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How do you pay? Why?


I thought maybe some light should be shed on how we pay for our purchases here and why we do them the way we do.

Personally I’m not very enthusiastic about paying extra for convenience via Paypal. It’s really no quicker as the following transfer of funds to the bank being used takes 3-5 business days after the funds hit your Paypal account… and there's that sur charge as well.

Postal money orders are fine enough but depending on the price tag, several need be acquired very often.

Cashiers check (certified funds) is my pref. One stop shopping. Right at my banking facility and the funds are secured, if lost or stolen I have but to make a call to my bank. Ever try calling the Post office? You can't. Not directly anyhow

The problem I continue to see is the ‘time frames’ being reported by sellers about how long Postal money orders, and/or cashiers checks take to be posted. I keep hearing from one day to a week or more by some accounts for these MO’s and CC’s to be posted.

Maybe my bank is special, I don’t know, hence this thread. Always when I deposit MO’s or CC’s, the funds are posted to my account within 24hr, or the next business day… sometimes immediately, depending on the time of day they are presented…. Which is fine.

Personal checks do however take lots longer. I’ve been told as much as two to four weeks by my bank.

How does your financial institution handle receipt of certified monies like Postal M.O. & Cashiers checks?

Have you asked lately, or just go online later and take a peek?

These more secured funds should surely involve less time to post than personal checks... or why bother with them in the first place?
blindjim
dbphd
1,058 posts
 
Tvad, John, & Raquel,

Thanks for the warning re PayPal. I used it for my first purchase but not since. OTOH, I have paid with cashiers checks, telling the seller to ship when the check clears. Obviously that leaves me wih no protection from a unscrupulous seller. My purchases have followed several email exchanges in which I develop a sense of rapport with the seller, but I could be conned.

It seems Raquel wouldn't do business with herself.

I've found AMEX very effective at interceding on disputes. For example, I was stuck in Atlanta having lost my ticket, but the airline was unrelenting in their demand that I buy another one. When I got home, AMEX reversed the charge.

db
blindjim OP
2,837 posts
 
One noteable aside here for everyone posting here, and it was previously menntioned lightly above... Once. it may be just semantics too.

It is my understanding now, not before this thread began, that once all the money is handeld suitably by both parties and all that is left to do is have the merchandise shipped, at that point how many are aware that a "declared value" is not insurance?

I've noted many, myself included approach this additonal charge by a carrier as insurance. I've even had some carriers refer to it in the past as such.

I feel as I stated previously this portion of doing business, 'the shipping portion' is far too overlooked and no great light has been shed upon it as being equally important as is tranferring funds.

Given the responses thus far it would seem to indicate the largest amount of folks here see payment as more the important factor in completel;ing a deal.

I've had IMO great luck while shipping and recieving things personally. Over 40 times I've either sent or gotten sent to me, items that have arrived safely. Only twice has anything abnormal occured.

Thought I'd throw that in about a discerned value and it's differences from those of insurance. Doesn't that seem odd to anyone else? All this time I thought i was paying for safe sledding coverage... I wasn't. it's only a simple statement and an extra charge for it.
tvad
9,467 posts
 
One has to provide documentation to any shipper verifying the value of lost or damaged merchandise. Sales receipts, catalog pages, etc.

Of course a shipper is not going to automatically pay the amount declared by the shipper. Think of a seller who declares the value of a $1.00 light bulb as $10,000. You wouldn't expect a shipper to pay the $10,000 claim would you?

Of course not. It's an obvious area for insurance fraud.

The declared value must be verifiable...and beyond that, the shipper usually requires that the declared value for used goods be in line with current market value. Don't overpay for used goods and expect to receive the full value of what you paid if the item is lost, stolen or damaged.
blindjim OP
2,837 posts
 
Tvad, good point... you have a knack for stating the obvious.

naturally no one in the habit of conducting business properly should think a mere statement will support value otherwise than can be established appropriately.

My hastely put point was about the 'insurance' monicker attached to it. Look at the ads for sale... shipping and insurance are the costs of the buyer'... or so it's said in as many words.

That word insurance, leads me to feel i have some protection that simply is not there in fact. i sought to put out thinly the diffs one to another for all to see... or think about and no longer cling to some 'pie in the sky' assurance which for all intents and purposes is going to be ultimately and likely determined by a transporter eventually, or a court ultimately.

Just pointing out some deep waters revolve about 'declared' value and 'insured' value. I see them as completely different.
tvad
9,467 posts
 
If a buyer is concerned about being covered in the event his/her item is lost, stolen or damaged, the he/she should collect proof of the item's value if a need should arise to provide a shipper evidence to support the item's value. In other words, be proactive and plan an aggressive defense. Don't assume once a fee has been paid for insurance that everything will work out if a problem arises. Don't rely on a seller to take care of business as thoroughly as you would yourself.

FWIW, I received a 1982 vintage turntable through the US Postal Service that arrived with broken hinges. I provided the USPS documentation of the E-Bay auction, Paypal invoice and payment records, the seller's shipping records and insurance receipt. The USPS agreed to pay the full purchase amount without hesitation.

Not all shipping insurance claims are nightmares. In fact, I have submitted three claims to the USPS and UPS and all have been paid in full after the appropriate documentation was provided.

Buyers are not automatically the recipients of the short straws in these transactions. At least this has been my experience.
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