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Payment options for selling stuff...

J

Jassi

Diamond Member
So I'm selling a pretty high value item (~$500) to someone I don't know and I am stuck on the payment method. I would prefer cash but I can understand how that high of an amount can make people nervous. I'm not scamming but I'd also like to not be a victim of a scam. The two options I can think of are personal check or money order. PC is risky because someone can put a hold on it after the fact but I've never dealt with Money Orders. What should I look out for? The buyer is from another town and the transaction will be in person. I am delivering my end of the deal, how can I insure that the buyer does as well?

Any advice ATOT can provide will be much appreciated!

Thanks,
Jassi
 
Originally posted by: Captante
How is the item being sold? Via the internet or is it to somone local through a newspaper ad or Craigslist?
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"The buyer is from another town and the transaction will be in person."
 
Originally posted by: iRONic
Originally posted by: Captante
How is the item being sold? Via the internet or is it to somone local through a newspaper ad or Craigslist?
Click to expand...

"The buyer is from another town and the transaction will be in person."
Click to expand...

Whoops ... must have read too fast! 😱

I think the best bet is is a USPS money order ... the certified cashiers check is ok too provided its drawn from a bank that has a local branch so you can cash it instead of depositing it into your checking account which would make you liable for the money if it turned out to be fake.

 
Originally posted by: iRONic
Originally posted by: goog40
If you guys are meeting in person I see no reason why the buyer shouldn't pay in cash. But if you had to use another method, I'd ask for a USPS Money Order.

http://www.usps.com/cpim/ftp/notices/not299/welcome.htm
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Some scammers specify cash only, set up the meet, and then rob the seller.
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I definitely agree that people should be concerned about doing deals with that high of an amount in cash. I'll look up USPS money order but I do want to ask:

1 - Are they easy to forge?
2 - Can the buyer block payment after having taken delivery of the item? My item is brand new and I have no intention of scamming anyone but I have to protect my interests as well.

Oh and thanks guys, I really appreciate the advice. I listed the item on Craigslist and have had to deal with the usual "Ship it to ____ by courier" and other amazingly obvious scams.

EDIT - Got my answer from the site but I guess its up to me to ensure I look for the security markers before I accept it. BTW, how do I cash a money order? Can a bank do it or do I need to go to a US Post Office?
 
Originally posted by: Jassi
EDIT - Got my answer from the site but I guess its up to me to ensure I look for the security markers before I accept it. BTW, how do I cash a money order? Can a bank do it or do I need to go to a US Post Office?
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You can cash it at any USPS with picture ID (drivers license) or your bank.

I would recommend meeting in a safe public location and request cash.
 
Originally posted by: iRONic
Originally posted by: goog40
If you guys are meeting in person I see no reason why the buyer shouldn't pay in cash. But if you had to use another method, I'd ask for a USPS Money Order.

http://www.usps.com/cpim/ftp/notices/not299/welcome.htm
Click to expand...

Some scammers specify cash only, set up the meet, and then rob the seller.
Click to expand...

Tell the buyer your a member of ATOT. That should be proof enough that you're not going to rob him 😛

On second thought, he might then come to rob you 😀
 
Why not request that he brings a USPS money order, and then meet him at a post office? That way you can have your cash before he leaves, and he has the security of not having to carry a lot of cash.
 
Originally posted by: HappyFace
Why not request that he brings a USPS money order, and then meet him at a post office? That way you can have your cash before he leaves, and he has the security of not having to carry a lot of cash.
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Good idea. Just might be crazy enough to work 🙂

Thanks!
 
Originally posted by: Jassi
Originally posted by: HappyFace
Why not request that he brings a USPS money order, and then meet him at a post office? That way you can have your cash before he leaves, and he has the security of not having to carry a lot of cash.
Click to expand...

Good idea. Just might be crazy enough to work 🙂

Thanks!
Click to expand...

That is a good idea ... you might also arrange to meet him at the bank he uses so he can withdraw cash & hand it to you.

Both methods provide too many witness's for him to rob you & minimize the chance of fraud.
 
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