Selling a $10,000 card on eBay - what form of payment(s) would you accept?

joker73

I've been curious about this for a while, not because I have that valuable of a card in my collection, but more of a "what would I do if I ever pulled a $10,000 card" hypothetical question. What method(s) of payment would you accept to minimize the chance of fraud, bad funds, etc. - and why? I'm guessing some on the boards have actually dealt with this situation ... is confirmed PayPal the way to go, or are cashier's checks the only totally safe form of payment? Obviously, I'm thinking about a situation where you only know the buyer from their eBay name - if someone like Fogel won the card, I think I'd be ok with a check .

Anyway, just curious about other's experiences selling (or buying) really high-end cards ...

Robert

Aknot

Being the seller "you" are in the drivers seat. Meaning untill you have verified you have "X" amount of bonafied US dollars in your account you do not have to ship.

Now if the card is that valuable I would think about going to a "escrow" type service. That gives the buyer a "good" feeling also. Of course you would pay fees related to that service but I think it is a safe and secure way for both the seller and buyer.

Of course if I had a $10,000 card I would probably accidently drop it and by some twist of fate it would shatter being the first and only card made of paper to ever do that.

mikeschmidt

<< <i>I've been curious about this for a while, not because I have that valuable of a card in my collection, but more of a "what would I do if I ever pulled a $10,000 card" hypothetical question. What method(s) of payment would you accept to minimize the chance of fraud, bad funds, etc. - and why? I'm guessing some on the boards have actually dealt with this situation ... is confirmed PayPal the way to go, or are cashier's checks the only totally safe form of payment? Obviously, I'm thinking about a situation where you only know the buyer from their eBay name - if someone like Fogel won the card, I think I'd be ok with a check .

Anyway, just curious about other's experiences selling (or buying) really high-end cards ...

Robert >>




Cashier's check is the most secure form of payment - and you could insist on that. With Paypal, you will be hit with the fee, and potentially risk any fraud-type claims by the buyer. So I would insist on sending certified with signature. Alternatively, to avoid the potential Ebay fees, you can sell your card with a "1% discount for cashier's check payment" -- since you are not allowed to charge a premium for using Paypal. I've sold big dollar cards in the past and have accepted all forms of payment. Some big players like to use Paypal, and others like to FedEx you a personal check drawn on their business. If you know the buyer - it helps ease concerns about payment.

MS

cspeier1

I sold a eched gas pump globe for a friend on Ebay last month. We're in Kansas and he was in Michigan. My friend DELIVERED it to him. The buyer paid $6,000 for it. I just about barfed, my friend gave $600 for it. He made $5400, I guess I would've hand delivered it for that kind of profit. And the best part, he got paid in CASH!!

Chad

iamthegreatcornholio

The only thing I don't accept on high dollar items is paypal credit card payments. I have received "echecks" before and it's a $5 fee, which is good because overnight mail costs more than that. Cashier's checks are the best as stated by MS; however, if you only accept those, you may scare away a lot of people unless your feedback is huge.

Brian

roastedcat

I've sold a bunch of PSA cards on ebay, I always accept paypal. Most people like to pay for items they can't afford with a creditcard and I accept creditcard payments through paypal. The most I have ever recieved in a lump sum in paypal was $12,000. from a guy in Japan who charged it. Sure the fee was like $350. but so what!!!, I sent the card the same day fully insured and deposited the money right away into my checking account. Their money is insured by Paypal, from time to time I do sell a high expensive cards to people that know they can't afford it, but has to have it and will charge it. I've even paypal'ed $4,000 to people for a card myself. a few people like to send a Money order or cashier check, and sent it certified mail. Which ever works it's up to you.

The safe bet would be to get a personal check, once it is deposited and check clears, they can't retract it or stop payment.

Jery

boston1918

Just in case anyone is thinking of taking a cashier check for a high dollar item, people can cancel it and you lose the money. I recieved a cashier check for an item(not a card) for the amount of $12,000. My bank cleared it and gave me the money. THREE weeks later, the bank where it was drawn said the person who bought it paid with a bad cheque and so they told my bank they wanted the money back, and basically I was screwed. So even if your bank takes it, doesn't mean a thing. I also had a friend sell a car for $18,000, and buyer paid with certified cashier cheque. Friend took it to the bank and they cleared it no problem and 3 days later they found out buyer said cheque was stolen and they took the money back and buyer, money, AND car disappeared. My advice would be anyone who takes a cashier cheque get it in WRITING from the bank that THEY will be responsible if they clear it and give you funds. I've also got the fake cashier cheques drawn on banks in Chicago that a guy in AFrica sent me and was bad. I was already suspicious coming from Africa so I didn't send anything until I was sure, but thought it might be good since it was from Chicago. So I waited and sure enough it was a forgery. Even a wire transfer can be reversed, and cash could be counterfeit. There is NO sure way to get payment 100% safe. What I would do is if I had to take cashier cheque, I'd get it in writing, AND take the money out in case the bank tried to take it back. I'd let them take me to court and show the judge the paper and ;et them deal with it. With cash I'd take it to the bank with the guy and if the bank accepted it, I'd do the same deal. I used to sell a lot of high dollar iems and have dealt with every kind of fake payment, including bad cash. Nothing is safe to take anymore, so please be careful.

