UPDATE: Buyer wants out of their coin purchase
RickMilauskas
Posts: 1,985 ✭✭✭
I'm sure many of you may have experienced this...
Sold a coin (certified double eagle) on ebay and the seller paid through Paypal.
Received the following message from them "I had a financial setback this morning and will not be able to purchase this coin. Please keep $25 for relisting and refund my payment."
I was about out the door to the PO to mail the coin.
Should I just keep the coin and offer them a refund less my PayPal and eBay fees or send it along as they bought it and see if they decide to keep it?
0
Comments
Also looking for VF-EF Seated halves.
Sell me your old auction catalogs...
Russ, NCNE
<< <i>Keep it and refund. If you ship it's highly likely they'll make up some reason to file a PayPal claim.
Russ, NCNE >>
Words of wisdom and experience.
may not cooperate with the buyer.
IF gold has tanked substantially since your sale, you need to be compensated
for that loss, IN ADDITION to EBAY fees.
You can likely expect a NEG from your DEADBEAT "buyer," no matter what you do.
This is what happens when plunging gold prices and changes in eBay's feedback policy intersect.
<< <i>IF it was priced as a bullion item, PayPal and/or the credit-card company
may not cooperate with the buyer. >>
It ain't worth the hassle.
Russ, NCNE
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
By refunding PayPal directly rather than initiating a payment, you can avoid PayPal fees on all but that $25.
If you send it to them, expect it to be returned and expect more of a hassle. Perhaps much more of a hassle.
Who knows, the buyer might be getting antsy about gold prices and is playing the market at your expense. It's best to avoid such buyers.
Oh, yea. Out them for the blacklists please.
********************
Silver is the mortar that binds the bricks of loyalty.
<< <i>I wonder if the fall of gold prices has anything to do with this buyer changing his mind. >>
Of course it does. I just filed a strike on a deadbeat for the same scenario. Bought a $50 GAE right before metals plummeted, and then didn't pay for it.
Russ, NCNE
I let someone out of a coin transaction on ebay last month. Coin sold as a Best Offer at $130, and the buyer just didn't want it. No problem there. I re-listed it and it immediately sold at a higher price by BIN.
<< <i>By mutually cancelling the transaction, I think you can get your eBay fees refunded.
By refunding PayPal directly rather than initiating a payment, you can avoid PayPal fees on all but that $25.
If you send it to them, expect it to be returned and expect more of a hassle. Perhaps much more of a hassle.
Who knows, the buyer might be getting antsy about gold prices and is playing the market at your expense. It's best to avoid such buyers.
Oh, yea. Out them for the blacklists please. >>
All is correct, you will only be out your listing fee which is much less then the $25 he is offering.
<< <i>Keep it and refund. If you ship it's highly likely they'll make up some reason to file a PayPal claim.
Russ, NCNE >>
<< <i>Keep it and refund. If you ship it's highly likely they'll make up some reason to file a PayPal claim.
Russ, NCNE >>
<< <i>Keep it and refund. If you ship it's highly likely they'll make up some reason to file a PayPal claim.
Russ, NCNE >>
Cannot be stated enough times! Just issue the refund. Agree to not complete the transaction and get your final values fees refunded. Paypay also refunds fee's when you refund to the buyer.
The name is LEE!
<< <i>
<< <i>I wonder if the fall of gold prices has anything to do with this buyer changing his mind. >>
Of course it does. I just filed a strike on a deadbeat for the same scenario. Bought a $50 GAE right before metals plummeted, and then didn't pay for it.
Russ, NCNE >>
a board member did something similar to this to me.
Is there any way PayPal will let me refund payment after transferring funds?
<< <i>
<< <i>IF it was priced as a bullion item, PayPal and/or the credit-card company
may not cooperate with the buyer. >>
It ain't worth the hassle.
Russ, NCNE >>
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That has been my experience as well.
BUT, when offering that view as "advice," it is easily said, "That sounds like a rich man talking to a poor man."
Some folks are forced by their circumstances to care more about the money than the hassle.
Personally, I would refund the "buyer," file an NPB, and give the "buyer" a well-deserved strike. I would
BBL the "buyer," and circulate his ID. And, of course, the NPB dirtbag would likely leave me a NEG.
<< <i>I wonder if the fall of gold prices has anything to do with this buyer changing his mind.
My very first thought! You KNOW it does!
-wes
Too many positive BST transactions with too many members to list.
42/92
<< <i>I initiated the transfer of his payment to my bank account this morning before he changed his mind.
Is there any way PayPal will let me refund payment after transferring funds? >>
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Send the money back to PP.
Then, if you wish, refund him.
