Bank transfer - how safe for the seller?

danmanchester

Oooooh I hadn't heard of bank transfer clawbacks either :eek: !

Is there ANY safe 100% method for receiving cash online or otherwise? probably not...suppose it's all just about minimising as best we can the loopholes and cons. Good tip about the extra 24 hours to clear though Paul thanks.

paul_h

Also, PayPal can be absolutely secure, but you MUST follow their instructions implicitly to ensure 'Seller Protection'. Plus the transaction must be eligible in the first place...

paul_h

danmanchester wrote:

Is there ANY safe 100% method for receiving cash online or otherwise? probably not...suppose it's all just about minimising as best we can the loopholes and cons. Good tip about the extra 24 hours to clear though Paul thanks.

NOCHEX guarantee no chargebacks - they absorb them themselves.

Pity nobody ever wants to use it...

danmanchester

paul_h wrote:

NOCHEX guarantee no chargebacks - they absorb them themselves.

Pity nobody ever wants to use it...

My thoughts exactly! I always list it as an option but have only ever had 2 users pay by Nochex.

paul_h

I used to get a few people paying by NOCHEX, but it's really tailed off lately, looks like PP have cornered the market...

soolin

I suppose in several years I only had about 2 people use nochex as well. In both cases I had to then pay the 25p to withdraw the cash to my bank account as it was only a few pounds, which made it a lot more expensive than paypal for me. At least with paypal I sell enough to get to £50 quickly, so I can withdraw it straight away which I prefer.

Soo

Spinner

paul_h wrote:

NOCHEX guarantee no chargebacks - they absorb them themselves.

Pity nobody ever wants to use it...

One service that I like the look of, although I've never tried, is Moneybookers. Much lower fees than PayPal (as far as I can see) and (apparently) protection from those hated chargebacks.

If anyone has any experiences to share with them, I'd be very interested to hear them! I'm considering signing up and using them on eBay.

pug_in_a_bed

Not seen them before, though it does say they are FSA regulated - which i dont think paypal are!

MyUserNamesTaken

Another way of clawing back a BT is by saying that you'd entered the wrong bank account details. I accidentally gave someone an incorrect bank account number when selling something to them. By the time I'd realised, they'd already made the payment. This led to me calling my bank, who told me that if the money went to the wrong account, they'd claw it straight back out again and send it back to the buyer. If the account didn't exist, it would automatically get bounced back to the buyer anyway. On this advice, my buyer paid me again using my correct details. Three days later, I had two lots of £300 show up in my account. One was definitely from my buyer, the other was down as a manual credit. I had to wait a week to make sure it was my buyer's first payment (which it was), as my bank was unable to tell me how this money had come to be credited to my account. They later sent a letter showing that the account number first used didn't exist and they'd matched it up to my account (my buyer had used my name as a reference and the account number was one digit out)! Got it sorted in the end by transferring the extra £300 back to my buyer. Still, it's a way of clawing money back on a BT if you were that way inclined - say you'd paid it to the wrong person.

bleugh

auctionpix is good for foreign cheques

as for bank transfers, they're safe

be weary of bank deposits though, some banks (like mine, natwest) dont show you if the person paid cash or a cheque, so you will need to treat them like cheques and wait 10 working days for clearing