nixy Posted October 1, 2008 Share Posted October 1, 2008 Hi Guys. I have somebody wanting to pay a deposit for my son's bike into my paypal account. Am I ok to do this without him being able to claim anything back off me if he changes his mind or something daft? It's a private sale but he just wants to make sure we get the deposit without having to come to the house. Nic Quote Link to comment Share on other sites More sharing options...
Chesterfield Posted October 1, 2008 Share Posted October 1, 2008 Am not 100% sure Nixy, but I believe if the buyer were to raise any "dispute" with paypal (after taking the bike away) then paypal can automatically take the money away from your account. As I say, not 100% certain as I dont do a lot with paypal, but I think disputes (whether warranted or not) can result in monies being taken back. Quote Link to comment Share on other sites More sharing options...
Andy Posted October 1, 2008 Share Posted October 1, 2008 Am not 100% sure Nixy, but I believe if the buyer were to raise any "dispute" with paypal (after taking the bike away) then paypal can automatically take the money away from your account. As I say, not 100% certain as I dont do a lot with paypal, but I think disputes (whether warranted or not) can result in monies being taken back. This is correct. Any buyer can file a dispute with Paypal even if it is totally bogus and Paypal will take the money out of your account, until the dispute has been resolved. If you are unsure, i would personally ask for cash, cheque or other cleared funds into your account. If the person is a serious buyer, they should have no problem in doing this for you. Quote Link to comment Share on other sites More sharing options...
lomoto Posted October 1, 2008 Share Posted October 1, 2008 Take Paypal payment as a deposit , but dont release the bike until you have removed the funds from the Paypal as the buyer can put a query in and Paypal will hold the funds until the query is settled..Paypal withdrawals usually take 5 working days to clear ! Quote Link to comment Share on other sites More sharing options...
Sarnie Posted October 1, 2008 Share Posted October 1, 2008 Hi Guys. I have somebody wanting to pay a deposit for my son's bike into my paypal account. Am I ok to do this without him being able to claim anything back off me if he changes his mind or something daft? It's a private sale but he just wants to make sure we get the deposit without having to come to the house. Nic I deal with about 100 papal transactions a week. As mentioned above, the buyer can get the money back via paypal if he raises a dispute. If he doesn't want to come to your house then get him to send a cheque or use a bank transfer. Also paypal will charge you 4% of the money recieved into your account. Quote Link to comment Share on other sites More sharing options...
stanski Posted October 1, 2008 Share Posted October 1, 2008 If he doesn't want to come to your house then get him to send a cheque or use a bank transfer. +1 best be safe Quote Link to comment Share on other sites More sharing options...
Chris`I Posted October 1, 2008 Share Posted October 1, 2008 As the others have said, PayPal isnt the best for larger transactions. Get a bankers draft or cheque and wait for it to clear. I only use PP for small transactions as you cant afford for them to raise a dispute and your money to be gone! Quote Link to comment Share on other sites More sharing options...
nixy Posted October 1, 2008 Author Share Posted October 1, 2008 this guy wanted a way of leaving a deposit so I would take the bike off ebay so it wasn't the bulk of the payment. I've now told him to take the cash to a branch of my bank and pay it in there instead. Cheers for the advice. Quote Link to comment Share on other sites More sharing options...
redzed Posted October 1, 2008 Share Posted October 1, 2008 Take Paypal payment as a deposit , but dont release the bike until you have removed the funds from the Paypal as the buyer can put a query in and Paypal will hold the funds until the query is settled..Paypal withdrawals usually take 5 working days to clear ! Just a quick addition to what Lomoto said. It doesn`t matter if you remove the funds or not, Paypal can still deduct funds and leave you with a negative balance if there is a query from the buyer. It can be pretty dangerous dealing with Paypal these days. This has happened to me a couple of times, just because the buyer changes his mind and decides he wants his money back, although Paypal will usually ask for the goods to be returned. Quote Link to comment Share on other sites More sharing options...
Chris`I Posted October 2, 2008 Share Posted October 2, 2008 Take Paypal payment as a deposit , but dont release the bike until you have removed the funds from the Paypal as the buyer can put a query in and Paypal will hold the funds until the query is settled..Paypal withdrawals usually take 5 working days to clear ! Just a quick addition to what Lomoto said. It doesn`t matter if you remove the funds or not, Paypal can still deduct funds and leave you with a negative balance if there is a query from the buyer. It can be pretty dangerous dealing with Paypal these days. This has happened to me a couple of times, just because the buyer changes his mind and decides he wants his money back, although Paypal will usually ask for the goods to be returned. +1 - hence my warning about only using PP for amounts you can afford to lose. Theres no gaurentee that they wont just deduct if from your account Quote Link to comment Share on other sites More sharing options...
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