This is a new one: Layaway on eBay?

coinpictures

In almost 10 years on eBay, I've never encountered this, and I'm not sure how to handle it. Am unsure of potential pitfalls.

A buyer placed an offer on one of my items and I counteroffered. He responded with a counteroffer agreeing to my price, but requested being able to pay 50% this month and 50% next month. I have not yet accepted the counteroffer.

In principle, I don't have a problem with the concept, it's the logistics I'm concerned about, especially if he wants to use PayPal. I'm concerned about chargeback possibilities.

My thought is to send him a PayPal invoice for the first 50%, setting it up as a "Service" for the layaway rather than specifically linked to the eBay auction. Since services are not tangible goods, shipping/proof of delivery is not an issue. Then in 30 days I would send an invoice for the other 50%.

Ideally I would prefer that he not use PayPal for this, and I would hold the item until the second half is paid.

Suggestions?

TwoSides2aCoin

Send him an invoice via snail mail. Then bill him on a monthly basis of what ever he can afford. Be his dealer for life. Screw eBay.

BBQnBLUES

Dan;

Perhaps the buyer lives on a fixed income (as I do) and needs to "budget" the purchase over a 2-3 month period..

I would buy from a dealer who was agreeable to this & be tempted to spend more $$ if I could find one !

BTW, I just sent you a PM concerning a coin in your store

Glenn n' Memphis

Type2

I'am in, some times I only have $1,500. to spend and would like to buy a $3,000.00 to $4,000.00 coin but just can't bid becuse I dont have it all. Yes I can save up for it but by the time I do I will find a new coin and I will buy it. But that is just me.

coinpictures

<< <i>Dan;

Perhaps the buyer lives on a fixed income (as I do) and needs to "budget" the purchase over a 2-3 month period..

I would buy from a dealer who was agreeable to this & be tempted to spend more $$ if I could find one !

BTW, I just sent you a PM concerning a coin in your store

Glenn n' Memphis >>



Hi Glenn,

Oh believe me, I understand the potential situation. I'm just concerned about the logistics with respect to PayPal, on the off chance that it *might* be an unscrupulous buyer.

For example, let's say I accept 2 PayPal payments a month apart for the coin. Obviously, I cannot prove delivery on both payments, so a buyer could conceivably claim nondelivery on the first payment, and PayPal would automatically find in their favor (hence my suggesting setting up the initial payment as a "service" rather than a tangible good).

It's not about wanting to be uncooperative, but prudence demands protecting myself from a potential loss.

The obvious solution is to insist on a money order rather than PayPal, but I'm trying to be as flexible as I can while not leaving myself open to being buggered.

dlairson

I think setting up the first paypal payment as a service is good idea, it covers your butt a little. I would also suggest that you make some sort of statement in the comment section that this is an initial payment, and specify that you will charge a fee ( like 10% ) if he backs out after the first payment.

Heck if this works, you might have ME as a customer for life!

Cheers,
David

Djord

I would do it. I have had 6 sales this year on coins, where the buyers asked for 90 days, before using buy it now. I agreed and all
paid.

sinin1

I think I would counter offer - 20% now to pay fees and you would hold 40 days for him

if not paid in full be then, his option to buy is off, and he loses his deposit



how valuable is this coin? I might think differently if very expensive versus $100

291fifth

Keep PayPal out of the picture. If he wants to pay over time insist on payment in USPS money orders.

Personally, I don't like these situations because the potential buyer is essentially telling you he can't really afford the item.

SMK

I have see some Ebay dealers offering layaway. I haven't tried it so don't know how it works but its definitely available.

oldwestgold

With a small and very focused collection. Some people won't part with a coin in their collection unless something better comes along. Perhaps needing time to sell an item to generate funds to purchase the new item. I used layaway one time for this reason, however, most dealers charge a premium for this service, and paypal isn't usually an option. I would take paypal out of the picture, or no deal.

LincolnCentMan

Suggestion: Accept but no paypal b/c of their potential pitfalls. Accept a check payment for the first 50%, then a second check for the second 50%. He should understand that BOTH checks will need to clear before you ship the coin. A postal money order for the second 50% would speed up the shipment of the coin. Insurance on the coin would be required.

-David