using paypal to sell tool?

[eugene thomas]

I am selling my cnc and had person call about and he was wondering if I took credit card. told him not usually. was wondering what issues would have if took pay pal for payment. Sold a plan and took that for payment but was only $60.00. would hate to take $ and have guy drive away then he files complaint and my payment disappears.

[Robert Wolf]

according to paypal, Items bought in person and industrial machinery arent covered by paypal buyer protection.

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As far as them using a credit card, If they fraudulently file a chargeback, that's a felony. When you sell the cnc to him have him sign a receipt that states its being sold in "as-is, used condition, with no warranties, expressed or implied" . If he files a charge back all you need to do is forward that information to the credit card company.

[Rich Riddle]

There are times when PayPal places a "hold" on your funds as well. I am not certain of the rules and am unaware if that only pertains to eBay auctions.

[Robert Wolf]

This pertains mainly to online auctions deemed at "suspicious" or high risk.




Any transaction over $10,000 is probably going to throw some red flags and have extra processing time because of federal banking regulations.

They may hold the funds to verify if the transaction was fraudulent or not.

I believe any credit card processing company can hold funds for at least 30 days legally if im not mistaken.

I try to use my merchant gateway instead of paypal. I've never had any issues and usually have my money within 4-5 days.

[Gerry Grzadzinski]

would hate to take $ and have guy drive away then he files complaint and my payment disappears.

I'd be afraid of this as well.

I would take cash only.

[George Bokros]

I'd be afraid of this as well.

I would take cash only.

There is a problem with cash also, counterfeit bills. For that amount of money I would check with my bank and see what they suggest to protect yourself. Perhaps he could wire / ACH the money to your bank and have your bank verify the money has been received and cannot be taken back.

[Shawn Pachlhofer]

don't do it...does not qualify for Paypal's seller protection.

I know someone that lost an expensive jet ski through paypal.

Luckily he was able to recover it "by force"

[Jerome Stanek]

Buy a $5 counterfeit pen from office depot

[George Bokros]

Buy a $5 counterfeit pen from office depot

Those do not always catch the bad bills. That's why you don't see them used much anymore.

[Kevin Womer]

I would not take the chance. He should be able to get cash advance using a cc anyway. Like stated, make him sign something stating as is without return.

[eugene thomas]

thanks for all the replys. I was more or less just getting info. the guy is planning to make long drive with pocket full of cash so I will get to do a lot of counting.

[Rich Riddle]

Banks are not investigating agencies. If you make a large cash deposit, they report it per requirements. They don't "hold" it until the authorities say it's a valid transaction. They will ask how you acquired that much cash. Lots of cars get sold for more. Typically, if it's a large cash sale, I perform it in the bank with some sort of notarized receipt given to the buyer (and keep one). Then I immediately deposit that cash in the account. No need to walk around with it. The bank will immediately let you know if any of the cash is suspect.

My wife and I have countless transactions over the 10K reporting limit, and performed one today. We have NEVER had the bank hold money or federal investigators knocking at our door or calling us. Want to get the feds to notice you? Then perform a bunch of 8K transactions over a period of time to avoid the bank reporting law. They're experts at catching that. Most people don't even realize that's illegal.

http://www.bizjournals.com/cincinnat...4/daily30.html

[Jerome Stanek]

remember there is a charge for using paypal

[George Bokros]

remember there is a charge for using paypal

Not if you use "send to friends or family" feature.