Getting paid for something big?

[Wade Lippman]

My son is selling his $3,000 rowing shell and wants cash. (it is not on Ebay) The buyer says that is impractical and suggests Venmo.
On their website Venmo says it is intended for transactions among friends. It is not secure for transactions between strangers. So that is out.

How about Paypal? That is obviously for transactions between strangers. Yes?

Once he is paid, does he have the money with complete security, or can the buyer somehow dispute it?
(boat is sold "as is", so once the buyer picks it up, it is supposed to be entirely his problem)

[Mike Henderson]

If the PayPal payment is made as "Friends and Family" it cannot be disputed in PayPal. If the PayPal payment is made as payment for goods, it can be disputed.

But $3,000 in cash - perhaps in $100 bills - is that that big or difficult. And it's easy to draw $3,000 in cash out of a bank. It's only when the cash is over $10,000 that there might be some extra paperwork.

Mike

[Bob Bouis]

Paypal can be disputed, and even if it can't (supposedly) for certain transfers, the credit card or bank transfer that was used to pay it can still be disputed. Cash or bust.

[Sam Murdoch]

Pay Pal is excellent! I have been using it for 6 years or better for 100sss of transactions - all good results including some disputes that were settled properly. DO NOT pay with GIFTS Friends & Family to avoid the fee. If you go this route both the buyer and seller have no recourse. DO use GOODS & SERVICES. One does not need to have a PP account to buy through PP but your son will need to set up an account in order to sell.

Additionally, I believe that he will NOT have access to his money for some time ( a week or two ???) - at least until the rowing shell has arrived at its destination and perhaps a bit longer. I don't know the details anymore, as it has been a long time since I was new to Pay Pal, but holding the money is just PP way of making certain that the deal and the seller are legit. After more transactions PP does not hold funds.

Important to be very clear on the terms. Have some document - at the least emails or or text trail - that details the AS IS with photos and accurate description of any potentially disputable conditions - scratches, gelcoat damage, broken fixtures etc. If your son is above board and well documented there will no disputable issue. Ideally you should get on file a reply that the buyer understands the AS IS condition and the terms of shipping/transport. Insurance to protect the vessel in transit will fall on your son. If the shell arrives damaged or never at all - he will be out the money not the purchaser - just as if you were buying something from any retailer. After the boat is in the hands of the buyer he has time to dispute the accuracy of the condition and request a refund but if your son conceals nothing there is nothing to worry about.

Best case - your son delivers the boat and gets paid in cash otherwise PP is an excellent alternative with the qualifiers I mentioned taken into consideration. Good luck.

[Mike Henderson]

The problem with PayPal dispute resolution is that you can lose. My experience is that PayPal tends to settle disputes in favor of the buyer unless you just have overwhelming evidence as the seller.

With cash, the deal is done when the cash is handed over and he takes possession of the goods. Courts have ruled over and over that an "as is" sale is just that and the buyer needs to do due diligence PRIOR to the sale. Once the sale is over, it's over.

Mike

[Bob Bouis]

Worst case scenario is that he pays you with someone else's credit card, or denies that he made the transaction, and you end up with nothing. Paypal (and credit cards in general) impart significant risk on the seller. That risk might be acceptable when a couple hundred bucks is on the line, but for thousands, insist on cash.

The only thing you get out of it is (potentially) allowing someone who doesn't have the cash to charge it, which is... iffy anyway. Don't bother.

[Jim Becker]

The buyer, if local, should be able to support a cash transaction merely by visiting his/her bank to get the cash. If not local, perhaps they can send the cash via Western Union or some other service. Online services such as PayPal and Venmo are not the best for larger transactions, IMHO, and the latter is often used by scammers based on something I recently read.

Folks who are reluctant to provide cash for purchases like this would be cause for concern with me. Yes, there's a level of effort required when it's more than a simple ATM withdrawal can support, but...

[Mike Circo]

Folks who are reluctant to provide cash for purchases like this would be cause for concern with me. Yes, there's a level of effort required when it's more than a simple ATM withdrawal can support, but...

Yeah. I second this sentiment. I've bought and sold 4 cars over Craig's List and always done a cash or cashiers check transaction. All of them have been at or above the $3000 amount and no one ever questioned the transaction. Meet at the local police department if worried, but otherwise the "no cash" stipulation is a red flag for me.

[Matt Meiser]

I'll add another vote for cash or nothing on a local sale. Even a cashier's check could be counterfeit, though it seems like a lot of trouble. My guess is its a scam and there are other tell-tale signs upcoming--someone will be picking it up for him, he'll overpay and want a refund, etc, etc.

[John Lanciani]

Cash, and verify that the bills don't all have the same serial number. The truth is that $3000 isn't all that much money any more relatively speaking. Walk into the bank and make the withdrawal in 100's and no one will raise an eye. Any electronic format payment is suspect when dealing face to face for a used item.

[Steve Peterson]

I agree that cash is the best option. Venmo or even Paypal "send money to a friend" do not sound safe when transfering money between strangers.

Maybe the other guy is worried about showing up with $3000 cash in his pocket. People have been robbed in parking lots trying to complete CL transactions. If that is his concern, then maybe you can meet at his bank and transfer the money there. I think I would trust a cashiers check if it was handed to me by a bank teller.

Steve

[andy bessette]

...meet at his bank...

This should be easy enough.

[Malcolm Schweizer]

There is a PayPal scam where they pay you and then pick up the item. Later, you get notified of a dispute for non-receipt. You have no proof they picked it up, and you lose.

Cash is king. If they insist against it offer to go with them to their bank and let the bank write a cashiers check. (Cashiers checks can be faked, but going to the bank with him lets you see the check get cut.)

[David T gray]

digital transactions should never be made for physical exchanges. in the case of paypal u will 100% lose the case if u do not have a tracking number for the item. venmo is a whole other case, they use their own pot of money to pay the seller then later charge the buyer but if the buyer has no money they will just pull the sellers money from the acct so they buyer would now have the item for free.

[glenn bradley]

I'm with Mike. It's 2017, $3k is not that large of a sum. If you actually have the cash, go into your bank and get it and bring it to me. Easy-peasy.