Payment options for selling stuff...

[Jassi]

So I'm selling a pretty high value item (~$500) to someone I don't know and I am stuck on the payment method. I would prefer cash but I can understand how that high of an amount can make people nervous. I'm not scamming but I'd also like to not be a victim of a scam. The two options I can think of are personal check or money order. PC is risky because someone can put a hold on it after the fact but I've never dealt with Money Orders. What should I look out for? The buyer is from another town and the transaction will be in person. I am delivering my end of the deal, how can I insure that the buyer does as well?

Any advice ATOT can provide will be much appreciated!

Thanks,
Jassi

 

[iRONic]

1. Certified cashiers check
2. USPS money order

 

[Captante]

How is the item being sold? Via the internet or is it to somone local through a newspaper ad or Craigslist?

 

[Brainonska511]

I'd go for the USPS money order. If not, then ask them for a certified bank check from a well known bank.

 

[iRONic]

Originally posted by: Captante
How is the item being sold? Via the internet or is it to somone local through a newspaper ad or Craigslist?

"The buyer is from another town and the transaction will be in person."

 

[goog40]

If you guys are meeting in person I see no reason why the buyer shouldn't pay in cash. But if you had to use another method, I'd ask for a USPS Money Order.

http://www.usps.com/cpim/ftp/notices/not299/welcome.htm

 

[Captante]

Originally posted by: iRONic

Originally posted by: Captante
How is the item being sold? Via the internet or is it to somone local through a newspaper ad or Craigslist?

"The buyer is from another town and the transaction will be in person."

Whoops ... must have read too fast!

I think the best bet is is a USPS money order ... the certified cashiers check is ok too provided its drawn from a bank that has a local branch so you can cash it instead of depositing it into your checking account which would make you liable for the money if it turned out to be fake.

 

[iRONic]

Originally posted by: goog40
If you guys are meeting in person I see no reason why the buyer shouldn't pay in cash. But if you had to use another method, I'd ask for a USPS Money Order.

http://www.usps.com/cpim/ftp/notices/not299/welcome.htm

Some scammers specify cash only, set up the meet, and then rob the seller.

 

[Jassi]

Originally posted by: iRONic

Originally posted by: goog40
If you guys are meeting in person I see no reason why the buyer shouldn't pay in cash. But if you had to use another method, I'd ask for a USPS Money Order.

http://www.usps.com/cpim/ftp/notices/not299/welcome.htm

Some scammers specify cash only, set up the meet, and then rob the seller.

I definitely agree that people should be concerned about doing deals with that high of an amount in cash. I'll look up USPS money order but I do want to ask:

1 - Are they easy to forge?
2 - Can the buyer block payment after having taken delivery of the item? My item is brand new and I have no intention of scamming anyone but I have to protect my interests as well.

Oh and thanks guys, I really appreciate the advice. I listed the item on Craigslist and have had to deal with the usual "Ship it to ____ by courier" and other amazingly obvious scams.

EDIT - Got my answer from the site but I guess its up to me to ensure I look for the security markers before I accept it. BTW, how do I cash a money order? Can a bank do it or do I need to go to a US Post Office?

 

[RossMAN]

Originally posted by: Jassi
EDIT - Got my answer from the site but I guess its up to me to ensure I look for the security markers before I accept it. BTW, how do I cash a money order? Can a bank do it or do I need to go to a US Post Office?

You can cash it at any USPS with picture ID (drivers license) or your bank.

I would recommend meeting in a safe public location and request cash.

 

[Yzzim]

Originally posted by: iRONic

Originally posted by: goog40
If you guys are meeting in person I see no reason why the buyer shouldn't pay in cash. But if you had to use another method, I'd ask for a USPS Money Order.

http://www.usps.com/cpim/ftp/notices/not299/welcome.htm

Some scammers specify cash only, set up the meet, and then rob the seller.

Tell the buyer your a member of ATOT. That should be proof enough that you're not going to rob him

On second thought, he might then come to rob you

 

[simms]

cash. I've bought laptops via PP, sold laptops in cash..

 

[HappyFace]

Why not request that he brings a USPS money order, and then meet him at a post office? That way you can have your cash before he leaves, and he has the security of not having to carry a lot of cash.

 

[Jassi]

Originally posted by: HappyFace
Why not request that he brings a USPS money order, and then meet him at a post office? That way you can have your cash before he leaves, and he has the security of not having to carry a lot of cash.

Good idea. Just might be crazy enough to work

Thanks!

 

[Captante]

Originally posted by: Jassi

Originally posted by: HappyFace
Why not request that he brings a USPS money order, and then meet him at a post office? That way you can have your cash before he leaves, and he has the security of not having to carry a lot of cash.

Good idea. Just might be crazy enough to work

Thanks!

That is a good idea ... you might also arrange to meet him at the bank he uses so he can withdraw cash & hand it to you.

Both methods provide too many witness's for him to rob you & minimize the chance of fraud.