Help for a BST amateur
Bodin
Posts: 1,022 ✭✭✭
I posted a while back on the BST a few questions and was told I should have instead directed them here as I'm not supposed to reply more than once every 24 hours there. I have some of my nicer higher-end coins I want to list there.
My questions are this:
1. I'm getting up there in the Paypal/IRS area .....do you recommend PPG?
2. Since I am new to the BST I can understand not being trusted or "in the circle", how do I avoid getting hosed?
3. Explain the typical process for a BST transaction.
4. What is the advantage to leaving up coins you have already sold, as many do?
Thanks for your help.
How I pay the bills:
https://imdb.com/name/nm1835107/
https://imdb.com/name/nm1835107/
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Comments
<< <i>I posted a while back on the BST a few questions and was told I should have instead directed them here as I'm not supposed to reply more than once every 24 hours there. I have some of my nicer higher-end coins I want to list there.
My questions are this:
1. I'm getting up there in the Paypal/IRS area .....do you recommend PPG?
2. Since I am new to the BST I can understand not being trusted or "in the circle", how do I avoid getting hosed?
3. Explain the typical process for a BST transaction.
4. What is the advantage to leaving up coins you have already sold, as many do?
Thanks for your help. >>
1) PayPal gift adds risk for the buyer only. Therefore, it's not an issue for you to offer it.
2) If you don't recognize a buyer, ask for references on the forum. Don't be offended if someone asks you for same.
3) You list coin(s). State your terms as clearly as possible. Make sure your PM function is on. Use good judgment. Don't bump more than once per day.
4) Some people think it looks good to prospective buyers. I'm always slightly bummed when I see something I would have wanted, but is no longer available.
Hope that helps.
money orders from the post office are generally safe
Terms and how the transaction works will depend upon how well you and the other party are known.
Get References.
<< <i>It's difficult to get anything more than wholesale on the BST ( everyone likes to play dealer). Save the hassle and sell to a dealer , cash your check and be done with it. >>
I strongly disagree.
Nice coins sell for strong money on the BST, certainly on average quite a bit more than wholesale.
<< <i>There are always exceptions but most coins do not sell for strong money here. >>
agentjim007, Maybe you need to reevaluate your flipping practices
<< <i>1. I'm getting up there in the Paypal/IRS area .....do you recommend PPG? >>
It's probably wise just to report all PP activity...
As staying under the $20K threshold just for tax reasons and then taking thousands more in gift payments smells like possible trouble.
<< <i>Using paypal gift is against the rules >>
Against whose rules? There have been a bunch of threads on this. The surcharge PayPal charges
is for protection. If money is changing hands between two trusted parties, there is no need
to pay for something that is not necessary.
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<< <i>Using paypal gift is against the rules >>
Against whose rules? There have been a bunch of threads on this. The surcharge PayPal charges
is for protection. If money is changing hands between two trusted parties, there is no need
to pay for something that is not necessary. >>
Yeah, I guess I'm confused. I thought there were a lot of BST posts asking for PPG payments.
https://imdb.com/name/nm1835107/
so me using a CC to send money via paypal doesn't need to be reclaimed by PP?
Gift has a new meaning and I'm just not aware?
it's far more complicated than "protection." the 2.9% has always been a transaction fee, not a protection fee. protection is just something added on to make people feel good about using PayPal. like a credit card offering a chargeback or 30 buyer protection plan.
the fee-less gift is a gift from paypal. abuse it and watch it go away, or maybe the account of the abuser go away.
<< <i>Yeah, I guess I'm confused. I thought there were a lot of BST posts asking for PPG payments. >>
Yes there's some and other asking as much as 3.5% extra for paypal.
Your best off just figuring all associated fees into your asking price... Don't charge extra for PayPal or shipping.
Your first thing should be to get a Icon/Avatar as many buyers won't deal with you unless they know what you look like!
