posted on December 11, 2001 10:53:44 AM
I'm strongly considering doing away with personal checks for payment. They are a true pain, although I limit it to ebay ratings > 10. Well, you gotta start somewhere! I accept Paypal and Money Orders and wonder if buyers of paperbacks would object to the extent of not bidding.
As a collector of sci-fi, I know that if a book I really wanted came up and I had to pay for it in gold Krugerands, I'd find a way to do it. So, do you think it limits your sales or only keeps the scum from collecting (so to speak) on your ebay auctions?
Terry
BTW - how does one search for topics on this board. I was reading with interest bibliophile's comments and wondered how to find her/his "BOOKSELLING FOR IDIOTS" thread.
posted on December 11, 2001 11:16:54 AM
I don't equate personal checks with scum. I've received thousands of them over the years, and have had three that came back as NSF. All people made good on that too. I take paypal because I have to, when someone pays for a $100 item with a check, I keep all $100, I have to give back about $3.20 to paypal...
posted on December 11, 2001 12:33:21 PM
You will find that even though you stipulate the terms of not accepting personal checks, they will send them anyways. That is a pain in the @ss.
You receive the check, you email the bidder stating that you don't accept checks, the bidder either tells you to stuff it or will tell you that they will send payment according to your terms "next week." Go round and round and around. Just give in and go with the flow in accordance of the buyers' wishes with the personal checks.
I have bought and sold on eBay for a good number of years now and I am yet to have a bounced check. I do stipulate that personal checks will have a waiting period which gives me the opportunity to hold the check if I smell something "fishy" or to send right away when I receive the payment.
posted on December 11, 2001 12:34:59 PM
Why are checks a pain? I suppose if you're getting a very high percentage of bouncers, then it would make sense. I've only had one bounce out of hundreds. I still "reserve the right" to hold checks, but I haven't felt the need to do so in ages.
As ahc3 pointed out, checks also save you on all those Paypal/Billpoint fees. Try taking the practical approach: Add up the cost to you of all the money you've lost due to bounced checks, then compare it to the amount of money that PP/BP skim from your auctions. I know I've shelled out a lot more money to PP/BP over the years than that one bounced check cost me, but if the cost of your bounced checks is taking more out of your pocket than PP/BP, then I'd say you have a decent reason for dropping checks.
posted on December 11, 2001 12:38:14 PM
One more thing to consider...There is a relatively large number of bidders on ebay who will NEVER use a credit card on-line, and that basically rules out paypal and billpoint. I know you can link from your bank account, but I don't think people like that either. Basically, you might be limiting bidders. The reason I take all sorts of billing options is because I don't want anyone to not bid because I don't accept payment. Recently, I had a bidder from Spain send me money via Western Union. I took it, why not, money is money (and it did not cost me a transaction fee either!)
posted on December 11, 2001 03:08:45 PM
I'm thinking of not taking personal checks either. I find that processing a personal check takes longer than online payment. I have to open the letter, separate the staple from the check, decipher their chicken scratch delivery address, type in their delivery address, etc. I don't have any help, so I would get out a lot less packages if I spent my time opening letters. I find Paypal and BillPoint extremely convenient. They allow me to sell more and administrate less.
posted on December 11, 2001 05:50:18 PM
I would still accept money orders, but money orders put the pain onto the buyer. Maybe they wouldn't bid? Maybe later they wouldn't feel like going to the 7-11 or post office and getting the MO and payment would drag on and on. That's another pain.
Here's my thinking. First I would be really p**sed if I sent a book off and then find out that check bounced. What I do now is wait 5-10 days depending on how remote the bank is before mailing the item off. You can't really easily tell when a check clears. That's two pains.
Money orders are good the instant you cash 'em in. If I didn't think I'd loose any buyers, I'd cut off checks in a minute. In accepting personal checks I was trying to make it easier for a bidder to click that button on my book. One of the reasons I accept foreign bids is to increase the likelyhood of a bid or a bump.
Somebody tell me they don't accept personal checks and have no trouble, please. Or that it's a fatal mistake. S'pose I could experiment...
posted on December 11, 2001 06:55:37 PM
I really do not see what the big deal is about taking personal checks.I never wait for them to clear and not had one bounce in over 2 years.
It's not that I do not sell much in the last 2 years my ebaY sales have run over 100,000.00 dollars.
But I guess it depends what you are selling.
If I see a seller that limits my ability to pay no matter how much I want it I will pass.
posted on December 11, 2001 08:02:04 PM
Terry, when I first started selling I also held checks. Eventually I figured out it was pointless. There was no way I was going to constantly check to see if check cleared, and my bank would only notify me about a bounced check after three weeks. Eventually I realized that most checks clear without any hitch whatsoever, so I just stopped holding checks. The only exception I might make is if it's a high priced item and I have some reason to suspect the buyer is trouble.
