3Scanner

has a PayPal verified account. If the transaction moves forward should I worry at all about the deal falling through (i.e. I send the wheels and two weeks later PayPal contacts me to let me know that the amount originally paid by the buyer is no longer valid)?

I also happen to have a verified account, but wanted to get member's opinion on this matter since I recall reading in the past that there may be potential for fraud through this method. From all accounts, he's legit with PayPal and eBay in term of his rating. It never hurts to be cautious , however.

TIA for your help.

[badmoon]

shouldn't be any chance of fraud on your part if you get paid and transfer the funds to your bank account before you ship...more chance of fraud for the buyer because you might not ship the product or the product may not be exactly as described...make sense?

SpfldS4

Ohh, and don't even think about getting R41's

;-)

WindyCityS4

Which are laws that have really big teeth!!

lemieux@curbside

don't send anything out untill you get your cash IN HAND .

O.W. Kenobi

Registration is open! A ton of people from KC are headed up there. Hope you can make it.<ul><li><a href="http://www.glacierlakesqclub.org/forms/MAMEntry2005.pdf">http://www.glacierlakesqclub.org/forms/MAMEntry2005.pdf</a</li></ul>

3Scanner

Thanks fellas. Very helpful. Always great to have you guys for gut/head-check.

3Scanner

If this deal goes through I will shoot you an email to ask question about your R41s!

3Scanner

Good point, D. Especially about the mail fraud issue. Thanks.

RKA

also ship to a confirmed shipping address. When the money lands in your acct, you can go ahead an ship. Make sure you pay for insurance, and get tracking numbers. If anything goes sour, those tracking numbers will go a long way towards leaving the money in your hands. At the same time, transfer the money out of your paypal acct into your bank account. I don't like to leave anything sitting in my paypal acct...as they have free will to freeze those funds if anything goes wrong.

From the buyer's perspective, the only chance they have of recovering sent funds is if they claim they didn't receive any shipment (and with a tracking number you could easily refute that).

One hole in the system is the following: With confirmed accounts, paypal will send money to the seller immediately. Those funds are immediately available. If paypal has any trouble getting the money out of the buyer's bank acct, they will typically try again in several days, and I believe a 3rd time in several more days. After the last failed attempt, they will attempt to charge an alternate funding source like a credit card. Up until this point, I have confirmed that paypal does not notify the seller that a problem exists, because paypal assumes the alternate funding source is active and usable. If there is a problem with the alternate funding source, THEN paypal will go back to the seller and attempt to reclaim the funds they advanced (but if you've already xfered the money out of your paypal acct, I'm not sure what paypal would do next). That entire process could take 2 weeks.

One way around that loophole (that I see) is that you can use paypal's eCheck rather than an instant transfer. The bonus with eCheck is that it only costs a flat fee of $5, rather than 2.9%. The downside is that it takes about 3-4 days for the funds to clear. Until the transaction is indicated as "cleared", you will not have access to the funds, so obviously this will delay shipment to the buyer. But once you do have the funds, the only way the buyer can get those funds back is to claim you didn't ship the items. Again, those tracking numbers will refute that claim.