Aknot

<< <i> There is NO sure way to get payment 100% safe. >>


What about a "mutual" escrow service? No I do not work for an escrow company. It just seems the best way to be 100%.

joker73

Thanks for all the great feedback! I'm surprised that cashier's checks can be problematic - I thought the whole point is that it's supposed to be a bank guarantee of fund availability. It's kind of like how you can only use cash or a debit card to buy USPS money orders - they need to know with certainty the funds are there. I'd blame the bank as much as the thief if they issued a high $$ amount cashier's check purchased with a bad personal check ...

Hopefully some day I'll have a reason to put all this information to use .

Robert

yawie99

I guess I'd either insist on a cashier's check or an escrow service like escrow.com, maybe even splitting the fees with the buyer. I've used escrow.com once before - a purchase of a completely extravagant Phish poster - and really liked it. It was completely safe for me as the buyer and I'm assuming the seller was protected against any of the shady maneuvers roastedcat mentioned.

goodriddance189

food stamps, prepaid phonecards, or Target gift certificates

AkbarClone

I would much rather receive a money order versus a cashiers check.

thefootballcardstore

As a good seller, I will accept any form of payment. Once I took in about $4500 on wire transfer.
Whoever said eCheck, that's a good one too.

Jeremy

SDavid

Cashier's checks are terrible. There was a special on 60 minutes last winter about sellers getting scammed with those.

I've never heard of anyone pulling a scam with USPS money orders. That would probably be my preferred method of payment.

SDavid

BTW, I would probably look into other auction sites that routinely sell high dollar cards. Even if they charged more of a fee, I would think people would pay more because they would feel more secure with their purchase.

The frequency of scams on ebay is bound to affect sales prices. That's one reason I've always disagreed with those who say ebay is the ultimate price guide, but that's another discussion altogether.

Caricon

I know of someone that did pull a Jordan AU #/10. Instead of putting it on eBay, he waited for the Nationals
that year and went and sold it there. He said he got around $15,000 cash for it. I would want cash since
after the transaction, there is no way to trace the cash, just in case those nice government IRS people want
to get involved, since that is considered unearned income.

boston1918

In the case of the money order vs the cashier cheque, most money orders only have a $1000 limit or so, AND can be cancelled the same as a cashier cheque.

67standup

It's my understanding that once a cashiers check is deposited and posted it's a done deal. The risk to the payee is from the time the check is issued to the time it posts to the deposited account, as the payer can place a stop payment on it. However, a stop payment can only be placed due to a lost, stolen or counterfeit situation. Unlike a regular check there is no reclamation period, i.e., the bank can't take the funds out of your account due to payer insufficient funds, as good funds were needed to purchase the cashiers check in the first place.

Best scenario: obtain a cashiers check drawn on a "reputable" financial institution and call them to verifty if the check is good. Then wait a few business days after funds post before sending item.

boston1918

67standup,
that is how it is supposed to be, it is supposed to be as good as cash. In my one case, I had it for 3 weeks and BOTH banks cleared it and it still came back. Theres ways around everything. It can also be reversed like you said if they claim it stolen. They take it out and then YOU have to prove otherwise. If they reverse it and then take it out of there bank, you're also screwed. I wouldn't trust any of them.

wasboater

I have bought alot of cards and sets on e-bay, the highest being $2000 and I had to send the person a cashiers check. Even with people who I bought from regularly if they sold me a card for $10,000 they would take the safe Cashiers Check route. Unfortunately they have even seeing high quality bad cashiers checks these days, rare but it happend to my company selling phone parts and it was for $12,000. We have not got if back yet, but that is extremely rare. Usually you are always safer with a cashiers check certainly for that amount.

NickM

boston - your bank was completely in the wrong to debit you money because the bank that issued a cashier's check said that the person who ordered it paid them with bad funds. It is that bank's responsibility to issue a cashier's check only upon presentation of sufficient funds. Far from debiting your account, your bank should have laughed at whoever called them from the issuing bank.

The quickest safe things for the seller involve US postal money orders (which you can cash at a post office when you receive them) and bank wire transfers, for which the sender has to prove (not just assert) theft of their account information before a completed transfer can be reversed.

Nick