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How do you pay? Why?


I thought maybe some light should be shed on how we pay for our purchases here and why we do them the way we do.

Personally I’m not very enthusiastic about paying extra for convenience via Paypal. It’s really no quicker as the following transfer of funds to the bank being used takes 3-5 business days after the funds hit your Paypal account… and there's that sur charge as well.

Postal money orders are fine enough but depending on the price tag, several need be acquired very often.

Cashiers check (certified funds) is my pref. One stop shopping. Right at my banking facility and the funds are secured, if lost or stolen I have but to make a call to my bank. Ever try calling the Post office? You can't. Not directly anyhow

The problem I continue to see is the ‘time frames’ being reported by sellers about how long Postal money orders, and/or cashiers checks take to be posted. I keep hearing from one day to a week or more by some accounts for these MO’s and CC’s to be posted.

Maybe my bank is special, I don’t know, hence this thread. Always when I deposit MO’s or CC’s, the funds are posted to my account within 24hr, or the next business day… sometimes immediately, depending on the time of day they are presented…. Which is fine.

Personal checks do however take lots longer. I’ve been told as much as two to four weeks by my bank.

How does your financial institution handle receipt of certified monies like Postal M.O. & Cashiers checks?

Have you asked lately, or just go online later and take a peek?

These more secured funds should surely involve less time to post than personal checks... or why bother with them in the first place?
blindjim

Showing 2 responses by jmcgrogan2

jmcgrogan2's avatar
jmcgrogan2
6,346 posts
 
I agree with Tvad. As a buyer, the only advantage that Paypal offers is that you can use a credit card for private sale. I've had two major 'problems', when buying on AudiogoN. I've actually had more 'problems', but it only becomes a 'major' problem when the seller is uncooperative and/or misleading.

In these two cases, Paypal was of absolutely no use whatsoever. They make it very clear, that all the seller has to do is send you a package. It could be a box of rocks for all that Paypal cares.

The credit card bank however was a large help. In both cases, the bank wiped the charges off of my account, and had me ship the items to Paypal. That leaves the bank and myself in the clear, and the dispute then is between Paypal and the seller.

So the only real service that Paypal does supply, is the ability to use a credit card for private sales. On large purchases, I find the 3% fee well worth it, if for security purposes alone. The security comes from the credit card though, not from Paypal.

Regards,
John
jmcgrogan2's avatar
jmcgrogan2
6,346 posts
 
MO or check if I absolutely trust the seller, and/or the item isn't too pricey (>$1000).
If the seller is hard to get a handle on, or seems clandestint, and/or the item is a large purchase, I always use a credit card through Paypal. Paypal itself is of no use, but the credit card's bank has saved me at least two times when the item was significantly different than described, and the seller offered no refund, including just today, as a matter of fact.

I know of at least one other AudiogoN member who wished he had followed this procedure after paying a MO for a $5K preamp (used), that showed up defective, and the seller offered no refund or repair help.

CYA is the name of the game when you're swimming in these waters. Better safe than sorry.

As a seller I prefer Paypal or USPS MO. I'll accept personal checks, but it certainly drags out the transaction. I won't do COD though.

Cheers,
John
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