If you've been reading the responses to your post, you'll see that most of us have experienced very few bounced checks. I've only had one. If you're going to insulate yourself from receiving a bad check by cutting off all checks, then you may as well stop accepting credit cards because somebody might hit you with a chargeback. That pretty much leaves you with just money orders, the most expensive and least convenient of all payment types from the buyer's standpoint.
If you sell books, you're in a very competitive marketplace. Most book collectors know they have many online options available to them, from ebay to half to amazon to abebooks. If you want to compete on a level playing field, you really need to keep your customer's payment options open. Put yourself in the bidder's shoes: All things being equal, is that person more likely to bid on your auction knowing if he wins he'll have to go out of his way and pay extra for a money order, or will he go for the other auction that lets him cut a check or pay with a few mouseclicks?
posted on December 11, 2001 08:05:16 PM
Imabrit-I am very envious of your sales, I wish I could do that, rather I wish I could find merchandise that would bring be that kind of money.
posted on December 11, 2001 11:16:55 PM
holdenrex, I do about the tenth of what you sell, but I'm a solo operation. Evenings and weekends only. I may stop accepting checks and money orders just to streamline the process. Refunds are also very easy with BillPoint and Paypal is easy enough compared to cutting a refund check.
posted on December 12, 2001 03:04:59 AM
I buy and sell both on eBay fairly regularly.
When selling, I take checks without a problem within certian rules and ship as if I got a money order. My policy is clearly stated in every auction ad.
1: I use the 25+ Positive Feedback Rule
2: Shipping address and address on check must match.
3: Must have a real ISP address - no hotmail / Yahoo etc.
If I get a check that doesn't fit the above,and I do - then I hold it for 14 banking days. Never had a buyer formally complain about the hold and most understand when explained that they didn't follow the instructions in the ad.
AS A BUYER: I will pass by every auction that says "money order only". I do as a matter of routine seek auctions that use PayPal (if I have funds in the account) and/or accept checks. If someone says money orders only - Red Flags go up - I'm to trust him but he doesn't trust me!
If you show money orders and PayPal, I would say that I would stop and look based on accepting PayPal.
In the last 30 sales - I've had 2 checks, 1 money order, 1 PayPal e-check, 1 BillPoint and the rest were PayPal (funds or credit card). chc
posted on December 12, 2001 04:00:31 AM
I quit taking checks close to a year ago and I do not think it has hurt my business. I had 3 checks bounce in 1 month all with over 50 positive feedback. I was notified by my bank 3 to 5 weeks after deposit. One of these checks was for $400.00 and I have never recovered that one.
posted on December 12, 2001 06:40:16 AM
sun818, regarding sales, I think you're confusing me with imabrit. I also wish I had those kinds of sales.
As far as giving up checks, the same reasons that you give for giving up checks (staples, chicken scratch, etc) would also apply to money orders, so I'm curious to see if you're considering giving them up as well. Checks are actually better than Money Orders as far as this sort of thing goes because the address is printed instead of scrawled on the check.
I realize snail mail payments are generally slower to process than e-payments, but I don't see it as that much of a hindrance to drop them altogether. Yes, time is money, but when I added up my PP/BP expenses for last year compared to the extra time I spent processing checks and MOs, I almost wish more people had sent checks. I think both methods have their pros and cons, so I like to offer them all to my customers and let them decide.
Besides, more and more people are getting comfortable with online payments. My online payments last Christmas season were about 50% of total, this year it's about 75%, so it seems that people opting to use snail mail payments are on the decline anyway. I just like to keep the door open for those holdouts.
posted on December 12, 2001 08:01:43 AM
When I first started selling on eBay, I insisted on money orders only. After finding AW and reading the threads by some of the old pros, I decided to accept checks, and not to hold them. I've been selling for over two years and have yet to have one bounce. I also accept PayPal and Billpoint and of course take money orders (and I am surprised at how many of my customers will send me a MO even when I don't insist on it).
Most of my items are small vintage silver pieces and clothing, and few things end up at over $50. For the few wins that have hit triple digits, I have asked for PayPal or a money order because I really can't afford a large loss. I've never had a problem with this.
BTW, just to add...I don't wait for checks to clear, either. I just send the stuff unless I have some reason to be suspicious of the buyer.
posted on December 12, 2001 11:21:21 AM
Like I said (and some of you may not have read), I haven't had a check bounce either, but just can't stand the thought of sending a check, getting stuck with extra bank fees, loosing a potentially valuable book...
holdenrex - finally a response I can sink my teeth into. thanks! However, if buyers are turning to Paypal/cc online stuff vs checks... that's why I thought the playing field would be pretty level if I DID refuse checks. Your point on fees vs lost bucks on a bounced check is excellent.
