Selling a car privately, How do I make sure they don't use a CC to transfer money?

premiumz

I'm selling a car privately to someone. I've read on things to watch out for and one of those is someone paying with a CC because they "could" do a chargeback at some point?
If I was about to sell it and they went on their phone to do the money transfer to my bank account, how do I know they aren't using a CC without invading their privacy and watching them do it on their phone while seeing their accounts?

Thanks

eskbanker

They can't transfer money to your personal bank account from a credit (or debit) card....

premiumz

eskbanker said:

They can't transfer money to your personal bank account from a credit (or debit) card....

It seems some CC's can do something similar. https://www.quora.com/Can-you-transfer-money-from-your-Amex-card-to-someone-else-s-bank-account

eskbanker

premiumz said:

eskbanker said:

They can't transfer money to your personal bank account from a credit (or debit) card....

It seems some CC's can do something similar. https://www.quora.com/Can-you-transfer-money-from-your-Amex-card-to-someone-else-s-bank-account

It'll often be possible for a credit card holder to make a money transfer to their own current account, but once there, it's beyond card company rules, so a subsequent payment to a third party via bank transfer wouldn't be subject to chargeback.

born_again

premiumz said:

eskbanker said:

They can't transfer money to your personal bank account from a credit (or debit) card....

It seems some CC's can do something similar. https://www.quora.com/Can-you-transfer-money-from-your-Amex-card-to-someone-else-s-bank-account

There would be no chargeback or S75 cover as per above.

As they are just moving money & not making a actual purchase, which is the basis of a chargeback.

DullGreyGuy

premiumz said:

I'm selling a car privately to someone. I've read on things to watch out for and one of those is someone paying with a CC because they "could" do a chargeback at some point?
If I was about to sell it and they went on their phone to do the money transfer to my bank account, how do I know they aren't using a CC without invading their privacy and watching them do it on their phone while seeing their accounts?

Thanks

In addition to the above most CCs from my experience won't allow a MT to a 3rd party's account so they'd need to put it into their current account first and then transfer it to your account. So even more removed than the CC direct to your account.

Others have already said that chargeback is not possible on a MT

premiumz

eskbanker said:

premiumz said:

eskbanker said:

They can't transfer money to your personal bank account from a credit (or debit) card....

It seems some CC's can do something similar. https://www.quora.com/Can-you-transfer-money-from-your-Amex-card-to-someone-else-s-bank-account

It'll often be possible for a credit card holder to make a money transfer to their own current account, but once there, it's beyond card company rules, so a subsequent payment to a third party via bank transfer wouldn't be subject to chargeback.

born_again said:

premiumz said:

eskbanker said:

They can't transfer money to your personal bank account from a credit (or debit) card....

It seems some CC's can do something similar. https://www.quora.com/Can-you-transfer-money-from-your-Amex-card-to-someone-else-s-bank-account

There would be no chargeback or S75 cover as per above.

As they are just moving money & not making a actual purchase, which is the basis of a chargeback.

Thanks. So when they say "don't accept CC as payment". Do they mean people with chip and pin pads? I don't understand why it's the first thing people say when talking about payment methods. "Don't accept CC". If they can't really do a transfer, then they must be using a chip and pin pad? So it's not really a big worry then as I will only be accepting bank transfer. If they transfer the money over then they can't try to scam me and chargeback etc

fatbelly

Once you see the money in your account that's fine.

It's not your concern what they might have done to get that money

eskbanker

premiumz said:

eskbanker said:

premiumz said:

eskbanker said:

They can't transfer money to your personal bank account from a credit (or debit) card....

It seems some CC's can do something similar. https://www.quora.com/Can-you-transfer-money-from-your-Amex-card-to-someone-else-s-bank-account

It'll often be possible for a credit card holder to make a money transfer to their own current account, but once there, it's beyond card company rules, so a subsequent payment to a third party via bank transfer wouldn't be subject to chargeback.

born_again said:

premiumz said:

eskbanker said:

They can't transfer money to your personal bank account from a credit (or debit) card....

It seems some CC's can do something similar. https://www.quora.com/Can-you-transfer-money-from-your-Amex-card-to-someone-else-s-bank-account

There would be no chargeback or S75 cover as per above.

As they are just moving money & not making a actual purchase, which is the basis of a chargeback.

Thanks. So when they say "don't accept CC as payment". Do they mean people with chip and pin pads? I don't understand why it's the first thing people say when talking about payment methods. "Don't accept CC". If they can't really do a transfer, then they must be using a chip and pin pad? So it's not really a big worry then as I will only be accepting bank transfer. If they transfer the money over then they can't try to scam me and chargeback etc

Who are the "they" saying not to accept CC as payment, and are they addressing such comments to businesses or private individuals?

fatbelly said:

Once you see the money in your account that's fine.

It's not your concern what they might have done to get that money

Unfortunately it's not quite as simple as that, in that if the payer manages to convince their bank that they've been defrauded then it is sometimes possible for the transferred funds and/or the receiving account to be frozen, pending an investigation.  However, beyond the inconvenience of going through this, it shouldn't be too much of an issue if there's enough evidence of a genuine transaction, and obtaining some sort of receipt notification from the purchaser should help....

glennevis

fatbelly said:

Once you see the money in your account that's fine.

Caveat: use your own device to check your bank balance. Don't let the buyer show you 'proof' of transfer on their phone. 

martinbainbridge1975

if you do a money transfer I believe section 75 chargebacks are excluded