I am making a large sale tomorrow. The cards will be handed over, in person.
The buyer specifically requested to pay via paypal F&F so they could put it on their credit card, and pay it off at a later date.
I feel slightly un-easy at the specificity of this request, and was wondering whether anyone knew of any loopholes that would allow a chargeback after the deal was done.
If it helps, this is in the UK.
Thanks in advance.
Yes. There is always a risk. When you remove platforms as the middlemen, you are removing the protection they provide in exchange for the fees they typically take.
You will need to record everything about the exchange and probably draw up a contract for the sale. And you will need to be prepared to legally pursue them if they reverse the payment afterward.
Why does the buyer not want to purchase your item using a credit card through G&S aside from added fees?
I really don’t know why using a credit card would preclude G&S, which is why I’m uneasy.
I have drawn up a contract, and gotten his address, and asking him to bring identification.
Either you are willing to put full trust into the buyer and it goes right or it could risk going to court to get your money back is my guess
Did he specifically say that he doesn´t want to pay GS?
I feel like a chargeback is in your future with this person lol. Another thing is he’s trying to dodge the G&S fee if it’s a significant amount of money. I would be wary of selling to someone that has to buy it on a credit card (i.e. they don’t have the money).
Seems fishy to me
Fwiw, by using F&F here they are not saving any fees.
F&F charges fees to the buyer if they use a credit card. Something’s up.
F&F is only free if you load it with a bank account
I wouldn’t do anything other than a wire transfer or cash for a large transaction.
If you are meeting in person can he give you cash at a bank?
Was thinking the same thing as sacari, why not handle the money in cash, which you can withdraw/deposit in person with the guy?
I only do F&F with people I absolutely trust and with 100% reputation. I second the others when I say the guy should do a cash option, you should also bring someone with you just in case.
The guy is wanting to pay with credit so he can pay later on, so the cash options at a bank probably wouldnt work for him.
Maybe draw cash on his credit card?
Doesn’t make sense at all. He still has to pay a fee to use his CC through f&f. Sketchy
Cash advances generally have a much lower limit than the full credit card limit and a much higher rate.
E.g. I have a card that has a $10k limit with $1k cash advance limit and the rates are something like 15%/28% respectively. (No I don’t pay interest on the card)
If you have a contract drawn up, that contract instantly becomes void in the eyes of Paypal when you use F&F for a G&S type transaction. Paypal is who you would be dealing with in the event of disputing a chargeback.
Example is the guy pays you F&F and takes the box. Calls his credit card company a month later saying he disputes the transaction as he doesn’t know you/didn’t deal with you. You show Paypal a “contract” about a transaction that may or may not have happened (he said, she said), but clearly shows that at best you accepted a payment in violation of their TOS. Good luck winning that.
That said I use it on occasion, as do many people. It’s all about your risk tolerance and how much more safety is worth to you.
He should do a wire transfer. Zero way to reverse it. Of course, he’ll need to have the money first. But he shouldn’t be buying Pokemon cards on credit anyway lol.