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Selling gear using paypal
Old 4th June 2012
  #1
Lives for gear
 
andrew montreal's Avatar
Selling gear using paypal

Hi all,

Not sure where to put this question... but figured it's about gear so I'm cool here. Not to mention that I REALLY need an answer to this question and you all hang out here... so thanks Mr. Moderator for letting this one pass... I hope.

I presently have an expensive unit for sale in the Classifieds. I was wondering how safe Paypal is as a mode of payment/dealing with a buyer. For some reason, I remember hearing of fraud where the money goes through but then a few days later it turns out there weren't enough funds. Is that possible?

Any suggestions on the safest way to go without it costing a leg?

Thanks.
Old 5th June 2012
  #2
Lives for gear
 
swafford's Avatar
 

Quote:
Originally Posted by andrew montreal View Post
Hi all,

Not sure where to put this question... but figured it's about gear so I'm cool here. Not to mention that I REALLY need an answer to this question and you all hang out here... so thanks Mr. Moderator for letting this one pass... I hope.

I presently have an expensive unit for sale in the Classifieds. I was wondering how safe Paypal is as a mode of payment/dealing with a buyer. For some reason, I remember hearing of fraud where the money goes through but then a few days later it turns out there weren't enough funds. Is that possible?

Any suggestions on the safest way to go without it costing a leg?

Thanks.
I always use paypal. Never ship to anything but the confirmed address. Always request a phone number and call to say hi. IF they have an Ebay ID with a buying/selling history, bonus. Request it. If your wiggy, send a message through Ebay confirming their identity. If someone thinks your being an over protective freak, move on. I won't deal with people who think that seeking comfort in a sale is a hassle for them.
Old 5th June 2012
  #3
Lives for gear
 
andrew montreal's Avatar
I just heard back from the potential buyer and all seems good. He is willing to wait for me to wire the money from Paypal into my bank account before I ship. That seems like a damn good guarantee, no? There's no way around that, is there?

Hilarious... I sound like a kid. I haven't the slightest clue about this stuff.
Old 5th June 2012
  #4
Lives for gear
 
andrew montreal's Avatar
The person has a website for his studio... even found footage of him on YouTube. He says he has bought tons of gear through Gearslutz before as he has designed and supplied gear for nine studios... I've even seen comments from others that he was a good buyer. We are not going through eBay... we are just using Paypal for the money he's sending me.
Old 5th June 2012
  #5
Lives for gear
You're fine. Most guys don't mind waiting for you to clear the PayPal funds into your bank account.

You don't sound like a kid. Maybe you're just living in "Old Montreal".
Such a great city.
Old 5th June 2012
  #6
Lives for gear
 
andrew montreal's Avatar
Quote:
Originally Posted by yotonic View Post
You're fine. Most guys don't mind waiting for you to clear the PayPal funds into your bank account.

You don't sound like a kid. Maybe you're just living in "Old Montreal".
Such a great city.
Thanks for the words... looks like I'm finally selling my Lang EQ and investing in an upgrade to my dual-core 2005 Power PC. It was a hard choice but it eventually became an obvious one when I consider my workflow and the fact that a good portion of my income comes from video production as well.

And indeed Montreal is a great city... the food, the cost of living, the music scene, not to mention the beautiful women.

Thanks all.

Now... which Mac to get? The 2009 2.93 octo-core or the 2010 2.4 octo-core. Hmm...
Old 5th June 2012
  #7
Gear Maniac
 

paypal is changing their "business rules" and terms of business again to avoid legal cases and squeeze as much money and data out of their victims (aka "customers") as possible.

they reserve themselves the right to limit the payments to the seller. so it happens that the seller sold something for e.g. $4000.- and paypal decided not to forward the whole amount to him but rather to allow him to withdraw up to $500.- per month.

in my specific case they withhold money somebody paid me and pretended to do any weird security checks for weeks, leaving me waiting without any reliable information and collecting interest on MY money.

yes, they are allowed to do that and they really do that, it's not just a hypothetical possibility.

you may think twice of doing business through such a company and even paying them hefty fees for such a "service". feel free to read their terms of business and consider what that actually means. more and more people try to stay away from such a "company" these days.
they turn your arm around and smile in your face while doing that. and ask you for some money on top.

possible payment alternatives exist from google, amazon or the reliable wire transfer from bank to bank.

just my 0.02... good luck
Old 5th June 2012
  #8
Lives for gear
 
Don S's Avatar
 

Quote:
Originally Posted by andrew montreal View Post
Hi all,

Not sure where to put this question... but figured it's about gear so I'm cool here. Not to mention that I REALLY need an answer to this question and you all hang out here... so thanks Mr. Moderator for letting this one pass... I hope.

I presently have an expensive unit for sale in the Classifieds. I was wondering how safe Paypal is as a mode of payment/dealing with a buyer. For some reason, I remember hearing of fraud where the money goes through but then a few days later it turns out there weren't enough funds. Is that possible?

Any suggestions on the safest way to go without it costing a leg?

Thanks.
Paypal is horrible. I avoid using them at all costs. They tie up your funds for almost a month (yes, while collecting interest) and then charge you for it. In the case of an ebay auction, they take those fees as well, since it's the same sleazy company. A brilliant business model unless you're the sucker (customer)! Craigslist is great for gear. Meet, cash and carry. I can check the unit and sometimes meet a new contact in the audio world!
Old 5th June 2012
  #9
Gear Maniac
 

Quote:
Originally Posted by andrew montreal View Post
I remember hearing of fraud where the money goes through but then a few days later it turns out there weren't enough funds. Is that possible?
yes, it is. it happens. they can withdraw money from the sellers account under certain circumstances.
they say so officially in the terms of business. they can do what ever they want with your money. they tell you so in writing and you agree and accept it when agreeing to their conditions. it's very simple and efficient.
Old 5th June 2012
  #10
Quote:
Originally Posted by Don S View Post
Paypal is horrible. I avoid using them at all costs. They tie up your funds for almost a month (yes, while collecting interest) and then charge you for it. In the case of an ebay auction, they take those fees as well, since it's the same sleazy company. A brilliant business model unless you're the sucker (customer)! Craigslist is great for gear. Meet, cash and carry. I can check the unit and sometimes meet a new contact in the audio world!
Craigslist will get you as many shady people as anywhere, and paypal is worldwide, CL is local. Bigger customer base, more potential buyers.
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