Got someone coming to look at my bike tomorrow and he mentioned that he might pay the full amount by paypal.
If he does and I get the email notification does that mean the money is all there, basically should I let him take the bike.
I know its instant but was just wondering if paypal actually check that there is sufficient funds to complete the transaction.
Can just see him riding off on my bike and then receiving an email saying insufficient funds.
Just chec your paypal balance before he rides away - if the right amount is there - its yours!! But if he pays in full by Paypal your charge will be loads!!!
Sean’s right you’re going to pay loads in charges. What does paypal charge 2-3% or something?
sod paypal… if hes coming, he can come with hard cash…
why should you have to pay the 4% or whatever paypal fees?
You can ask him to pay the paypal fees.
But, I tried to buy a bike with paypal and the guy said he had been stung before. The money was in his paypal account but then it disappeared. Don’t know how or who to be believe - just be careful.
I wouldn’t accept PayPal for that much amount of money, but that’s just my personal opinion. Too many possible loopholes in their T&C’s.
I would ask for cash, and then you know you`ve got the money.
If you’re going to use paypal - first of all accept his payment - up to this point he can ‘return’ the money to himself - then transfer it to your bank account - until this point the money isn’t ‘yours’ it’s paypals.
Also - figure 5% charge and tell him he’s got to pay for it.
m
agreed.
full cash or a banker’s draft is better in these transaction brackets.
don’t trust paypal on this one!.
be careful, & good luck.
dont do it mate, ive been stung loads of times, what happens is they make a payment with a stolen credit card, you post them item or they come collect it a few hours after they paid you, and then next thing you know, paypal said u received unauthorised funds and they taking the money back b4 u can transfer it, and if you have transferred it they make your paypal account a minus balance then set debt collectors on you for the money.
i say dont do it, not worth it, even if its not a dodgy payment, they can do a reclaim on you saying they had a problem with the bike.
Just get cash in hand, or if they must pay by paypal they have to allow 7 days for it to clear fully.
sod paypal!!! there a bunch of theifin… mofo’s…
BIG GREY AREA!
Be very, very careful! Two reasons:
After a certain amount PayPal will limit you account which basically means that they will freeze your cash until they are certain how you got the money and if they are not happy then they will hold it for 6 months and then give it back to you.
A friend of mine was selling a car from eBay and the buyer used PayPal to pay for it. He did not test drive it or anything, just came up, paid and drove off. He then claimed that the car was not what he said it was and claimed a refund. PayPal investigated and finally said that the guy was in the wrong and awarded the money to my friend, but it so easily could have flipped the other way.
If you do decide to take payment via PayPal…be VERY careful!!
Good Luck Mate!
Don’t trust banker’s drafts either. Even once you have paid the draft in and seen the money in your account, if the draft is forged or stolen that money will just disappear straight back out again maybe weeks later. The only time banker’s drafts are any good is if you know the bank is reliable and you independently check with them that the draft is genuine - that is, you find the number and ring it, don’t just ring any old number the bearer gives you. To be honest, cash is the only thing that is guaranteed, and even then you need to be sure it isn’t forged.
I’m a big fan of PayPal, I use it a lot, but I think I would have to agree, for large sums I wouldn’t trust it. PayPal themselves will cover a lot of my purchases or sales with a type of insurance, but only up to £500 I think. I’ve been ripped of on eBay once, on a £170 item. I claimed it all back through Paypal minus a £35 admin fee, but as I say, they wont help me above £500.
I guess on the other hand you could ask the guy to bring two forms of photo ID, two utility bills with his name and address on and things like that, so you can be sure of who he is.
Also, if you do decide to do that, when the e-mail comes through saying you have money, ignore it, log into Paypal using your own link and check your balance. Some people can duplicate the e-mail saying payment is made, with their own links to their own site etc.
I bought an item a couple of years back through paypal. The item was not what I had bought and I only got £105 back. I had paid nearly £600 quid. I use Paypal for small amounts but for bigger things I would pay/ accept only cash and for something like a bike or car CASH only!
