who should send first? buyer or seller?

joebb21

I have always found it interesting to see how both dealers and collectors view a transaction.

Say I list something on the BST. Ive had both dealers and collectors who will not pay until the coin is in hand, while others believe that they are supposed to send payment first before getting the coin.

Same with dealers and collectors on my website. Some will say "ship to me first" while others first make payment.

Lastly, when I send out my inventory mailing, there are some people who rack up a bill and then expect that I ship before they send payment.

This has always made me wonder about what is the "norm" if such exists

thoughts?

mrpotatoheadd

When I'm selling, I don't ship an item until payment has been received unless it's somebody I know that I trust or other arrangements have been made. When I'm buying, I expect to pay before the item is shipped unless other arrangements have been made.

BAJJERFAN

<< <i>When I'm selling, I don't ship an item until payment has been received unless it's somebody I know that I trust or other arrangements have been made. When I'm buying, I expect to pay before the item is shipped unless other arrangements have been made. >>



This!

RYK

<< <i>When I'm selling, I don't ship an item until payment has been received unless it's somebody I know that I trust or other arrangements have been made. When I'm buying, I expect to pay before the item is shipped unless other arrangements have been made. >>


I generally agree. As a collector, I have developed a relationship with some sellers who, as a courtesy, will ship the coins on approval. As a seller, if I know the buyer well, I may also send the coin prior to receiving payment.

Barndog

like many questions on this forum, the answer is "it depends on the situation"

guitarwes

<< <i>

<< <i>When I'm selling, I don't ship an item until payment has been received unless it's somebody I know that I trust or other arrangements have been made. When I'm buying, I expect to pay before the item is shipped unless other arrangements have been made. >>



This! >>


That.

OPA

Generally speaking, when making a purchase, I do not expect the item to be mailed until the seller has my payment. But as mentioned previously... "it depends on the situation"

TwoKopeiki

<< <i>

<< <i>

<< <i>When I'm selling, I don't ship an item until payment has been received unless it's somebody I know that I trust or other arrangements have been made. When I'm buying, I expect to pay before the item is shipped unless other arrangements have been made. >>



This! >>


That. >>



Indeed.

Constantine

<< <i>When I'm selling, I don't ship an item until payment has been received unless it's somebody I know that I trust or other arrangements have been made. When I'm buying, I expect to pay before the item is shipped unless other arrangements have been made. >>



Yes, this seems not only appropriate but is the norm.

crypto79

I have never had someone on the BST not send payment as soon as the deal was agreed to, in return I almost always ship as soon as possible as well.

silverpop

buyer

nags

I've always sent payment immediately upon purchase.

BryceM

In a generic transaction, where the parties don't know each other, the buyer should sent payment and the product (coin) should be shipped only after the payment has cleared. If waiting for a check to clear doesn't suit the buyer, the buyer can make other arrangements (PayPal, Wire Transfer, USPS MO, etc.)

In those cases where additional trust is warranted, other arrangements can be made.

In rare instances, a third party who can broker both sides of the the deal might be helpful.

PerryHall

<< <i>I have never had someone on the BST not send payment as soon as the deal was agreed to, in return I almost always ship as soon as possible as well. >>


Agree. If you're doing a BST transaction with someone who has been here awhile and is an active participant, I don't think it really matters who goes first or if both go at the same time.

Davideo

I do payment first unless it is someone I know/trust. And if it is not, I typically use PayPal and either pay the 3% or try to split it with the seller on the very small chance something goes wrong.

lkeigwin

A rare thread where everyone is right (so far).
Lance.

Walkerguy21D

Generally payment first, like everyone else.
I have shipped coins on approval to repeat customers, and on occasion to new customers who have good forum references or
are long time members and contributors. Never been burned, after hundreds of transactions.

joebb21

perhaps let me clarify one scenario-

As a seller, I have found that when large companies make offers/buy coins from me they "expect" that I will ship to them and once they have my coins they will send the coins.

From this, I have interpreted that the "bigger " will make the "smaller" do the work first. I can understand that if you are a big company with lots of transactions taking place, then once you have the coin in hand you know to send the check.

Being a large company and having many "smaller" clients- you don't want to be sending checks to just anybody unless you have an extensive relationship with them.

Shortgapbob

On the wholesale networks, there are usually two scenarios:

COC - Cash/Check on Confirmation, payment and item ship at same time, crossing paths in the mail. This is usually for bullion/bullion related items.

Payment on receipt - For numismatic items, the seller usually ships out and buyer sends a check upon receipt of the item.


On the retail end, payment is usually made up front, unless a coin is sent out on approval to a known customer, or a customer with references.

ColonelJessup

<< <i>

<< <i>When I'm selling, I don't ship an item until payment has been received unless it's somebody I know that I trust or other arrangements have been made. When I'm buying, I expect to pay before the item is shipped unless other arrangements have been made. >>


I generally agree. As a collector, I have developed a relationship with some sellers who, as a courtesy, will ship the coins on approval. As a seller, if I know the buyer well, I may also send the coin prior to receiving payment. >>



+5 or so. Trust isn't granted. It's earned. .