Under NO circumstances should you make a refund outside of PP.
The scumster WILL lie and tell PP that you still have his money. You
WILL end up making TWO refunds.
I also would not do a "mutual" to cancel the sale. I would file a
straight NPB, and give the guy a strike. If he gets enough strikes,
EBAY will run him off.
<< <i>I initiated the transfer of his payment to my bank account this morning before he changed his mind.
Is there any way PayPal will let me refund payment after transferring funds? >>
Yes, I believe there is no problem here. Just click on the PayPal transaction and look for the refund link. Refund all but $25. PayPal will then ask you where the funds should come from, as they are not in the PayPal account.
There will be a 3 day delay. Due to the potential for fraud, PayPal usually puts a short hold on such refunds. Without that hold, scammers could really wreck PayPal's system with cancelled transactions within that 3 day period.
FIRST, i'd detemine exactly how to cancel that eBay transaction and get those final fees back. Everything is contingent on that!!! If nobody has left feedback yet, then I believe you just file a dispute on that auction and have the buyer agree to a mutual withdrawl. Once that dispute is closed and you eBay says you will get your fees back...refund via PayPal. Money comes from your bank.
I personally disagree with the NPB route. I reserve that for actual deadbeats who do not communicate. When a communicative buyer wants to back out...then I treat this simply as a 'return' and try to minimize the pain for everyone.
[edit] Why do I even post. I should just leave that duty to Russ.
<< <i>I initiated the transfer of his payment to my bank account this morning before he changed his mind.
Is there any way PayPal will let me refund payment after transferring funds? >>
It would be processed as an eCheck, so it would take a few days for the buyer to receive it.
Russ, NCNE
If a seller gets called on it, it ain't pretty.
To do anything else just invites trouble.
<< <i>I know EBay credits the FVF but what about the Listing Fees
///////////////////
Listing-Fees are never refundable.
An exception to that is if EBAY decides THEY cancelled your listing by mistake.
EDIT:
And, as noted below, IF your item qualifies for a "relisting credit."
<< <i>I know EBay credits the FVF but what about the Listing Fees
You can recover the listing fees by using the relist function on eBay to sell the item again. Doing the mutual cancellation will get your FVF back.
42/92
" Hi,
I found some money. Please send the coin.
Sorry for the problem"
Thanks to everyone who replied with their sage advice and PMs.
That is one of the wonderful things about this forum...the willingness and ability of its members
to share their knowledge and experience in a quick and timely manner.
Thanks again!
Don't you just want to do this?
<< <i>Keep it and refund. If you ship it's highly likely they'll make up some reason to file a PayPal claim.
Russ, NCNE >>
Correct. It is also not worth the negative feedback which will surely come. Ebay's new policy has added a line to an old saying: The customer is always correct, EVEN WHEN THEY DO NOT PAY! You need to suck it up, and take it like a coward; just like the rest of us.
<< <i>Don't you just want to do this?
I love this picture of Richard Kiel. It's on my desktop now.....
I think he is somewhat flaky and you could wind up with a returned item.
On one hand I say good for you Rick but on the other hand I'd be very careful.
Watch this transaction very closely and be sure to cover all the bases.
Good luck.
<< <i>I initiated the transfer of his payment to my bank account this morning before he changed his mind.
Is there any way PayPal will let me refund payment after transferring funds? >>
Just initiate the refund and the money will come out of your PayPal account by pulling funds from your attached bank account. The transfer you initiated and the refund will be separate transactions. The transfer will come into your account in 2-3 days. The refund will come out of that same account in less than a minute. You might want to wait to do the refund until such time as you see the transfer hit your account if you don't have enough to cover the refund in that account.
Jonathan
<< <i>I know EBay credits the FVF but what about the Listing Fees
If one re-lists the item and it sells, the first Listing Fee will be refunded. At least it works that way for me.
Jonathan
I wonder if the fall of gold prices has anything to do with this buyer changing his mind.
This is funny in that numerous board members were doing the same thing with US Mint gold commem/spouse/eagle purchases earlier this year and bragging openly about their financial acumen. They were speculating as the price went up by locking in extra coins, and then canceling orders immediately as the prices fell. Talk about pots and kettles.
roadrunner
<< <i>He found the money? I'd be very leery of following through.
I wonder if the fall of gold prices has anything to do with this buyer changing his mind.
This is funny in that numerous board members were doing the same thing with US Mint gold commem/spouse/eagle purchases earlier this year and bragging openly about their financial acumen. They were speculating as the price went up by locking in extra coins, and then canceling orders immediately as the prices fell. Talk about pots and kettles.
roadrunner >>
Excellent point!
TD