selling / buying advise on forum

[holty]

whats the pro's and cons of buying or selling using bank transfer and pay pal gift ???
whats involved in both methods as ive no experiance of any of the 2 methods ??
so i dont know whats best for me if i want to buy or sell on the forum
all advise helpful

 

[ACW]

Paying by bank transfer offers little protection for the buyer if things to wrong. But it is free and means the cash is straight in the sellers account.

PayPal offers some protection and means you can also use a credit card rather than cash, meaning you can make the most of any 0% interest offers etc that you have.

However, transfers by PayPal often involve a fee, which normally (as is the case on the forums) should be covered by the buyer, as they are the ones choosing to pay that way.

If buying off someone with no feedback I would be inclined to use PayPal.

If selling I would always prefer I was paid by bank transfer so that the money is in my account. When being paid by PayPal it can take time and further expense to transfer funds from your paypal account to your bank account.

 

[ACW]

It's worth having a PayPal account in general though, as I often use it when purchasing from websites as it saves entering your card details all the time.

You have various cards linked to your PayPal so no remembering card details / having to have your wallet nearby.

This is more applicable to online shopping and not forum purchasing.

 

[jakeblu]

whats the pro's and cons of buying or selling using bank transfer and pay pal gift ???
whats involved in both methods as ive no experiance of any of the 2 methods ??
so i dont know whats best for me if i want to buy or sell on the forum
all advise helpful

PayPal is pretty instantaneous to be honest with you I've always found transfers as quick if not quicker than BT. If you use PayPal gift then you would have no protection from PayPal should there be a problem but of course it's free. I've always used paypal gift or BT when buying off this forum with no problems but you should use what you are most comfortable with.

Steve

 

[Bythesea]

As ACW said, PayPal can give you some protection. However, I believe that you lose a lot of this protection when using PayPal gift ( which is the one you mentioned). The advantage of using PayPal gift to the seller is that they get the full amount as the fees are paid by the buyer.

Having said that, I have always used bank transfer both here and elsewhere. As long as you are careful who you deal with (check feedback and how they come across on the furum), you should be fine.

 

[neil_g]

You have zero protection if you use paypal gift as you should not technically be using it to pay for goods/services as per their terms

 

[pitkin2020]

As above you have Zero protection as PayPal gift same as bank transfer.
Bank transfer can take upto 2 hours, PayPal is instant but can take a few hours to transfer to your account.

The only thing with PayPal gift is you only need an email address that's registered to the PayPal to transfer money you need acc and sort code for bank transfer.

Pay gift charges fees only if paying via credit card.

 

[MWHCVT]

An alternate to online banking you can also always do a payment in branch paying into the sellers account, as you will have the sellers details you can ask the bank to confirm the details you have match the account your paying into...I've done this occasionally, though mainly because I was locked out of my online banking

 

[Bythesea]

Another alternative now is Paym if you have an account with the right bank (think both sides need to be with a participating bank). Eventually most banks will offer this but some have the option now.

 

[ACW]

If you use PayPal gift then you would have no protection from PayPal should there be a problem but of course it's free.

Unless you use a credit card attached to the account.

If you are using a debit card to PPG you may as well just BT the money.

If selling, I would never want to receive the money by PayPal, as I would be charged to put the money back into my bank account (or at least I have been in the past).

I only do BT on the forum these days. Small Claims Court is always there if things get sticky. So far things have always gone smoothly for me (although I don't want to jinx the delivery of a 24-70 that's meant to be arriving Monday...).

 

[ACW]

An alternate to online banking you can also always do a payment in branch paying into the sellers account, as you will have the sellers details you can ask the bank to confirm the details you have match the account your paying into...I've done this occasionally, though mainly because I was locked out of my online banking

Old school! I know it's the same in principle as an online BT, but I always feel a bit more vunerable when doing this! (Unfounded I know)

 

[MWHCVT]

Old school! I know it's the same in principle as an online BT, but I always feel a bit more vunerable when doing this! (Unfounded I know)

Exactly if you want to just make that last check then it's he thing to do...although of course you can also accept the fees for the transaction and do a proper PayPal transaction rather than the PPG that was if the deal goes south you've got the protection you've paid for

 

[Gary Coyle]

You have zero protection if you use paypal gift as you should not technically be using it to pay for goods/services as per their terms

What on earth do you mean should not technically be paying for goods services with paypal gift, theres no technical about it, its a choice, nothing technically right or not right about it and theres noting on paypals website to say wether or not its technically right or wrong

 

[neil_g]

What on earth do you mean should not technically be paying for goods services with paypal gift, theres no technical about it, its a choice, nothing technically right or not right about it and theres noting on paypals website to say wether or not its technically right or wrong

Who stole your toys?

