. All the buyers I have of very high end coins have absolutely no problem paying with a certified check, money order, or bank transfer. If someone is hesitant about doing this, I would be more worried about fraud than the fees paypal will hit you with. I'd leave paypal completely out of the auction if I were you. Just my opinion.

coin-slinger auctions

Alex Cyphers
E-bay seller name: coin-slinger
E-mail: coinslinger@msn.com
Phone: 303-733-6954 (9am-9pm MST)

pandaman

Thanks coin-slinger & all the members:
I will avoid paypal. Fees, limits & other hassles. I think paypal is good for some auctions but will leave off this auction. Thanks for input.



98panda - 1887/6-O

Deadhorse

I have to agree with coin-slinger here. High end buyers aren't addicted to paypal. I have bought several high end coins from eBay auctions and I don' t think I ever used paypal.
Most sellers preferred Postal money orders, bank checks or personal check. Many simply stated "No Paypal" up front.

I've never spent $6,000 on any one coin, but in one rare case the seller shipped the coin on receipt of my personal check for $2,100 without waiting for it to clear. He told me he did it based on my feedback.

That was a RARE occurance, however.

Max

I use paypal to buy high end coins [$3k+] and if a dealer does not offer it then no bid. B&M now accepts CCs and I do more with them. Before I never bought anything over$1k. Heritage takes them up to $10k so i use them alot.

As for paypal just be very careful.

Read the scary stories about Paypal.

RKKay

Pandaman, your icon wouldn't be a J-1510, would it?

Mark

Personally, as a buyer I would never send a check or MO to someone on ebay for $6,000 unless I had already conducted a great deal of business with them. I have no trouble (other than acquiring the funds !) with sending Heritage or B&M a check to pay for a coin I won in one of their auctions because I know they have been in business for a long time and I fully expect them to stay in business. But I do not have this same reassuring information about an ebay seller. So, to buy a $6,000 coin on ebay, I want to use my credit card so that if the auction is a scam, I can protect myself by disputing the transaction.

Think about it this way: Would you trust some ebay bidder by sending your $6,000 coin to him or her before receiving payment? Probably not. So, why should I trust some ebay seller by sending a MO for $6,000? In either case, if the other party to the transaction is unethical, the ethical person is out $6,000.

I realize that most people are ethical and are not out to shaft you. But the operative word here is "most." Using a credit card removes all doubt from my mind.

The bottom line in my world is that I will not bid on an expensive coin on ebay that refuses to accept credit cards. I presume that others are similar. Would you, as a seller, gain enough bids by people such as myself so that the higher bids cover the transaction fee associated with a credit card? I am unsure. But I think that that is the key question you should ask and try to answer.

Mark

pandaman

Ok. I will try with paypal but without credit card. Fee not so much the question but when buyer charges large amount on credit card & if amount is unusually large for the buyer, the card company may investigate. Companies such as paypal can & do freeze transaction & also seller's checking account to protect amount until investigation complete. For example, if $6000 paid through paypal with credit card. I request $ be sent to my checking account. Card company investigates unusually large transaction, Paypal can freeze both my paypal account for $6000 & my checking account for $6000 until investigation complete. It does happen. They have access to my credit card & my checking account. They will do all they can to protect themselves. Caller on radio show said he had been dealing with the exact situation for several days & only response from 3rd party payment company (never specifically said paypal) was that funds would be released once investigation completed. I don't need that.

Higradeguy

Hi Potential Paypal Sellers & Buyers,

I just got majorly screwed on an auction that I used Paypal on. Guess what...paypal doesn't offer squat for buyer or seller protection. If you are a buyer and you use a credit card and you get stiffed you really can't do much if Paypal rules against your complaint. Their rules of use state that you are not allowed to do chargebacks with them. If you are a seller and you ship something please keep receipts because if the buyer says he never got it they will freeze your account. If you have not paperwork then its your word against their and they usually win. If you want more info please check out this site.

Paypal info

Regards,
Chris