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.
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.
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!!
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!