There's two option on Facebook, one to pay for services / goods and the other to transfer money for personal gift use (friends family etc).

You don't get protection using gift to buy goods.

What does that tell you other than gift should not be used to pay for goods / services. Yes it's possible but you takes your chances.

"13.3 What type of payments are eligible for re-imbursement under PayPal Buyer Protection?

...

Personal Transaction payments"

 

[Gary Coyle]

Now now, no need to be sarky Neil

Because Facefart recommends it doesn't make it right or wrong, Paypal actually themselves offer those 2 same options but then they would as they want to sting you for extra fees, everyone (including me but except the OP) knows paypal offers some protection and paypal gift doesn't but its NOT COMPULSORY if buying goods or services as you WRONGLY imply, you have the choice, simples really.

Having said that, yes, dont use paypal gift if you want some form of protection.

 

[droj]

In summary: as a seller I'd be happy to receive a paypal payment (just like a bt, this is more or less instant once actioned) - but only if I could then use those funds to make purchases of my own via paypal. Otherwise I'd request a bt direct to bank. As a buyer I might find making a paypal payment marginally easier than making a bt.

 

[Nikon_Nick]

In summary: as a seller I'd be happy to receive a paypal payment (just like a bt, this is more or less instant once actioned) - but only if I could then use those funds to make purchases of my own via paypal. Otherwise I'd request a bt direct to bank. As a buyer I might find making a paypal payment marginally easier than making a bt.

if someone pays you via PP, the funds go to your PP account. You can then choose to 'withdraw' the funds which will transfer it to your bank account, or you can leave it there, and pay for stuff via PP yourself.

 

[droj]

That was meant to be implicit in my post, Nick. Transfer from paypal to bank is an extra hassle and involves delay (I'm sure they designed it that way), so I'd rather miss that stage out.

 

[Nikon_Nick]

That was meant to be implicit in my post, Nick. Transfer from paypal to bank is an extra hassle and involves delay (I'm sure they designed it that way), so I'd rather miss that stage out.

I just think it can be a little inconsistent. The last time I transferred from PP to my bank account, I got the message saying that the funds would be there in 2 hours, but in actual fact, the funds arrived immediately. Other times, it hasnt been so quick.

 

[BillN_33]

have there been any problems on here when people have paid by Bank Transfer and not received the goods - surely this is the measure of protection on here for payments made by Bank Transfer.

To me this seems to be a genuine and honest forum and I would not expect any problems

 

[Cobra]

have there been any problems on here when people have paid by Bank Transfer and not received the goods - surely this is the measure of protection on here for payments made by Bank Transfer.
To me this seems to be a genuine and honest forum and I would not expect any problems

Any trade on here is obviously between the buyer and seller,
"we" are just the platform for the trades.
We do have rules in place, to try and stop the hit and run scammers,
ie 60 days membership and 26 meaningful posts.

Occasionally and thankfully very rarely, things do wrong.
In which case we offer as much assistance as possible
in trying to sort things out.
That includes giving all the details we hold, to the police or courts
should the need arise.

Of course following the simple rules, like obtaining an address, email and
contact phone number, both land line and mobile,
will help (you) if needs be.

 

[BillN_33]

Any trade on here is obviously between the buyer and seller,
"we" are just the platform for the trades.
We do have rules in place, to try and stop the hit and run scammers,
ie 60 days membership and 26 meaningful posts.

Occasionally and thankfully very rarely, things do wrong.
In which case we offer as much assistance as possible
in trying to sort things out.
That includes giving all the details we hold, to the police or courts
should the need arise.

Of course following the simple rules, like obtaining an address, email and
contact phone number, both land line and mobile,
will help (you) if needs be.

It would seem to me that the following is sensible:

follow the rules of the Forum as already in place and sensibly devised by Forum "owners", exchanging names, addresses, tel numbers and emails
Look at the feedback ratings
Pay by Bank transfer and get another important piece of information, i.e. a name and bank account number
Call the seller if you want further assurance.

PayPal gift is pointless, from a protection perspective
Normal PayPal is expensive and a drag and not user friendly if you have a dispute.

Just my opinion

 

[pitkin2020]

Unless you use a credit card attached to the account.

If you are using a debit card to PPG you may as well just BT the money.