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<< <i>
<< <i>Using paypal gift is against the rules >>
Against whose rules? There have been a bunch of threads on this. The surcharge PayPal charges
is for protection. If money is changing hands between two trusted parties, there is no need
to pay for something that is not necessary. >>
Yeah, I guess I'm confused. I thought there were a lot of BST posts asking for PPG payments. >>
Hey Bodin I am sure you have an accountant and if not get one as you can offset sales with losses buy purchasing "more" than you sell and writing off fees for grading and all supplies such as 2x2 flips or air tights etc....
<< <i>protection?
so me using a CC to send money via paypal doesn't need to be reclaimed by PP?
Gift has a new meaning and I'm just not aware?
it's far more complicated than "protection." the 2.9% has always been a transaction fee, not a protection fee. protection is just something added on to make people feel good about using PayPal. like a credit card offering a chargeback or 30 buyer protection plan.
the fee-less gift is a gift from paypal. abuse it and watch it go away, or maybe the account of the abuser go away. >>
OK, I don't want to completely derail this thread, so this will be my last post on this subject here.
Yes, protection. If you pay with PayPal gift and the seller doesn't ship, you have zero recourse.
Yeah, "gift" is a PayPal branding technique for something that was originally offered and then revoked
as a cash grab by the company. You are free to take it as literally as you so choose.
No, it's not more complicated than "protection". How much do you think it costs PayPal to process a non-CC transaction?
Answer: Basically nothing.
In case you don't know, if you use a CC for a gift payment, then you pay the CC surcharge up front.
PayPal isn't giving anything away, trust me.
<< <i>your CWT isn't going anywhere and it looks like a "nice" coin to me. There are always exceptions but most coins do not sell for strong money here. >>
Hey, it hasn't exactly been up there that long...plus it's a bit more of a specialized market for a CWT.
That piece will still sell for more here than to a dealer.
I just sold a toned Walker for well over full retail and four different members were in line for it.
With a nice coin and a decent pic you'll get significantly more on the BST than at a B&M.
Here you're more likely to sell to a collector and not a dealer looking to flip.
I have many BST transactions to prove these points.
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<< <i>
<< <i>
<< <i>Using paypal gift is against the rules >>
Against whose rules? There have been a bunch of threads on this. The surcharge PayPal charges
is for protection. If money is changing hands between two trusted parties, there is no need
to pay for something that is not necessary. >>
Yeah, I guess I'm confused. I thought there were a lot of BST posts asking for PPG payments. >>
Hey Bodin I am sure you have an accountant and if not get one as you can offset sales with losses buy purchasing "more" than you sell and writing off fees for grading and all supplies such as 2x2 flips or air tights etc.... >>
I don't think this last sentence is true for an individual selling collectible coins. I think your accountant is giving you bad advice.
2. Initially you will be expected to ship before receiving payment. Ask for BST references and check them.
3. List, a price works better than "make offer." Make sure your PM function is turned on. A buyer will PM you, If he wants it ask him to "confirm" purchase with follow up message so that you are both clear that he is buying and not just inquiring. Get good contact info. Ship and send him tracking number. Insure to protect yourself while in transit, shipment belongs to you until delivered. If buyer hasn't replied that he received it after delivery, contact him and confirm he's happy, then add him to your posted list of successful transactions that others will use as your references. Post your successful BST transaction names in your BST listing, it gives potential buyers an opportunity to check you out before contacting you.
Here's my BST posted terms to help give you some ideas: Price includes insured mail with signature confirmation. I am responsible for all shipments until post office says delivered. Will send shipping info/tracking number upon shipment. Payment by bank wire (within 24 hrs.), paypal within 24 hrs. (add 3%) or postal money order (mailed within 48 hrs.) only. If sending postal money order I ask that you do so with delivery or signature confirmation so there is no question that I received it. I ship immediately upon receipt of payment and ship only to US addresses. I will need a backup method of communication from you and you will receive same from me.
4. If you decided to leave coins up after selling them, make sure you mark them as "sold." If you are awaiting payment for an item mark it "pending." I personally remove the item when it sells. If all items in a BST post have sold edit the title to say "sold" to save others the time looking at the listing.
