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Thread: Accepting large amounts of cash for goods sold in classifieds?

  1. #1

    Default Accepting large amounts of cash for goods sold in classifieds?

    How do you accept payment for expensive goods sold via a classifieds forum? I am in the process of selling a bycicle and was wondering what a safe way would be to handle the transaction. I am not particularly keen on accepting R15000 in cash...

  2. #2
    Super Grandmaster
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    Have the money deposited into your account, that way you are protected from possible counterfeit money.
    the nicest thing about not planning is that failure comes as a complete surprise, rather than being preceded by a period of worry & depression

  3. #3

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    As above. Make sure the money is EFT'd into your account. Then make sure the amount is cleared at the bank, and that the depositor did not use a check.

    When in doubt, just phone the bank.

  4. #4
    Super Grandmaster gregmcc's Avatar
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    Quote Originally Posted by shogun View Post
    and that the depositor did not use a check.

    When in doubt, just phone the bank.
    +1

    Always phone the bank and make sure its been cleared.

  5. #5

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    Quote Originally Posted by shogun View Post
    As above. Make sure the money is EFT'd into your account. Then make sure the amount is cleared at the bank, and that the depositor did not use a check.

    When in doubt, just phone the bank.
    So all this should happen before delivery. Ie. the process should be:

    1) Buyer comes to look at bike
    2) Buyer pays
    3) Wait for money to clear (check that it's not a cheque deposit)
    4) Buyer comes back to fetch the bike

    I assume it's not a good idea to let him do a mobile banking payment and take the sms i get as proof?

  6. #6
    Super Grandmaster gregmcc's Avatar
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    That looks good - nope. Tell him before hand that you want the money transferred and he can collect the bike when its been cleared. If it makes the buyer feel better give him a letter saying he bought the bike and blah blah blah - incase he thinks your trying to screw him and flee.

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    Quote Originally Posted by GonzoTho View Post
    So all this should happen before delivery. Ie. the process should be:

    1) Buyer comes to look at bike
    2) Buyer pays
    3) Wait for money to clear (check that it's not a cheque deposit)
    4) Buyer comes back to fetch the bike

    I assume it's not a good idea to let him do a mobile banking payment and take the sms i get as proof?
    SMS proof can be spoofed. Phone bank and make sure it has cleared and not a checque deposit.
    the nicest thing about not planning is that failure comes as a complete surprise, rather than being preceded by a period of worry & depression

  8. #8
    Grandmaster Jakes147's Avatar
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    Quote Originally Posted by GonzoTho View Post
    So all this should happen before delivery. Ie. the process should be:

    1) Buyer comes to look at bike
    2) Buyer pays
    3) Wait for money to clear (check that it's not a cheque deposit)
    4) Buyer comes back to fetch the bike

    I assume it's not a good idea to let him do a mobile banking payment and take the sms i get as proof?
    never except a sms as proof, got one in December from some Nigerian sounding guy and the money never cleared. Luckily I told him I would only deliver the product once payment was verified with the bank. He never even phoned me back after that.
    Quote Originally Posted by CrazyFig View Post
    Well, well, well....

    I am sooooo pissed off I could punch a dolphin

  9. #9

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    Alright, thanks for the advice everyone...

  10. #10

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    Not sure but what about a Bank guaranteed cheque? (or do fraudsters know how to fake these as well)

  11. #11

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    I always do the transactions by Internet banking. Tells the guy he can use a laptop and do the transfer while I watch, and email me the proof. Pain is if he/she doesn't have a laptop, he has to use mine, and then you can be suspected of trying to steal his credentials.

  12. #12

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    Quote Originally Posted by Ecco View Post
    Not sure but what about a Bank guaranteed cheque? (or do fraudsters know how to fake these as well)
    No cheques.... if he can do a bank guaranteed check... he can do an EFT. Simple.
    No SMS or emailed proof of payment... you phone the bank to make sure the cash has cleared.
    No delivery of goods before the amount has cleared.

    I think we have to turn this into a survival guide for forumites.

  13. #13

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    Quote Originally Posted by ebendl View Post
    I always do the transactions by Internet banking. Tells the guy he can use a laptop and do the transfer while I watch, and email me the proof. Pain is if he/she doesn't have a laptop, he has to use mine, and then you can be suspected of trying to steal his credentials.
    Not a terrible approach.

  14. #14

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    Quote Originally Posted by shogun View Post
    No cheques.... if he can do a bank guaranteed check... he can do an EFT. Simple.
    No SMS or emailed proof of payment... you phone the bank to make sure the cash has cleared.
    No delivery of goods before the amount has cleared.

    I think we have to turn this into a survival guide for forumites.
    While I agree, it becomes harder if you have only one buyer, and the amount is large (and he can thus expect you to run away with the cash and your bike).

    I wish there was a service where you both trust a third party. They send the cash to them and you get acknowledgement from the third party that cash has been received. You release the goods and once it is confirmed that the goods are at the buyer, the third party releases the cash to you. I think PayPal works like this when you buy over eBay?

    The potential risk is that he/she will tell the payment processor the goods have not been received when clearly it has. But he/she has little incentive to do so, as his money is already out of his pocket (and sitting at the 3rd party).

  15. #15

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    Quote Originally Posted by ebendl View Post
    While I agree, it becomes harder if you have only one buyer, and the amount is large (and he can thus expect you to run away with the cash and your bike).

    I wish there was a service where you both trust a third party. They send the cash to them and you get acknowledgement from the third party that cash has been received. You release the goods and once it is confirmed that the goods are at the buyer, the third party releases the cash to you. I think PayPal works like this when you buy over eBay?

    The potential risk is that he/she will tell the payment processor the goods have not been received when clearly it has. But he/she has little incentive to do so, as his money is already out of his pocket (and sitting at the 3rd party).
    Generally if they have met you with the bike, it's less of an issue. I sold my car through gumtree... and that was a little more expensive than a bike. As a seller, your primary concern is that you don't get screwed. As a secondary concern you can try make the buyer a little more comfortable... but never to the point that you put your position at risk.

    I don't know of any escrow services in SA for this kind of transaction. They also tend to take a chunk of the sale price.

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