If selling, I would never want to receive the money by PayPal, as I would be charged to put the money back into my bank account

Quite a but of misinformation there.
Firstly credit card protection doesn't always work with PayPal purchases because they are a third party so the section 75 can be very messy with PayPal, the criteria isn't as simple as a shop purchase for example
Secondly if sending as a gift and paying via credit card payment you the sender will be charged a fee again no protection via PayPal as you've gone against their rules.
Thirdly section 75 only covers purchases over £100

From a selling point of view you pay fees on money you receive unless it was sent as a gift and there is no charge for sending money from your PayPal account to your bank account.



As with all sales common sense must prevail. It's a forum and you really don't know who your dealing with so it is a risk but are you looking to but from a forum member or someone who has just joined with the aim to sell. If in doubt walk away.

 

[pitkin2020]

Personally I would rather BACS a payment then PayPal it. If it does go wrong and small claims court is the only route it'll be a lot easier to track some through an account and sort code then it will from a PayPal account.

 

[ACW]

Quite a but of misinformation there.

Richard, you have misinterpreted my post. Allow me to explain why.

Secondly if sending as a gift and paying via credit card payment you the sender will be charged a fee again no protection via PayPal as you've gone against their rules.

Again, I've made no comment that suggests anything to the contrary.

Thirdly section 75 only covers purchases over £100

A true but irrelevant (in the context of your response) point, as once again, I made no mention of this.

From a selling point of view you pay fees on money you receive unless it was sent as a gift and there is no charge for sending money from your PayPal account to your bank account.

Please read my unedited comment, I said: "At least they did last time I transferred money." I have checked and I am right. When I last transferred cash into my account they still charged the £5 for a same day / faster service.

 

[pitkin2020]

They don't charge for withdrawals and it's been fast payment for ages usually I your account within a couple of hours

 

[ACW]

Quite a but of misinformation there.

Richard, you have misinterpreted my post. Allow me to explain why.

Firstly credit card protection doesn't always work with PayPal purchases because they are a third party so the section 75 can be very messy with PayPal, the criteria isn't as simple as a shop purchase for example

I am more than familiar with the Consumer Credit Act. My 'Unless you use a credit card attached to the account' comment was in response to the remark about PayPal gift being free - not the protection offered by s75 which I do not mention in that post.

Secondly if sending as a gift and paying via credit card payment you the sender will be charged a fee again no protection via PayPal as you've gone against their rules.

Again, I've made no comment that suggests anything to the contrary.

Thirdly section 75 only covers purchases over £100

A true but irrelevant (in the context of your response) point, as once again, I made no mention of this.

From a selling point of view you pay fees on money you receive unless it was sent as a gift and there is no charge for sending money from your PayPal account to your bank account.

Please read my unedited comment, I said: "At least they did last time I transferred money." I have checked and I am right. When I last transferred cash into my account they still charged the £5 for a same day / faster service.

 

[ACW]

.

 

[pitkin2020]

https://www.paypal.com/uk/cgi-bin/webscr?cmd=_display-withdrawal-fees-outside

I was clarifying your post as other may certainly have read it to pay via credit card for protection which isn't the case.

Like buying anything used best way is cash upon collection and testing of the item, failing that if your buying off the forum check the persons posts get a feel if they come across genuine or are they just here to sell. Is the deal too good to be true?

This forum atleast has the feedback system, which many dont so that should help some way

 

[droj]

Like buying anything used best way is cash upon collection and testing of the item

No, that's not a catch-all, especially from a seller's point of view. A buyer could promise that, then not appear for weeks or at all. In that context it's good to have the money up-front, as a firm statement of intent.

 

[pitkin2020]

No, that's not a catch-all, especially from a seller's point of view. A buyer could promise that, then not appear for weeks or at all. In that context it's good to have the money up-front, as a firm statement of intent.

well yes but i can't put every time of eventuality up can I really and wasn't intended as a catch all merely the simpliest form. TBH as a seller you would agree a time frame, as a buyer who didn't know the seller why would you put money up front you may aswell as take the risk and send them BACS and hope they send it to you

 

[big soft moose]

No, that's not a catch-all, especially from a seller's point of view. A buyer could promise that, then not appear for weeks or at all. In that context it's good to have the money up-front, as a firm statement of intent.

b*****ks to that - it would be a cold day in hell before I gave the money over up front without seeing the merchandise, the whole point of cash on collection is a simple exchange, if you are going to pay up front you might as well have the item sent RMSD (that said for a very expensive item like a car, or for that matter a 1DX, its fair enough to ask for a few quid up front as a deposit - but then I wouldn't buy an item like that off a forum anyway).

as Richard says you agree a date for cash on collection when the deal is done - if either party doesn't show then the deal's off - simples