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Using paypal for large amounts of money...

Originally posted by: Shawn
Is it safe if I only allow bank account transfers or can those be retracted too?
Click to expand...

How much we talkin' about here?

If it were in the thousands, I'd try and get a money order sent via certified mail w/ some kind of tracking.
 
If you're the one recieving the money, I would ask if the money can be sent via Money Order or Cashiers Check. Offer a discount to the buyer as an incentive (typically something equal to the amount you'd lose out in PayPal fees anyways). Make sure you verify the authenticity of the payment (watermarks, security features) before cashing it.

If you must use PayPal, ask for an eCheck. Those have a clearing period, and they aren't subject to chargebacks like credit card payments. Bank account instant transfers are good too. But any payment via credit or debit through PayPal can be charged back, so make sure you only accept payment from a Verified member with a Confirmed shipping address. Send the item via FedEx, UPS, or USPS Express; those services offer full tracking. Spring for full insurance, and make sure you get signature confirmation.
 
Im gonna have to go with accept the money transfer it to your bank account asap, then cancel your paypal account.
 
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