Quick advice needed re payment from buyer

s100_2

Just sold an expensive item on ebay from a buyer witha feedback of 2.
He has offered to pay by cheque (spelt check) or by bank transfer. I have never taken payment as a bank transfer. Is it safe to be giving out account number and sort code?

hjb123

Yes it is though personally I wouldnt do it that way - did you state in your listing that you accepted it or is it another buyer who cant read the item description?

s100_2

I only stated that i would accept paypal and cheque and if they paid by cheque i said i would only post it when the cheque had cleared. I do have a bank account that i never use - I'm thinking it is probably better to give out these details rather than my main account.....Still deciding what to do.....what would you do?

Mr_Meanie

There was a thread a few weeks ago about it, (will post a link if I find it)
I think it summed up as:
Pros. You get your money faster than a cheque, in 3 days.
Cons. People don't like giving their bank account details to anybody they don't know.
I think the jury is still out as to if a cheque and or a bank transfer can be reversed/repaid after it has been paid into your account.
Personally as I have now started to bank online I will now start offering bank transfer as a payment option on my auctions as I won't accept paypal.

pug_in_a_bed

Remember though your bank details are only the details that are on your cheques anyway.

Bank transfers are great, hardly anyone offers them but I take them when they're offered. No paypal charge backs to worry about either.

~cleo~

pug_in_a_bed wrote:

Remember though your bank details are only the details that are on your cheques anyway.

Bank transfers are great, hardly anyone offers them but I take them when they're offered. No paypal charge backs to worry about either.

dont bank transfers cost a lot of money tho for the person sending the money?

rdwarr

~cleo~ wrote:

dont bank transfers cost a lot of money tho for the person sending the money?

No, they're free. Instant CHAPS transfers can cost £20+ but the normal BACS ones are fine. Definitely cheaper than a cheque as you don't need a stamp!

s100_2

Thanks everyone. Ive given out the details. Lets wait and see!

frivolous_fay

Mr_Meanie wrote:

I think the jury is still out as to if a cheque and or a bank transfer can be reversed/repaid after it has been paid into your account.

Not really, if you don't reverse the transaction by the end of the day it is actioned, there's no stopping it.

Cheques are a whole different story though. Bank transfers are infinitely preferable to cheques for me.

soolin

As a seller bank transfers are wonderful, free and apparently non reversable. Same bank to bank is instant, between different banks it takes approx 4 working days, and free on both sides.

As a buyer I would never recommend them purely because you have no way of getting your money back if you don't get your goods.