Need some help and I can't post in marketplace yet (new member). I am selling a set of wheels to someone out of state. What is the proper or most effective may of conducting this type of transaction? Payment by cashiers check? and then ship wheels out? Do I need to write a contract? Need some advice as I don't want to ship wheels out to the other party and have his check bounce and never hear back from them again.

Thanks

 

Setup a Paypal account. They use paypal and you get your money.

 

Paypal is great, they will charge you a 3% charge for the service. Typically sellers will want to charge this for these transactions.

 

Your best bet is to have the funds wired into your bank account. Once you have verified the funds have been received, you can ship the wheels. Paypyal charges 3% and if the buyer had some issue, they could file a dispute and Paypal could possiably charge you back...

 

Paypal. How many buyers will wire funds in advance to a complete stranger?

 

Paypal covers you pretty well but it has been reported that funds were transferred and then the buyer cancelled the transfer after the items were sold. I think there is a very short window that this would have to occur in but it can happen.

You can request that Paypal send you a check and wait till you get that. I think that would ensure that the funds were legit. And then you have protection of a formal dispute process on your side.

 

I have sold a couple of high end watches to people in other states. I provide them with excellent references of people I have done business with in the past. Never have had any issues. Paypal is good for small $$ transactions, however bank wire is the best bet for larger ones. Just my 2cents.

 

I sold around $40k of wheels and wings and stuff to guys here on the forum, all out of state. Never had any issue. Paypal or wire. Did both. Everything was good.

 

thanks for the responses. i think I will go with paypal. Who usually pays the 3% fee? buyer or seller/

thanks

 

I just bought set of wheels/tires from forum member this week. I paid with paypal. And the buyer pays the 3% pay.

 

The paypal fee is deducted off of the amount transfered through paypal.

So if you want to have the buyer pay, then you need to add the 3% to the price and then tell them to pay you that amount. Whatever the buyer pays, paypal takes their fee off of.

Paypal or Wire both are ok, and can be an issue if you are dealing with someone who has fraud in mind. Once a wire hits your account, its there... but you expose your banking information to the seller.
With paypal, there are agreements in place for them to draw the money back out (part of what you agree to).. so there is that risk.