What type of online banks you use for auction?

SkipClick

Yes I just wonder my friend use Paypal and Nochex has any body user other types of banks online like these if so which are the best ones to use?. Thankyou.

Tirian

Paypal is the most used one, but there is a danger that you can lose your money as it is remarkably easy for fraudsters to made false 'chargebacks' on you. If you use Paypal to receive money, always make sure you empty the balance to your bank account promptly and regularly to protect yourself from this.

Nochex I've never had any trouble with, but very few people use it.

I've also used Bidpay, and found it to be fine - and the buyer covers all the fees. However eBay will not allow you to offer Bidpay as a payment method on their auctions - largely because they want to make sure eveyone uses Paypal so that they make a bigger profit.

One thing to note - Paypal, Nochex, Bidpay etc. are not banks, so are not subject to as tight regulations as banks are. Use them carefully and you should be fine - but don't fool yourself into thinking your money is anywhere near as safe when it's sitting in one of their accounts than when it is in your bank - it isn't.

Oh, and I also use direct bank transfers a few times, although not many people seem to go for this. Mostly European buyers. Has always worked well for me though.

soolin

99.9% of my auctions are paid for by paypal, I get the ocassional cheque but stopped offering nochex a couple of years ago as no one ever uses it.

Paypal is safe if you know how to use it. Cover yourself against loss in the post, and a subsequent chargeback by using special delivery for items over £32. For items under £32 I usually just keep a certificate of posting and should the package fail to arrive just refund my buyer and then reclaim from the Royal Mail for loss.

Soo