Help With Paypal

[Kestral]

Hi all, hoping someone can give me advice on this.

I just recently sold an item:
Universal Audio 1176 VINTAGE urei UA 1176ln blue badge - (eBay item 270193498106 end time Dec-08-07 19:10:41 PST)

The buyer has decided to pay by PayPal and has given me a Fedex number to ship the unit overnight to him. I have never recieved such a huge dollar transaciton before ($4,650 USD) so I want to make sure I get the money and it's protected.

I wil make sure buyer has a confirmed PayPal account and also I will only ship to confirmed address, but are there any other things I can do to make sure I am protected before I send off the item?

Also I read something about moving the money asap to a bank account, are there any other things I can do to protect myself? It may take a few days to open the bank account to send to. But even so, is the transaction safe provided I ship only to confirmed PayPal account to confirmed address? Would really appreciate some advice from the more experienced folks here.

[The Kamillion]

I would just transfer the money to an account. And wait until I'm touching the cash before I send it. Just don't promise you're going to ship it overnight and then don't...
Why do they have to have it overnight?

[imloggedin]

Don't send it until the money is cleared to your bank account. Dont chance it with that amount of money.

[cabby]

Make sure you log serial numbers. Take pictures of the packaging before the box is sealed.
The big problem with PayPal is that if a buyer files a complaint alleging the item received was significantly different than advertised, PayPal will take the money out of the bank account you have linked to your PayPal account and issue a refund to the buyer. If you have a credit card linked, they will charge your credit card. They will not do anything to require the buyer return the item before issuing the refund.
Significantly different can be as simple as you advertised it as working and the buyer claims it is not. Or the buyer may say it is not in the condition as advertised.

[allencollins]

Don't just wait until the money has cleared into your account.
Actually withdraw the money and then ship. If he does a chargeback paypal can't
transfer the funds back to him if there are no funds in your account.
sure they can chase you down for it but you can't get blood from a stone

I always keep a $10.00 balance in my account that I use for paypal.
I ship the item after I have moved the money to a non paypal account
or I go to the bank and withdraw the funds in person.

Paypal transfer to your account can be slow since all the funds have
to pass through the federal reserve bank first. It takes at least an extra day

Paypal can screw you so be careful

[Sounds Great]

I checked out your buyer's history and I think you are going to be fine. Unless it is a hijacked account which it doesn't appear to be. I would talk to him on the phone, hopefully a work number (not cell) and get comfortable with the situation before shipping. But my first reaction is that all is good.

Otherwise you could just send the 1176 to me and I'll hold it for safe keeping.

[The Kamillion]

Originally Posted by allencollins

Don't just wait until the money has cleared into your account.
Actually withdraw the money and then ship. If he does a chargeback paypal can't
transfer the funds back to him if there are no funds in your account.
sure they can chase you down for it but you can't get blood from a stone

Uhhh...yes they can. As another poster said, they will get the money from wherever. In fact if you transfer the money, and theres a complaint in between the transfer, they will stop the transfer.

[Kestral]

Thanks for the great advice!

It turns out the buyer is someone who has been mentioned by name here on these forums:
Fairfax

The confirmed PayPal address is the correct name and address. Maybe he's a member of this forum?

I did some Googling and apparently the buyer has some decent credits and is well know. It looks like it should be fine.

What's with the celebs buying my stuff lately, The Edge, through his guitar tech, just bought my Korg SDD-3000 digital delay. They paid by certified check.