Paypal, a check, or cash?

redtom

Well-known Member
The question that has been asked here dozens of times. If you sold a tractor to an out of state buyer how would you accept payment. I sell small items on ebay and use paypal all the time and haven't been burned yet. Buyer is offering paypal or a check. With a check I can always wait for it to clear. Paypal, I guess, can be reversed? Of course the driver could always bring cash. Tips?
 
same here,I will only deal cash,or if someone local I will take a check,but I just always felt that if they are not paying cash,there is usually a reason.

Rock
 
I am old fashioned also.
And love cash, but I do accept PayPal as down payments. Some folks dont want to drive 8 hours to find out they missed out by 10 minutes, so thry hold the purchase with down payment over pay pal. No fee for them or me.
Easy peasy

Just my thoughts
 
My sales and purchases are small enough that I use only cash. I did carry $20,000 for a purchase once. Never again! I did sell my 2014 Chevy 2500 diesel 4x4 by an in-bank fund transfer of $38,000. The buyer did a teller transfer from his account to my account and I signed the title. Cash, cash, cash.
 
I was scammed about a month ago by one of those websites that 'help' you renew your drivers liscence (for a 100%+ fee, of course). I immediately called my credit card provider and they said the payment was instantly sucked away into Paypal and there was nothing they could do.
I don't know if you can get your money back from Paypal or not.

I would go the old-fashioned route and let the check clear.

Banks used to be able to call a certain number and confirm that the account had the money in the buyers account.
 
How about a ten percent deposit via Paypal to hold the tractor for 30 days, with the remainder payable by cash when he takes delivery? That way you're not out the Paypal fees on the entire purchase price.
 
> US gov't minted Gold or Silver Eagles for number 1 preference,number 2 would be cash.

Seriously? Have you ever actually paid for something or been paid for something with gold or silver coins? Nobody does that!
 
I've been paid in silver Eagles a couple times for pieces of equipment,good deal for both of us he wanted to sell off some of his Silver and I gave him the same as spot price like a coin shop would.After being burned by holding Confederate paper money after THE War my family then only dealt in Gold and Silver coins for years no paper money for them.Funny thing now Confederate money is worth way more face value that US
Federal Reserve notes.
 
> I've been paid in silver Eagles a couple times for pieces of equipment,good deal for both of us he wanted to sell off some of his Silver and I gave him the same as spot price like a coin shop would.

So the price of the equipment AND THE SILVER was in US DOLLARS? You didn't actually say, "I need 115.6 ounces of silver for this here swather", did you?
 
Having been a tractor truck and farm equipment dealer and farmer for years I SAY ACCEPT CASH I've NEVER had it go bad while I have seen checks bounce. While I may loose a sale that way I STILL HAVE THE EQUIPMENT even if I do..

John T Speaking from experience
 
I received his Silver Eagles which we agreed to assign the value as what spot Silver was selling at the moment of transaction according to Monex metals website.Which is what the coin shop was going to pay him for the coins at most,did it two different times.No big deal.I'd actually give a discount Fed Reserve notes vs Gold or Silver coins now since the Notes are headed South and the metals are headed North.Most people it seems live paycheck to check so they have nothing of real value to trade.I don't take figures on a computer screen.(LOL)Probably would be a good idea to set the price in an ad at X number of Silver Eagles since their value continues to rise.
 
You can have the buyer wire the money to your bank and you see the money in your account before you release the merchandise.
 
> You can have the buyer wire the money to your bank and you see the money in your account before you release the merchandise.

That's fine for the seller, but wire transfer fees are stiff, it's generally inconvenient and the buyer has little recourse if the deal sours. Payment in person with cash or cashier's check is cheap and protects both parties from fraud.
 
my suggestion is Cashier's Check from his bank - NOT a personal check.

Or Cash..

Yes, Paypal is convenient and yeah, they do offer some protection, but ONLY if done as a proper "purchase" transaction which involves fees..
the "sending money to a friend", that has no fees, will NOT protect either party.
 
Cashier's checks can be counterfeited,then again so can cash that is why a lot of places have those markers.Perfect place to pass counterfeit cash would be buying a tractor or vehicle from an individual.
 
(quoted from post at 09:50:49 09/12/20) > You can have the buyer wire the money to your bank and you see the money in your account before you release the merchandise.

That's fine for the seller, but wire transfer fees are stiff, it's generally inconvenient and the buyer has little recourse if the deal sours. Payment in person with cash or cashier's check is cheap and protects both parties from fraud.


The expense of a wire transfer all depends on your bank and their bank.
I do it once a month at and it cost me $3 no matter the amount.
 
If the buyer does online banking with bill pay service, he can pay you just like he pays his utilities, etc.
The bank will mail you a check with funds from his account.
 
Banks used to be able to call a certain number and confirm that the account had the money in the buyers account.

That only confirms funds availability at the instant the question was answered.
One minute later that account can be at zero or closed.
 
I sold a car to a guy overseas once. I opened a different account at my bank and put the minimum amount in it. He transferred the money into it overnight and I then called the bank when they opened up to make sure it was there. I then went to the bank and transferred it to a different account and closed it.
 
A friend of mine sold a boat and accepted a personal check, only after they called the back and verified that they had enough funds. I didn't even know you could do that as a private citizen. Anyhow, just offering that advice up!
 
We had an account set up just for wire transfers. When a wire transfer came in it was deposited into another account. Worked great at minimum expense.
 
Get pulled over for some reason or another and are found to have $20,000 cash on you, I bet you end up in the clink and your money is used as evidence till you can clear yourself that your not dealing in drugs, etc.
 
You need to cash the check IMMEDIATELY or you have made the buyer a promissory note. I found this out when I received a check on a closed bank account from a guy I had done business for several years.
 
There's no way to do it so that nobody involved has to stick their neck out to some degree. Except, you're not going to want to stick your neck out, and the buyer isn't going to want to stick their neck out.

Look into an escrow service.
 

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