About to list a couple over-$1k items on Ebay, couple questions
Kimchee
Posts: 301
I've sold mostly lowball stuff like DVDs or cds or books ($1 to $15 mostly) for 9 years on Ebay and normally send a widget right after receiving payment whether through personal check or otherwise without waiting for checks to clear. How long does it take a check to clear? I read somewhere only 7 or so days to be able to cash it but about 30 days to be officially and fully clear. Any truth to that?
If a buyer pays via credit card through Paypal and receives the coin and weeks later does a chargeback, if I've already taken the money out of my PP account would Paypal reckon that I owe them the money and basicially muck up my credit rating and give me over to a collection agency if I don't pay them back? I've been on Ebay 9 years without any chargebacks but some of these chargeback stories worry me about selling anything over $500 using Paypal.
Sean
If a buyer pays via credit card through Paypal and receives the coin and weeks later does a chargeback, if I've already taken the money out of my PP account would Paypal reckon that I owe them the money and basicially muck up my credit rating and give me over to a collection agency if I don't pay them back? I've been on Ebay 9 years without any chargebacks but some of these chargeback stories worry me about selling anything over $500 using Paypal.
Sean
Sometimes I sits and thinks, and sometimes I just sits.
-Mark Twain
-Mark Twain
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Lately, I haven't sold anything on the bay. Before that, I stopped offering Paypal. Moreso due to their fees than fear of a chargeback. Some will say the option brings more bidders but when it comes to high dollar items, I do not think the convenience merits the expense.
<< <i>How long does it take a check to clear? I read somewhere only 7 or so days to be able to cash it but about 30 days to be officially and fully clear. Any truth to that? >>
Banks will charge back a check months later in order to generate fees for themselves. They are not your friends and will lie to your face about check clearing regs. The fact is that the Fed regs mandate that the check must be presented to the paying bank within 2 business days and that the paying bank must return/notify the depositing bank within 2 more business days. The UCC says that banks must as act expeditiously in notifying you of a returned item. I've been advised that that is 1 business day. So, it's a total of 5 business days. After that, you can get into a really great argument with your bank.
Sean
-Mark Twain
1. The buyer's name and billing address that matches the card.
2. The card number, expiration date, and cvv code.
3. A signiture (in lieu of the cvv code)
4. An itemized list of everything on that transaction with a total.
If you can't provide any everything the card company needs to verify the transaction, you're SOL.
Then if some jerk does a chargeback, 1st PP will go after you "credit" card but won't find any money there. Then they will try your linked checking account, but if you keep the money out of it, they can't get it.
This is what I've done ever since some scum bag bought some platinum and did a chargeback. It works great!
Recipient of the coveted "You Suck" award, April 2009 for cherrypicking a 1833 CBHD LM-5, and April 2022 for a 1835 LM-12, and again in Aug 2012 for picking off a 1952 FS-902.
I was informed that there is no set "rule" if both banks agree to it (bank-to-bank courtesy).... which means, neither bank is going to get left holding the bag on a bad check if their are funds anywhere to be had - period.
"If someone pays you via paypal with a credit card, they have to set up that account including the cvv code on the back of their cards. I've never had a chargeback on paypal but I have had chargebacks with credit cards. Here's what they needed to verify the transaction:
1. The buyer's name and billing address that matches the card.
2. The card number, expiration date, and cvv code.
3. A signiture (in lieu of the cvv code)
4. An itemized list of everything on that transaction with a total.
If you can't provide any everything the card company needs to verify the transaction, you're SOL. "
And of course #2 and #3 are impossible with without the buyer volunteering that info.
Thanks all for the good info.
Sean
-Mark Twain
if you do not have a histury of buying or selling $1K items on eBay,
your results may be 20-30% lower than well followed sellers with good track record
why?
the added risk to buyer of hijacked account or fraud
unless timeline required, you may want to consider consigning to high volume, high item seller
<< <i>As far as checks go, you can always call the bank the check is written from and ask if there is enough in the buyer's account to cover the check. >>
Unfortunately many banks, including most of the major ones, have now adopted a policy prohibiting the verification of funds availability. They will verify only that the account exists.
Russ, NCNE
<< <i>If you're concerned do this. The "credit card" that you use to set up your PP account can be a prepaid Visa debit card. Get one with $20 on it and open your PP account (then go spend the $20). Set up a free checking acct and link it to your PP acct. Then set up ANOTHER checking acct and sweep the $$ from the PP linked checking into the 2nd checking acct on a regular basis. >>
You don't even have to go to the trouble to get a prepaid credit card. Just use the debit card that comes with the free checking account linked to the PayPal account.
Russ, NCNE
<< <i>Another option, if the coins are certified by one of the top TPG's, would be to send them to Teletrade. Consignor fees are 8-12% and they do all the work. Ebay costs too much for sellers, IMO. >>
eBay costs about the same as Teletrade and with eBay one has total control of the auction - description, quality of images, listing dates. Plus, payment is a hell of a lot faster on eBay.
Russ, NCNE