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Most secure method of receiving payments for big ticket items (1 Viewer)

Mad Cow

Mad Cow

Welshers and Dawdlers Beware!
So I have never really had the need to sell anything large until recently. I am looking to sell a retinal camera to a doc in Florida at about $10k and with zero experience, was wondering if the FFA collective wisdom might lead me in the best way to run that transaction. Cashier's check and not ship until clears with bank? Wire transfer? It just ramps up the nervousness once you get in the thousands. TIA

 
I ran a lot of payments for my rental in HI through PayPal it made nervous people feel safer. Steep fees though

 
Mad Cow said:
So I have never really had the need to sell anything large until recently. I am looking to sell a retinal camera to a doc in Florida at about $10k and with zero experience, was wondering if the FFA collective wisdom might lead me in the best way to run that transaction. Cashier's check and not ship until clears with bank? Wire transfer? It just ramps up the nervousness once you get in the thousands. TIA
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Can you check out this doc/practice? Would help quite a bit if you know they are legitimate. This doesn't sound like an Ebay "I'll give you $X amount if you sell it to me early" type deal.

 
WhatDoIKnow said:
Mad Cow said:
So I have never really had the need to sell anything large until recently. I am looking to sell a retinal camera to a doc in Florida at about $10k and with zero experience, was wondering if the FFA collective wisdom might lead me in the best way to run that transaction. Cashier's check and not ship until clears with bank? Wire transfer? It just ramps up the nervousness once you get in the thousands. TIA
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Can you check out this doc/practice? Would help quite a bit if you know they are legitimate. This doesn't sound like an Ebay "I'll give you $X amount if you sell it to me early" type deal.
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Seems legit. I'd rather avoid paypal due to fees and even CC.

 
Mad Cow said:
WhatDoIKnow said:
Mad Cow said:
So I have never really had the need to sell anything large until recently. I am looking to sell a retinal camera to a doc in Florida at about $10k and with zero experience, was wondering if the FFA collective wisdom might lead me in the best way to run that transaction. Cashier's check and not ship until clears with bank? Wire transfer? It just ramps up the nervousness once you get in the thousands. TIA
Click to expand...
Can you check out this doc/practice? Would help quite a bit if you know they are legitimate. This doesn't sound like an Ebay "I'll give you $X amount if you sell it to me early" type deal.
Click to expand...
Seems legit. I'd rather avoid paypal due to fees and even CC.
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You should avoid Paypal because they side almost exclusively with the buyer if there's any sort of issue. A lot of sellers end up getting scammed through Paypal.

 
The most secure is you don't ship the camera until the money is in your bank account, but he has to agree to that.

Next would be to use some kind of escrow service (like Paypal) but that will cost you some fees.

 
Bank check. You both meet at his bank, bank issues check from his account.

Pretty simple people

 
If you're the buyer, would you be willing to send 10K without receiving the merchandise yet?

He sends 5k cashier's check/wire transfer. You send camera. He sends rest.

 
Stop ####### suggesting Paypal. As others have said, they side almost exclusively with the buyer. So if the buyer's intent is to scam, then he would love to use that payment method because he's most likely getting a free $10k camera.

 
coyote5 said:
Stop ####### suggesting Paypal. As others have said, they side almost exclusively with the buyer. So if the buyer's intent is to scam, then he would love to use that payment method because he's most likely getting a free $10k camera.
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Everybody uses Paypal these days. It can't possibly be that easy to scam. If OP is so worried about saving a couple bucks, drive the ####### thing down there and make a vacation out of it.

 
James Daulton said:
coyote5 said:
Stop ####### suggesting Paypal. As others have said, they side almost exclusively with the buyer. So if the buyer's intent is to scam, then he would love to use that payment method because he's most likely getting a free $10k camera.
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Everybody uses Paypal these days. It can't possibly be that easy to scam. If OP is so worried about saving a couple bucks, drive the ####### thing down there and make a vacation out of it.
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Two ways, mostly. One way is that they hack Paypal accounts, and pay you from there. The unlucky account holder never gets a notification that money was sent, because the hacker changed all that already, and doesn't realize what's happened until they check their statement. But the money appears in the seller's account immediately so they ship the items, only to get hit with a chargeback from Paypal later.

The other way is if you ship the item to an address that isn't the "verified" one on file, they won't side with you if the person files a claim that they never received it even if you have a delivery confirmation receipt to show them.

In this case, even if the address the OP is given isn't a verified one, but he can see through Google Street View that it is the doctor's office, he's probably pretty safe.

 
Wire is safest. Bank check is semi safe, but if they get a fraud check to you, your bank will clear the funds fast and you will ship and by the time it bounces you are cooked. Certified is another option.

 
For financing options, he is wanting to use Paypal via credit card. What do I need to beware of here? He is a verified professional and I am fairly certain it is safe, but I just want to cover my bases. Should I open a new paypal account not tied to any of my CC's or bank accounts then immediately sweep funds? etc.

 
Best solution is that you send me the camera and he sends me the 10k. I'll broker the transaction. When I have both items both will be sent.

 
Have you reduced the camera to $9,500 to take into account the increased depreciation since the onset of this medical device dilemma?

 
Mad Cow said:
For financing options, he is wanting to use Paypal via credit card. What do I need to beware of here? He is a verified professional and I am fairly certain it is safe, but I just want to cover my bases. Should I open a new paypal account not tied to any of my CC's or bank accounts then immediately sweep funds? etc.
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Check with PayPal about fees with CC payments. Not sure what side of transaction they may end up. If he is stuck on this method and there are fees you have to pay, make him fund some or all of them.

The point to PP is for transactions like this, it should be safe.

 
Cash. Might be an issue with logistics plus you have to worry about getting robbed from point a to the bank. Also CTR over $10K.

Wire Transfer is best but most expensive (usually about $35 give or take to send and about $10 or so for person receiving). Once it is sent is it pretty close to impossible to get back.

Cashiers Check/Bank Check etc guarantee funds for payment but do not guarantee payment- though the only reasons why payment would not be made is a stop or altered/fraud check.

 
I would absolutely NOT use PayPal for something of this size. First, you take the chance of PP freezing your account if you use a new account or you don't regularly push a lot of money through it. And if they do, it can take months to get your account unfrozen. Second, it is so easy to scam using PayPal, as mentioned above, PP ALWAYS sides with the buyer, and the seller gets screwed. Not really concerned about the fees, I'd chalk that up to cost of doing business. But I wouldn't use PayPal for anything I cared about and for nothing above a few hundred dollars.

I would either require a wire transfer or cashier's check. Skype with him or otherwise communicate in real-time to show him the camera, that you are trustworthy, etc. If he still balks, consider something like Escrow.com - looks like the fee would be less than $200 there. You could ask the buyer to cover escrow costs if he is the one that demands you use it.

 
Cast Iron strong box safely secured inside a stagecoach, pulled by the best team of horses money can buy.

 
ACH bank transfer will settle the next day, fees are typically $10-15 or waived. Bank Wire should cost around $25-35 and will pop into your account instantaneously.

This isn't complicated, MC.

:)

 
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