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Selling a coin to a buyer at a coin show using paypal.
Coin Finder
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What are the pitfalls? Do you hang on to the coin and ship it later? What are your thoughts?
THanks
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As a buyer, I have purchased at a show this way. Verify funds are in your account, and let the coin leave with the buyer. The buyer has had the opportunity to view the coin in hand. Should be a win win for both.
I have sold this way before. He sends the money, I see I have it I give him the coin. I am sure there are pitfalls but I have only done it a few times. Once or twice it was just for part of the purchase as the buyer was just trying to buy more than cash they had on hand.
Since it is a sight seen deal I believe there would be a NO return policy in place.
Am I wrong on this thinking?
Pat, that's my concern, what if they get home and say they never got it....
I believe that cash is still KING at coin shows!
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Good point. There is no proof of delivery. If the customer is not well known I would be sure to have him sign that he received the coin.
Additional signed form would be helpful. The buyer should ask what the seller's return policy is though that tends to be uncomfortable. Certified vs. raw, problems can always develop. Honest dealers have nothing to fear.
Honest collectors have nothing to fear!
Did it recently at a local coin shop - worked fine as a buyer - as a seller, not sure what all the implications are - signed paperwork??
I would consult the website or call PayPal about their point of purchase sales.
For my point of purchase sales, I use square, but I think PayPal is going after that market.
I would prepare a signing receipt for an authorization of payment just like any charge on credit card without pin.
Except for dishonest buyers in this case.
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
If you're concerned about a buyer trying to claim they never got the coin. Simply take a photo of them holding the coin with your phone. And of course have them sign as well. This is why I have a PayPal Here, it's sort of like the Square but it works for PayPal and adds the funds directly to your PayPal account for the same fees as a standard PayPal transaction.
I'm a longtime customer of the local coin shop and I usually just leave with what I'm buying and go home and pay via Paypal. They don't seem to have issues with it so I'm happy.
Later, Paul.
They can file a charge back through PayPal. If I didn't know the person, I would stick to cash.
If you're worried about a buyer pulling some 'scam', simply have them pay via paypal friend/family option. Once money is transfered, that's it, plus, you save the 2.9% paypal fee that can be split with the buyer. Win-Win.
There must be a reason why paypal and Ebay guarantees do not apply with personal pickup items.
whatever these are, one can only guess.
However, there may be a way around it. I am not sure
One thing i know for sure... Paypal will find a way even if it is over time.
I am not a fan of paypal, because of their policies(the customer is always right and the dealer is always wrong.)
Easy solution, dealer prepares invoice & have buyer sign it w/pod date shown.
I take cash only at shows. Pp takes 3pct I set up at shows avoid that lol.
Gee whiz.....call it what you will, it's still stealing......
Paypal gift, ONLY WAY.
You can have all the pictures, contracts, etc in the world, and that will help you on a CIVIL case, but does not impress paypal one bit. They may help you get the person's paypal account suspended, but YOU are still toast.
I am amazed at all the "great comments" that simply are in total contravention to the terms and conditions of paypal, and bottom line, YOU are left holding a big empty bag. Your contract is with Paypal, and THEIR rules, not with advice givers on an internet chat board.
Read your terms and conditions. The following is an extract from PP website, editing out stuff that does not apply.
Paypal Website: What are the requirements for Seller Protection?
Initial Requirements
Ship to the address on the Transaction Details page. If the item was sold through your site, make sure you’re shipping the item to a confirmed address.
What isn’t covered by Seller Protection?
Most PayPal transactions are covered as long as they follow these requirements. However, there are instances where Seller Protection doesn’t apply:
Claims, chargebacks, or reversals filed because the item is significantly different from how it was described (e.g. you described an item as “new,” but sent a used one).
Items picked up locally or in person.
Additional Requirements
For “Item Not Received” cases:
You must provide online tracking to be eligible for protection.
What is Proof of Delivery?
Proof of Delivery is online documentation from a shipping company that includes all of the following:
The item’s status as delivered.
The date the item was delivered.
The recipient's address, showing at least the city and state, or city and country, or zip/postal code (or international equivalent). The address information on your shipping receipt must match the address on the Transaction Details page.
Paypal gift is not intended for purchasing goods from a buisness. Paypal gift is for gifting money to someone. I would never use it unless it was for the intended purpose. PP has to make their fee on sales transactions or they can't exist, just like credit cards. Why abuse the system using PP gift?
Many here have mentioned cash is the way to go at shows. At major shows with well known dealers, in my experience, they are just fine with checks, especially if they know you. If they don't, they may hold the coin until the check clears and then ship. I bring my checkbook and maybe $100 cash. At ANA, I paid $3300 cash for something because another dealer paid me cash for selling some coins to them. I had to make a hard effort to the other dealer to take that $3300 cash instead of a check. I had no interest in toting around 33 $100 bills and finally convinced that dealer to take it. So checks seem to be just fine at shows.
Best, SH
I do it. But I have the buyer put "Bought in-person at coin show" in the notes if i dont know them. Incase they try to file a case that the item was never shipped I can point to that note the buyer left. Never had to file a case yet but it's just an extra precaution
Every day I get older and gladder that I am.
At shows, I normally pay cash. If the item exceeds my pocket bank, I either go to an ATM, or, in one case, wrote a check, in one other case, used a CC. I usually take a substantial amount of cash to shows. Cheers, RickO
If a credit card through Paypal is used, can’t the buyer ALSO use their credit card’s “buyer protections” to wiggle out of the payment, and possibly keep the item too, if after the purchase, the buyer rightly or wrongly claims a “problem”?
Doesn’t the credit card company, in many cases of a buyer complaint, immediately return the money to the buyer from the seller, then initiates their investigation?
How often are people getting screwed in coin transactions? It seems really rare in the circles I move in.
IG: DeCourcyCoinsEbay: neilrobertson
"Numismatic categorizations, if left unconstrained, will increase spontaneously over time." -me