Generally I think it's worth a month or two experiment starting out next year. I'm toast for this year, hibernating until the holidays are over, sharpening my chops on selling with tips here and abroad.
clarksville - I know people will still send checks even if I disallow them. Or whine that I don't which is just a bad. Hate whiny buyers...
ccaswell - thanks for the tips on what to look for. I don't always hold checks either, especially if the buyer's ratings incl. negs looks good and other vibes like email are positive (return buyers are automatic, natch).
sun818 - yeah, I was looking to streamline also without taking a big hit on sales.
In that same vein, I think the stuff I sell is not remotely a commodity. Commoditized? My buyers don't have a choice of 10 sellers. I look all over heck and gone for rare sci-fi, fantasy, horror pb's. The goal of minimum $15 for every sale, so I don't think buyers are going to go somewhere else to buy. Especially since that $15 pb will cost $30-50 on ABE.
Prices on ABE are usually 2x-3x my ebay close, which is sometimes a disappointment, but that's another story...
Terry
posted on December 12, 2001 08:23:44 PM
Hello all,
I take checks, MO, IMO, Bill point, Paypal, Direct wired funds, Cash, US Postage at 80%face, Foreign money at break even after bank takes there cut. Though I have never been offered it, I would take gold, silver, loose gems, Possible trades etc. I am here to sell and if a buyer has a problem of wealth transfer, I'll solve it somehow. It really is fun. Did you ever take 2000 dollars worth of Lira to your bank to deposit? I did and it was a premium day.
Merry Christmas
posted on December 13, 2001 11:24:02 AMterrydarc my my. equating people who pay with checks to scum is IMO ignorant. (not speaking intelligence, just not having the knowledge) What do you sell that makes you think this way?
Writing a check is a convenience. I pay for 98% of the auctions I bid on with a personal check. If they only take money orders, cashier's checks, I generally do not bid. Why? because I either have to go to the bank and get the MO, or get cash and go to the post office. This is very inconvenient, time-wise for me. It is much easier to flip open my check-book, write it, and mail it. That saves me about an hours plus time.
As a seller, I have had only one check bounce in over three years. I believe that was an oversight on their part and they sent me a money order with the correct amount plus the fees the bank charged me. I believe that people are inherently honest and if I treat people that way, they tend to be that way.
If you are adamant about not accepting checks, try Paypal or billpoint. However, as my mother used to say, you may be biting off your nose to spite your face.
posted on December 13, 2001 11:36:17 AM
I often use money orders to pay for my auction wins. I figure it speeds up the transaction for both the buyer and seller.
posted on December 16, 2001 08:11:33 AM
I'll take as many checks as they care to send.
While I greatly appreciate electronic payments and money orders, a paying customer is all that I require. Money orders seem to slow up the works for many transactions, so if the amount is not large, why not?
posted on December 16, 2001 08:34:53 AM
you can get money order cheaper at the supermarket,albertson is pretty cheap ,so are the others i think i pay 67 cents for 150 dollars.they want you to come shopping .
posted on December 16, 2001 11:08:22 AM
I suppose I am lucky. I have been selling for 2 years and have yet to have a bad check. Now that I've said that I'll probably get one tomorrow!!! Seriously, I accept payments from Paypal-Billpoint-Checks and money orders. I feel the item will sell better if the buyer has numerous options to choose from. Remember, selling on the internet is all about convenience. A lot of people feel auction sites are about saving money-I disagree. I think convenience is the issue-at least it is with me. I have quite a few people to buy for on christmas and birthdays and I despise going shopping at the mall. I have purchased all but one present this season on the internet because it is shipped to me and I get to stay out of the dreaded malls. When I get a check I look at the buyers feedback. If it is good I ship the item. If it is low or poor I deposit the check and wait the alloted ten days. So far I haven't been burned. I accept money orders because they are instant money but if a buyer doesn't want to get a money order I understand. If I am looking at an item and the only option is a money order I will pass on that item. I don't like the hassle of getting money orders nor do I care for the fees. In banks the fee can be as high as $3.00 for one money order. If I don't like the hassle and fees I assume the buyer doesn't either. Therefore I give them plenty of options. By the way-I'm not Capolady on Ebay.
posted on December 16, 2001 11:48:01 AM
I, too, will accept just about anything in payment. I once had a buyer from Italy and I asked her if she would send me something interesting from Italy for my best friend who just became a Grandmother.
I had sold her a pattern that I bought for $1 - and spent a few bucks mailing to her.
She sent me Capidamonte Grandmother and Grandfather figurines that were over 50 years old .... and apologized that was all she could find.
My friend was astonished ... it was a perfect match, the same people who were in a picture she has.
The easier it is for someone to pay, the more likely they are to bid.
