posted on February 18, 2001 10:30:55 AM
I currently have a buyer who's the high bidder (so far) on over $1000 of my auctions. He wants to spread payments out over a two month period...this is the first time I've had anyone ask this. My thinking right now is to go ahead and let him BUT to not send out items until they're paid for in full. What do you think? Thoughts/suggestions/advice welcome...and thanks in advance. The auctions end today so speedy responses greatly appreciated!
posted on February 18, 2001 10:43:39 AM
The only thing I would worry about in doing that would be that if he defaults somewhere in the middle of all that, you'd have some of his money & have to deal with returning money to him. Also it would tie up the stock and the income. You would not really be able to use the money for 2 months in case he doesn't finish paying and it may become a big nightmare. It sure seems that he's ask a question like that before bidding!
I'd be praying that he doesn't win the auction I think.
posted on February 18, 2001 10:51:51 AM
IMHO.....absolutely not!!!!!! First, if they were going to request that, they should have done it BEFORE they bid to see if you wanted to do that.....and secondly....what sharkbaby said above....I think it would be more hassles than you need. And thats a LOT of money...for me anyway... and NEVER send out merchandise thats not paid for. Sorry to be so adamant here, usually I am not, but I just think you are asking for trouble....Pam
posted on February 18, 2001 11:37:12 AM
Add up the time from when the first auction ends, to when last auction ends, then add two months for payment, and another week or two for the "checks in the mail routine". This comes out closer to three months than two. If he turns out to be a deadbeat, would you still be able to file for FVF's and leave feedback?
I would also consider his feedback and what else he is currently bidding on. I like to give people the benefit of the doubt, but thats a lot of money and fees to risk.
If you do decide to do this, make sure he understands that if he doesn't make all the payments, you're taking your fees out of the first one.
posted on February 18, 2001 11:50:29 AM
That is a normal request in my category because rare items will sell for high amounts.
Many of my regular customers ask other sellers if they can make monthly payments so they can bid more and win the bid. Sometimes the sellers will then add to the description and say the winning bidder has 60-90 days to pay.
For example, not too long ago a seller listed a very rare set of Haviland plates, the entire 12 piece set of Murmures d'Amours by the artist Soustre. I know that many of my customers emailed the seller to ask for time payments. The seller amended his description to allow 60 days to pay. The set sold for over $7,000. The winning bidder is a dealer who will probably piece out each plate for incredible profits to the losing bidders since the collectors will pay over $1,000 to own just one plate, but don't have the cash on hand to pay $8,000 to own all of the plates.
And on my regular customers, many times I get asked if they can pay by such and such date if they win the bid. I always say yes.
posted on February 18, 2001 11:55:12 AM
Ebay is not a walmart nor are you........what more need to be said except for, neg him every neg he deserves when this one goes sour.........
posted on February 18, 2001 12:02:38 PM
Everyone has given you some great advice here. I would add one more thing if you do decide to allow this.
Make your customer commit to a date (i.e, so on March 31st you will pay $x.xx and on April 31 you will pay the balance of $x.xx
Then get something IN WRITING which deals with what happens to their money on deposit if they do not complete the transaction.
I entered into a transaction with a very sweet woman back in August for the purchase of two items - she was to send three payments to me, once a month (something I never do, but she was so sweet). I got the first payment but no others. When I emailed her, she ignored me - then 3 months later she emailed me all apologetic about having financial problems, being sued, etc., etc. She still wanted the items if I could agree to continue on our layaway plan. Being the sucker I am, I agreed again - NEVER heard from her again, never received another payment either. The point of this story is that, both of those items were in my shop marked sold, then untagged and then retagged sold again. I passed up several people who were interested in both items.
If you want to do this, just get everything agreed to IN WRITING, so you protect yourself.
posted on February 18, 2001 12:03:05 PM
I agree with Darcy. I have sold many expensive items that a bidder has requested to put on a payment plan. We do it on our web site, our shop and even sometimes at a show. Our norm is we require 1/3 down and 2 equal monthly payments unless other arrangements are made.
Never scare off a good buyer.
We do state and get in writing that if payments are not made or item is not wanted we keep the initial 1/3 payment: period no exceptions.
In our shop about 1/2 our large sales are lay-aways.
On our internet auction sales we do require that the first payment be made in 10 days.
We send a form in an e-mail to let them print out with the payment schedule. They are to print a copy, sign it and send it with their payment. This is needed later in case they try to do a CC chargeback. Cover all bases but I would say go for it. The worst is you end up with a good loyal customer.
posted on February 18, 2001 12:17:57 PM
Personally I wouldn't do it. But that's just because I couldn't afford to sit on a thousand dollars of inventory for 2 months.
You said that he bought from several of your auctions totalling $1000. If the totals were for example $100 +$300 +$400 +$200 etc.... I would make him pay in those increments. When the $100 check comes in the $100 item ships, When the $300 check comes in the $300 item ships etc...
That way you're never in a postion of holding partial payment for any item and you can avoid refund headaches. Set a firm deadline for the last payment otherwise he'll string you along forever.
posted on February 18, 2001 01:55:25 PM
Isn't that what credit cards are for? You make a large purchase and then pay over time? If you agree to allow this bidder to pay over time, maybe you should charge interest - after all, he/she is asking you to act like a credit card company. JMO.
posted on February 18, 2001 02:32:31 PM
Think carefully before committing and figure out what you are going to do with partial payments if he doesn't complete the deal. WHATEVER YOU DO, DO NOT SHIP BEFORE YOU GET THE MONEY!!
I personally lost over $2,000 in rare Canadian stamps to a customer I had been dealing with for over 5 years. He asked for time payments and I agreed but shipped after receiving the first payment. Fool that I was. He was not really a cheat because he lost his job, expected to get a new one but then didn't. He stepped over the line when he sold what were really my stamps (since he had not finished paying for them) to pay his bills. More to this scenario but I am sure you are not interested.
Realize that things like losing your job, emergency hospitalizations, and, let us face it, rip off artists happen. HOLD ON TO THE MATERIAL UNTIL YOU GET THE DOUGH---OR JUST SAY NO.
[ edited by grumteach on Feb 18, 2001 02:35 PM ]
posted on February 18, 2001 09:43:26 PM
I have a particular item that usually sells in the $250 range. I have been asked several times if I would take payments. I have always agreed with the proviso that the item would ship as soon as the entire amount was received.
I've yet to see an auction win or a single payment from any of those folks.
If someone actually won an auction and asked for a payment plan, then I would allow 60 days to pay which gives you enough time to get your FVF if they poop out. I don't really see any harm in it. But I would be skeptical that the deal will succeed.
posted on February 18, 2001 10:06:13 PM
I'm getting this more often. "Hi, it looks like I won the bid. I get paid in two weeks and I'll pay you then!"....Nice huh! My terms say payment due 7 days after auction end. NPB's fly after 7 days -you can bet on that.
