posted on September 24, 2000 09:52:25 PM new
Paypal's recent fiasco has caused me to look into Billpoint again and I see that now you can specify electronic checks only (both with instant pay and manual invoices). The fee on these is only 35 cents (free after October 1 but I doubt that will last very long). Has anyone else had experience using this?
posted on September 25, 2000 11:37:25 AM new
I do not have experience with it, but I will mention a couple problems -- first, electronic checks are ONLY available from US bidders, which means that there will be no international bidding activity, something which can substantially reduce your final overall high bid.
There will also be no bids from those who prefer to use checks or money orders for payment -- and at this time in cyberhistory, that could be a significant percentage of bidders, if the research is correct that plenty of people do NOT give info about their charge cards or their bank accounts to anyone online.
The advantages to electronic checks are first that it only costs 35-cents.
Secondly, there is NO ability for the customer to call their credit card company six or nine months down the line and engage in a fraudulent chargeback. This is where YOUR bank account is suddenly debited for the amount of the earlier sale, and thus you have lost both the merchandise AND the payment for same.
The fine/rare bookworld was under seige of fraudulent chargebacks a few years ago, and MANY dealers had fraudulent chargebacks occur after they'd sold very expensive rare books.
As the maximum amount for an electronic check is $200, these Billpoint electronic checks would NOT be of assistance in the sale of expensive items.
Billpoint validates that the funds are actually in the customer's account BEFORE issuing the electronic check, so the FUNDS ARE GUARANTEED.
eBay is SO far ahead of its time, that the services that make for a hassle free transaction are still back in ancient history --- just consider how s-l-o-w and unsafe international shipments are, nowadays, lol!
posted on September 25, 2000 11:41:03 AM new
Say, I happen to disagree --- I believe Billpoint's electronic checks will be FREE for a good lonnnnnnnnnng time.
Why?
Because the electronic check eliminates fraudulent chargebacks, it discourages shill bidding, it makes for a SAFE transaction, and since so many liddle widdle sellers are simply moving targets for auction saboteurs, this is the ONE form of payment, currently, that will put a true dent in that vile phenomenon, auction sabotage, which is meant to interfere with the very integrity of eBay auctions.
