eBay buyer wants to pay in installments via Paypal

Bayard1908 · March 25, 2011 6:04AM

An eBayer is interested in one of my coins, but, wants to pay in 6 monthly installments using Paypal.

This doesn't sound like a unreasonable request to me, however, would I lose Seller Protection by taking installments?

pf70collector · March 25, 2011 6:07AM

As long as he gets the coin at the end of the sixth installment.

ormandh · March 25, 2011 6:08AM

NO! Bad idea. -Dan

Broadstruck · March 25, 2011 6:08AM

<< Seller Protection >>

What's that as I thought they only had Buyer Protection

IMHO 6 mos it far too long for terms with an EBay'r as too much could arise.

I've done 90 days with no issues.

airplanenut · March 25, 2011 6:09AM

I'd call them to be sure. One way to help protect yourself would be to require that he put in a comment in each payment with details ("Monthly payment #3/6 for eBay Item #________. I understand the item will not be shipped until all 6 payments are made.") One thing to keep in mind is that you can only get a payment fee refunded within 45 days, so if he wants to return it (and you're willing to accept it; many sellers won't in this case) agree that he covers the fee on a refund.

WinPitcher · March 25, 2011 6:12AM

I think he has to simply put the first installment on the transaction and then the remaining 5 under goods.

The only problem is he will lose protection as the months go by. I could be wrong here, maybe someone else will chime in.

Also, you will be paying a fee each time that may exceed what you would have paid had he paid it all at once.

questor54 · March 25, 2011 6:13AM

Is his feedback solid?

crypto79 · March 25, 2011 6:22AM

Trust your internal redflag-o-meter, if it doesn't give you heart burn, why not?

SaorAlba · March 25, 2011 6:27AM

Don't buy what you canna afford to pay for at once. Only cars and houses should be bought with payment plans, and a lot of people have been messing up there lately too. Coins are NOT a necessity.

16DMERC · March 25, 2011 6:30AM

Tell him to sign up with paypals "smart connect." that way he can pay paypal in instalments instead of you

ianrussell · March 25, 2011 6:33AM

<< Tell him to sign up with paypals "smart connect." that way he can pay paypal in instalments instead of you >>

This is a much better idea. PayPal has PayLater as well, right? Again, it takes risk off the seller and puts it on PayPal.

- Ian

LindeDad · March 25, 2011 6:34AM

I would not touch that deal.
If he wants to pay over time have him set it up with PayPal they have a plan that gives you as a seller your money up front and PayPal carries the loan.
Every time I use PayPal they tell me I can get a $10.00 credit to pay that way.

Egger · March 25, 2011 6:39AM

Bill me later

have him use this

OPA · March 25, 2011 6:42AM

I would suggest that he apply with PayPals, "bill me later." Since I'm not a bank, I would not agree to an installment repay method.

pennyannie · March 25, 2011 4:29PM

<< Don't buy what you canna afford to pay for at once. Only cars and houses should be bought with payment plans, and a lot of people have been messing up there lately too. Coins are NOT a necessity. >>

No intrest, so what is the problem? I buy guns all the time on 90 day or 6 months lay a way when i have cash in pocket to pay in full. I got to plan it out so that the mrs. is gone the day i bring it in. She was fine with the first 19 guns but now i get "the look" if i flaunt a new one in front of her. To me car payments are a bad idea along with 30 year mortages.

To the OP i would have no issue with a 6 month lay a way.

COINB0Y · March 25, 2011 4:43PM

PayPal is just a method of Payment you have both agreed to use. Make it part of a larger Contract

Have an Attorney just write up a Contract, insert 'Payment to be made by PayPal'....bla..bla...

lots of clauses, i.e. No Coin till all payment received; insert a non-charge back clause, then see if he is serious

NewParadigm · March 25, 2011 4:50PM

I will help you with a contract. Please pm.

GrumpyEd · March 25, 2011 4:52PM

I think the "bill me later" is the best plan.
You're not a bank and don't want to be dealing with it for 6 months.

If you took payments and he gets the coin in 6 months what if he says it's not as described? You would have been delayed selling it for 6 months and it would be too late to get back ebay fees and paypal fees etc....

WoodenJefferson · March 25, 2011 5:18PM

Finally a thread with all great advice, I'm proud of you guys, your on the ball about this one...good thinking.

Dollar2007 · March 25, 2011 5:55PM

Why can't he just pay with his credit card though Paypal and then he can make his own monthly installments himself to his credit card company. If you aren't getting any kind of interest out of this and you can easily find another buyer it doesn't seem worth it, this is half a year we are talking about.

Bochiman · March 25, 2011 6:36PM

<< Why can't he just pay with his credit card though Paypal and then he can make his own monthly installments himself to his credit card company. If you aren't getting any kind of interest out of this and you can easily find another buyer it doesn't seem worth it, this is half a year we are talking about. >>

So, you know who the buyer is?
You know the amount of purchase?
You know their credit card limit?
You know the balance, if any, they are carrying or how much they take home each pay period as well as any other expenses they have?

I think the best advice was asking them to work with the paypal option to do payments to paypal itself. That sounds more like a win-win and I hadn't investigated it before, so until folks in this thread mentioned it, as a buyer or seller I wouldn't have thought of it.

au58 · March 25, 2011 9:36PM

<< Why can't he just pay with his credit card though Paypal and then he can make his own monthly installments himself to his credit card company. If you aren't getting any kind of interest out of this and you can easily find another buyer it doesn't seem worth it, this is half a year we are talking about. >>

Concur. If the credit card companies, who have access to his credit history, will not extend the credit, I wouldnt either.

notwilight · March 25, 2011 11:24PM

I've done this many times but I always cancel the ebay sale and had them send me a check each month. Ebay doesn't support payment options and once you go past 45 days, if he flakes on you it is too late to get your fees back.

Tell him, ok so long as you cancel the ebay sale, the first payment is non-refundable, and they you're good. The saved ebay fees are your extra for the cost of money and your trouble.

Make sure you follow the rules so that he can't file a claim with paypal and get his money back at the end.

Write up a contract for him to agree to in case there is a paypal dispute. --Jerry

SaorAlba · March 26, 2011 3:54AM

<< Don't buy what you canna afford to pay for at once. Only cars and houses should be bought with payment plans, and a lot of people have been messing up there lately too. Coins are NOT a necessity. >>

And BTW I looked at a nice 2011 dated car just today that is "used", previous owner had it for 7 months and then it got repo'ed. The best part was my shrug to the dealer when they started the whole spiel about financing. I might make an offer, all cash, no finance, take it, love it, or shove it. Cash stinks for my credit rating, but it is a lot cheaper than credit. For pecuniary Scots like myself, saving money any which way is the only way.

johnny9434 · March 26, 2011 4:06AM

<< NO! Bad idea. -Dan >>

i agree, you want the coin then you buy it. like it was posted above if you want you get the coin after the last payment. dont play games and take chances that are good

eBay buyer wants to pay in installments via Paypal

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