AW Daily - Tips & Tactics - After the Auction: Avoiding Lost Items

Home > Tips & Tactics > Tip

Page 1 , 2

by Dennis Prince

It's the stuff of every buyer's nightmare: A conscientiously posted payment seems to never reach a seller's hands. Where'd it go?

Or...

A seller is dutifully paid for his or her item, which is packaged, shipped, and on its way to a buyer's waiting hands--but it never arrives. Whatever coulda happened to it?

This is the dread of many auction buyers and it's enough to get them nervously drumming their fingers and pacing the floor as they try to decide what to do next. Well put your fears to rest: Here are some tips that will help spare your nerves and protect you from loss when items have difficulty getting from point A to point B.

Show Me the Money
"High bidder will prepay."

It's the modus operandi at online auctions, and the source of most new buyers' auction anxiety (as well as a few of the seasoned vets, too). And though it might seem like something of a leap of faith for some, most payments remitted are received safe and sound.

But sometimes, they're not.

Prepayment is not a problem, provided you have some protection. Be it proof of payment or recoverable funds, here are the safeguards and shelters you can expect from the most commonly used payment methods:

Credit Cards: The leader in buyer protection services today, many issuers now promote their guarantees of easy recovery from wayward online purchases as a customer enticement. Though it's highly unlikely a charge to your credit card could be "lost," it's still possible that a seller could report that the payment couldn't be retrieved from your account. Call your issuer to determine whether the payment was made.

Online Payment Services: This is a hotbed of controversy at some online payment services--what will the service do if a payment is received yet claimed not to have been? Coverage can vary from service to service. Your best bet is to make payment via your credit card, confirming your card issuer will protect you in case of a mishap. Read the different services' policies carefully--some might operate under terms that put your payments at too great a risk.

Money Orders and Cashier's Checks: Save those check stubs and receipts--they'll be necessary if the payment you send via snail mail falls out of the carrier's mailbag. Money order issuers and banks require the receipt as proof-of-purchase of the payment, then reference the unique check number to determine whether the check has been cashed. If it hasn't, you can get a replacement.

Personal Checks: These still work just fine and it's easy to contact your bank to determine if a check you've sent has been cashed or not. If it's truly lost, stop payment and try again.

Cash: Are you kidding?

Next Page | Tell me more