Does Anything Other than Cash in Person Work for Private Sales (Both Buyer and Seller) ?

LSeraphin7 on 20/01/2020 - 13:13

While we all like to think that people are trustworthy and act in good faith (and perhaps most people are), we seem to observe a never ending list of of stories of "scams" on OzB.

I don't know how many posts we've had of either buyers rescinding or fabricating payments (PayPal, bank transfer, etc.), or sellers sending out goods that are non-operational, vouchers already used, etc. Of course in each case the "scammer" always disappears or is simply dismissive of any contact.

Are there any "fail safe" ways to conduct private sales that are not simply "cash in person" to protect both buyer and seller?

Financial

Comments

  • spiff on 20/01/2020 - 13:20
    +5

    If I am selling then the only other form of payment I'd accept apart from cash is if they do a bank transfer and I wait for it to clear into my account before I send the goods. I tell them this can take up to 3 business days, so if they're happy to take the risk then we're good to go. Otherwise tough luck.

    • HighAndDry on 20/01/2020 - 15:02

      Just a sort of PSA - this is still not foolproof. While banks will "clear" funds after 2-3 business days, this timeframe takes into account convenient as well and the funds can still be reversed if the bank is advised (and can confirm) that the transfer was fraudulent, up to something like 10 business days - 30 days from the date of the transfer. If you have, or have read about, people having their accounts hacked or funds transferred fraudulently or mistakenly, you'll see the same timeframe quoted.

      https://www.moneysmart.gov.au/managing-your-money/banking/un…

      As the seller, you would be on the other side of the fraudulent transaction section. The victim wouldn't be the buyer (scammer), but someone who has had their account hacked and their funds transferred without their knowledge.

  • abb on 20/01/2020 - 13:32
    +1

    Bitcoin et al are another option, if you feel comfortable.

    • HardlyCharly on 20/01/2020 - 20:17
      -1

      Good luck coming across the few people who hold or use crypto lol.

      • DrRalph on 20/01/2020 - 20:24

        I'm ready to do business.

  • Ocker on 20/01/2020 - 13:37

    An opening for a entrepreneur - open an escrow service for online sales

    • Nalar on 20/01/2020 - 15:26
      +1

      I'll call it PalPay!

  • elgrande on 20/01/2020 - 13:57
    +2

    Cash is king.

    Unless its counterfeit or a suitcash filled with paper.

    For small transactions cash in person is fine. For larger transactions I reccomend cash at a bank branch - i.e. meet buyer at branch, deposit at teller.

  • profar on 20/01/2020 - 14:01
    +1

    Paypal Friend to Friend .

    Ebay you might as well not sell if you don't accept PP . Do your risk/reward assessment figure out scam costs eg .5% of sales and adjust your model . You have a sheet reaching market with only cash on pickup .

  • k-rokfm on 20/01/2020 - 14:04
    -1

    Bank Cheque. Note this isnt one of those written on ones. Its one thats printed and picked up at the bank.

    • D C on 20/01/2020 - 17:39
      +1

      bank Cheque

      They can be cancelled.

      • k-rokfm on 20/01/2020 - 18:09
        -1

        Only with the cheque in hand or a very big process. It’s almost like cash

        • D C on 20/01/2020 - 18:33
          -1

          Counterfeit money is almost like cash as well.

    • DrRalph on 20/01/2020 - 20:25
      +1

      Bank cheque unsafe. Definitely not guaranteed.

      • k-rokfm on 20/01/2020 - 21:19

        Is anything other than cash? But what about large amounts of $

  • Skramit on 20/01/2020 - 14:04

    For anything I sell on gumtree or FB marketplace, cash on pickup.

    For anything I sell on eBay with paypal, I use signature postage to verify it was delivered.

  • DingoBilly on 20/01/2020 - 15:21

    I mean in fairness - cash in hand isn't exactly foolproof from the buyer's perspective. Plenty of items you can sell that might look fine on first appearance but fall apart shortly thereafter or are counterfeit etc.

    Just a matter of trust and a bit of common sense ultimately. Buying from a big retailer or someone with thousands of feedback - you're probably fine. Buying that camera at a 90% discount from someone with 100 feedback? If you don't get scammed then I'd be surprised. Also, sending out any serious amount of cash to a stranger you've never met for things like gift cards is also just asking for trouble.

    • HardlyCharly on 20/01/2020 - 20:19

      What? 100 feedback is massive, it took me half a decade to reach that! And as we all know, common sense is actually quite uncommon, as evidenced by how many conservatives there are.

  • djones145 on 20/01/2020 - 16:18
    +2

    cash is king
    obly time I allow anything else is if they are some fifo miner on an oil rig

    poor blokes work 20 hours days, got to cut then some slack when I sell my 100k merc to them

  • Ryanek on 20/01/2020 - 16:19
    +2

    Barter. I acquired my wife with two cows and a sack of rice.

    • fossilfuel on 20/01/2020 - 16:44

      Kind sir, would you accept 3 goats and a bag of wheat for your wife?

    • HighAndDry on 20/01/2020 - 17:26

      What a bargain. Let me know the next time you have cows and rice to offload.

  • HardlyCharly on 20/01/2020 - 20:21

    I understand wanting to use cash, but damn is it annoying to go to the ATM to either take it out or deposit it. I don't use any cash at all otherwise.

  • jelko on 08/02/2020 - 11:00
    +1

    Beem It. www.beemit.com.au

    Money is sent / received immediately. Can't be reversed.

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