Bump your listing every couple of days to keep it near the front, never more than once a day. Keep in mind the more bumps, the further a looker has to scroll to see your items.
Edited to clarify point number 1.
Capital investment depends on confidence. - Martin Armstrong
Hey Bodin I am sure you have an accountant and if not get one as you can offset sales with losses buy purchasing "more" than you sell and writing off fees for grading and all supplies such as 2x2 flips or air tights etc.... >>
I don't think this last sentence is true for an individual selling collectible coins. I think your accountant is giving you bad advice. >>
This
And as far as keeping the paypal transaction below the reporting threshold, you are required to report All income minus your cost. Just because paypal doesn't send you a 1099 doesn't mean the IRS won't expect you to pay your tax.
My Ebay Store
<< <i>1. Use the wife's paypal account >>
That could get you in deeper water then the IRS!
<< <i>Keep in mind the more bumps, the further a looker has to scroll to see your items. >>
What? Bumps add postings at the end, not the beginning.
<< <i>
<< <i>Keep in mind the more bumps, the further a looker has to scroll to see your items. >>
What? Bumps add postings at the end, not the beginning. >>
From the "customize" selection you can choose to see latest posts first. This comes in handy when looking at updates to posts you are following.
Capital investment depends on confidence. - Martin Armstrong
Huh?
<< <i>2. Initially you will be expected to ship before receiving payment. Ask for BST references and check them.
Huh? >>
You sending money to an anonymous new seller with no references?
Capital investment depends on confidence. - Martin Armstrong
<< <i>
<< <i>2. Initially you will be expected to ship before receiving payment. Ask for BST references and check them.
Huh? >>
You sending money to an anonymous new seller with no references? >>
Yes, it happens...so far without issue.
If I'm buying a coin I never expect a seller to send the coin to me 'on approval' unless maybe we've done business before.
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<< <i>2. Initially you will be expected to ship before receiving payment. Ask for BST references and check them.
Huh? >>
You sending money to an anonymous new seller with no references? >>
This is where standard PayPal earns its 3% commish. If the seller can't provide proof of delivery, it's usually
open and shut for a buyer refund.
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<< <i>
<< <i>2. Initially you will be expected to ship before receiving payment. Ask for BST references and check them.
Huh? >>
You sending money to an anonymous new seller with no references? >>
This is where standard PayPal earns its 3% commish. If the seller can't provide proof of delivery, it's usually
open and shut for a buyer refund. >>
What if he sends you an empty box or a box with a rock in it that weighs as much as the merchandise that you ordered? Doesn't he then have "proof of delivery"? Sending money to a complete stranger in a distant state is never without risk.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
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<< <i>
<< <i>
<< <i>
<< <i>Using paypal gift is against the rules >>
Against whose rules? There have been a bunch of threads on this. The surcharge PayPal charges
is for protection. If money is changing hands between two trusted parties, there is no need
to pay for something that is not necessary. >>
Yeah, I guess I'm confused. I thought there were a lot of BST posts asking for PPG payments. >>
Hey Bodin I am sure you have an accountant and if not get one as you can offset sales with losses buy purchasing "more" than you sell and writing off fees for grading and all supplies such as 2x2 flips or air tights etc.... >>
I don't think this last sentence is true for an individual selling collectible coins. I think your accountant is giving you bad advice. >>
Correct, you can't offset gains by purchasing inventory.
At least, not in the US
BHNC #203
<< <i>What if he sends you an empty box or a box with a rock in it that weighs as much as the merchandise that you ordered? Doesn't he then have "proof of delivery"? Sending money to a complete stranger in a distant state is never without risk. >>
True, but note that I originally stated that one needs to check references in a vacuum.
I vehemently disagree......Yes, they all like to play "retail dealer" and cry if they can't get over PCGS Uber retail Price guide. They ask for offers and receive them at "retail levels" and say stupid things like "this isn't a fire sale" when in fact they are being asked to take 5% over Uber PCGS retail. The BST is good once in a 31 day month.
Great Collections
One & Done