SamByrd

as a seller my terms are that I am paid in full before shipping PERIOD. I have sent items in advance to people I know well and have that privilege extended to me as well.

I expect to pay as per the sellers terms as well in advance as a buyer. Though in many cases I have had people send me items as a privilege in advance.

If a buyer demands shipment in advance my response is no unless I want to make such an accommodation.

Tookybandit

Buyer always pays first. ...only exception is at a sit down restaurant!
...and if you don't pay up immediately after the meal, cousin Vinny has a meeting with you out back!

Broadstruck

<< <i>I have always found it interesting to see how both dealers and collectors view a transaction.

Say I list something on the BST. Ive had both dealers and collectors who will not pay until the coin is in hand, while others believe that they are supposed to send payment first before getting the coin.

Same with dealers and collectors on my website. Some will say "ship to me first" while others first make payment.

Lastly, when I send out my inventory mailing, there are some people who rack up a bill and then expect that I ship before they send payment.

This has always made me wonder about what is the "norm" if such exists

thoughts? >>



Well joebb21, It's quite simple... If you actually considered offering a return/refund privilege there probably wouldn't be the frequent ask for shipping on approval.

TwoSides2aCoin

Depends are not just adult diapers.

Tookybandit

<< <i>Depends are not just adult diapers. >>

Type2

Ask any auction house to send you your coins frist and see what they say.

illini420

<< <i>Ask any auction house to send you your coins frist and see what they say. >>



Same as most sellers of coins... if you're a good enough customer you get your coins before payment.

3keepSECRETif2rDEAD

I have never bought anything online and received it before paying in full…I have never shipped anything before receiving payment in full when selling online either. Does it work any other way???

Erik

magikbilly

Established customers - it doesn't matter to me.
Otherwise, people pay me and I send them stuff.
I have never had a problem.

Eric

bsshog40

<< <i>When I'm selling, I don't ship an item until payment has been received unless it's somebody I know that I trust or other arrangements have been made. When I'm buying, I expect to pay before the item is shipped unless other arrangements have been made. >>


This again!

derryb

As a seller I expect to be paid first. As a buyer I expect to pay first.

ibzman350

Here is how the last BST deal worked for me as a buyer.


Posted WTB 60 ASE 11/14/2013

Offer made 11/14/2013

Deal struck 11/15/2013

Check in mail 11/16/2013

60 ASE in hand 11/19/2013

11/20/2013 Silver down $0.43 since purchase, priceless.


Thank you freechance!





As a seller I ship when check is in hand, until I get burned, then I'll consider holding till cleared.






Herb

AMRC

As stated, there is no one answer. I have situations with trusted individuals that anything goes. There is one fellow dealer I work with that once we agree to something we both pretty much just ship at the same time. If I am exchanging coins as part of transaction it is customary to allow the dealer who I am working with the opportunity to look at the material before paying. With customers I do not know they must always pay first. With most customers it expected to be COD.

BAJJERFAN

<< <i>perhaps let me clarify one scenario-

As a seller, I have found that when large companies make offers/buy coins from me they "expect" that I will ship to them and once they have my coins they will send the coins.

From this, I have interpreted that the "bigger " will make the "smaller" do the work first. I can understand that if you are a big company with lots of transactions taking place, then once you have the coin in hand you know to send the check.

Being a large company and having many "smaller" clients- you don't want to be sending checks to just anybody unless you have an extensive relationship with them. >>



Large buyers generally have the upper hand and it's usually their terms or no deal.

TwoSides2aCoin

I've sent items out to perfect strangers. I didn't find out if they were imperfect until after.

mrpotatoheadd

<< <i>As a seller, I have found that when large companies make offers/buy coins from me they "expect" that I will ship to them and once they have my coins they will send the coins.

From this, I have interpreted that the "bigger " will make the "smaller" do the work first. >>

Suppose you run a large coin company. Somebody calls you up and tells you they have an XF 1893-S Morgan dollar for sale and want to know what you'd pay for it. You give them a quote based on confirmed authenticity and accurate grading and they are satisfied with the offer. Would you send a check before you get the coin?

BAJJERFAN

<< <i>

<< <i>As a seller, I have found that when large companies make offers/buy coins from me they "expect" that I will ship to them and once they have my coins they will send the coins.

From this, I have interpreted that the "bigger " will make the "smaller" do the work first. >>

Suppose you run a large coin company. Somebody calls you up and tells you they have an XF 1893-S Morgan dollar for sale and want to know what you'd pay for it. You give them a quote based on confirmed authenticity and accurate grading and they are satisfied with the offer. Would you send a check before you get the coin? >>



I doubt they'd send you a check even if you sent a pic of it in a PCGS xf45 holder. They want to make sure that it's worth what they'll pay for it. Hopefully they don't try to lowball you while holding your coin hostage. A better question is how far apart from your asking price would you tolerate before you told them to return it? $10? $50? $100?

UtahCoin

<< <i>When I'm selling, I don't ship an item until payment has been received unless it's somebody I know that I trust or other arrangements have been made. When I'm buying, I expect to pay before the item is shipped unless other arrangements have been made. >>



Ditto here.