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In Reply to: RE: Paypal, if you recive a payment can it go wrong? posted by Mike in NJ on June 22, 2009 at 09:05:53
I've not had this happen to me, but I have read numerous stories of people who accept Paypal from overseas buyers, who promptly file a dispute with Paypal claiming the products were never delivered, or arrived damaged. In these cases Paypal almost ALWAYS sides with the buyer.
Here's what you can do to minimize your risk: ONLY accept the funds if he is a verified Paypal member, and his address is a confirmed address on file with Paypal, and only ship to that confirmed address!
Using UPS is a good idea because they have reliable tracking. When you ship, require UPS obtain an adult signature. Also, ship your speakers double boxed. It may cost more but it will help reduce the chances that OOPS (I mean UPS) breaks them.
With insurance, it's imperitve that you insure the speakers for the full amount the guy is buying them for, and declare for the full selling price on customs documents. DO NOT agree to declare a lower value for customs. If he will not agree to this, back out of the deal.
Let's say you sell the speakers for $3000 (hypothetical price). If you only declare for customs at $500, that's all the insurance you can get. If UPS breaks them in transit, or they get lost, all you will be able to get back from UPS is $500. I don't care what the guy says... if they get lost or arrive damaged he will file a claim with Paypal and he will get his entire purchase amount back. You'll only be able to claim for $500 for insurance.
This is pretty much what Paypal requires in order for a transaction to qualify for their "Seller Protection." There may be a few other things, but as long as you adhere to this, you should be fine.
This happened to me. I did a guy a favor by saving him some money on shipping as well as accepting a "promise to pay" which is all that PlayPal amounts to. He ended up with the product and his money with help from the crooks at PayPal.
Don't do it.
-Bill
Do you think it would be better to have payment sent via wire transfer to my bank account and then wait for money to clear?
Would that be safer?
Thanks agian to all who respond.
Mike
It is not safe for the buyer, however. There is no way that the money can be taken back by the buyer.
On PayPal if you have a separate bank account for PayPal deposits and quickly transfer the money to another account, it is also safe. You might lose PayPal rights but your money is safe.
If the buyer is willing to trust you and wire the funds, I would do that.
If he's willing to do a wire transfer that keeps you pretty safe. Wire transfers are extremely difficult to undo once the funds clear (usually only takes a couple business days).
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