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Money Orders v Paypal - Buyer perspective

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Valued Member
United States
159 Posts
 Posted 12/23/2013  7:50 pm Show Profile Bookmark this topic Add ndwlegal to your friends list Get a Link to this Message

I purchased a coin from a seller that is a little pricey. He gave the option of money order or Paypal, but using Paypal will cost me an additional 3%. If I use money order and the item doesn't ship I have virtually no recourse, correct?

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 Posted 12/23/2013  7:53 pm  Show Profile Check Bassmaster's eBay Listings Bookmark this reply Add Bassmaster to your friends list Get a Link to this Reply
Why would paypal cost you an extra 3% if you buy?
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 Posted 12/23/2013  8:00 pm  Show Profile Bookmark this reply Add ndwlegal to your friends list Get a Link to this Reply
Because using paypal costs the seller 3% in fees.
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 Posted 12/23/2013  8:05 pm  Show Profile Bookmark this reply Add LincolnGuy to your friends list Get a Link to this Reply
I have bought coins from dealers that offer a 3% discount if I pay using something other than paypal, but I have never had one tell me it was going to cost me 3% more after the fact..
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 Posted 12/23/2013  8:08 pm  Show Profile Check lknerr's eBay Listings Bookmark this reply Add lknerr to your friends list Get a Link to this Reply
Buyers pay no fee when using PayPal. Just the seller does.
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 Posted 12/23/2013  8:12 pm  Show Profile Bookmark this reply Add acloco to your friends list Get a Link to this Reply
I use POSTAL money orders, exclusively. If the other person cashes the MO and does not send your item, there will be tracing info on the money order when they cash it - such as driver's license number or their bank account number. Makes it rather easy for police department to track down the person committing the crime.

You can also check on the money order to see when it is cashed.

I do not use paypal - all it takes is for somebody that knows the rules better than you, to stiff you out of your money. There is NO guarantee you will receive a refund from paypal - their rules, their game.
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 Posted 12/23/2013  8:36 pm  Show Profile Check edweather's eBay Listings Bookmark this reply Add edweather to your friends list Get a Link to this Reply
I'm no expert, but haven't until now heard of the seller charging the 3%. Usually industry standard for the seller to pay it. Did you know going in that this was the terms? If you did, then you should probably choose one of the 2 methods. If the seller sprung it on you after you paid, then you could probably get out the deal. Hope this helps. I use Western Union money orders a lot. They are traceable also. I don't think the seller is trying to stiff you......probably just being cheap :-)
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 Posted 12/23/2013  8:36 pm  Show Profile Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply
Sounds like the sellers passing the paypal fee onto you. Im guessing the sale wasnt on eBay.



Quote:
If the other person cashes the MO and does not send your item, there will be tracing info on the money order when they cash it - such as driver's license number or their bank account number.


Ive never had the post office do any of that. I just hand it to them and they give me cash once they check its real.

Even if they do do that though theres no assurance youd get your money back. All they have to do is spend it and its gone. The police can arrest someone for fraud if they chose too, but they cant force someone to pay you back or transfer the funds themselves.

Paypal also lets you use your credit card for the action which gives another layer of protection.
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 Posted 12/23/2013  8:56 pm  Show Profile Check BH1964's eBay Listings Bookmark this reply Add BH1964 to your friends list Get a Link to this Reply
Buying from reputable sellers there is no problem with money orders. You knew that though.

You can fill in all the "blanks" on a USPS Money Order if it makes you feel better but there's always a chance someone will try to rip you off. I've sent and received dozens of MOs and never had an issue. I just got one today from a buyer who doesn't know me from Adam. They have a tracking number now. :) Do your due diligence and you'll rarely have a problem.
ANA #R3154474
Valued Member
United States
159 Posts
 Posted 12/23/2013  9:35 pm  Show Profile Bookmark this reply Add ndwlegal to your friends list Get a Link to this Reply
How do you go about with due diligence? This is off eBay. Person doesn't have a store front, etc. He has sold on eBay and has 100% rating though.
Valued Member
United States
159 Posts
 Posted 12/23/2013  9:45 pm  Show Profile Bookmark this reply Add ndwlegal to your friends list Get a Link to this Reply
And for what it is worth, he seems fine, nice, etc. and my gut says it would be fine. Problem is it is more money than I could comfortably stand to lose, but the difference in PayPal fees is about $50.
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Canada
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 Posted 12/23/2013  9:50 pm  Show Profile Bookmark this reply Add arianzo to your friends list Get a Link to this Reply
I agree in all with basebal21. This is for sure not an eBay listing, maybe Craiglist or Kijiji so the seller says my price is for example $50 CASH. Do you want to use Paypal? Perfect!, You're welcome BUT you pay the fees. Nothing new, I have seen that plenty of times.

To answer the question, yeah, as a buyer Paypal is a very good option.
Don't miss out and check my CCF Sales: http://www.coincommunity.com/forum/...llerId=26800
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8998 Posts
 Posted 12/23/2013  9:54 pm  Show Profile Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply

Quote:
Problem is it is more money than I could comfortably stand to lose, but the difference in PayPal fees is about $50.


Let me ask this how hard would this be to find another coin?

Its not that everyone is dishonest and most of those money orders go fine, but the fact that you couldnt comfortable lose that money would be a deal breaker for me. Its one thing to take a chance with some extra cash, if its something that would make a big difference losing I wouldnt risk since you could do it 99 times and be fine but that 1 time its not it would be hard to swallow.

If you can find it from another source I would. If the 3 percent paypal fee is 50 bucks, its obviously a coin of significant value which in my opinion arent things you take chances on.
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United States
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 Posted 12/23/2013  10:36 pm  Show Profile Check edweather's eBay Listings Bookmark this reply Add edweather to your friends list Get a Link to this Reply
If the coin is that valuable I'd use a credit card AND paypal, so I'd have double protection. He must think he's selling it cheap or he wouldn't try and make you pay the 50. If you are getting a good deal, then the 50 extra might be a good insurance policy. Here's another possibility.....if you both want to do the deal, maybe you could split the 50. Try and see how flexible he is.
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 Posted 12/23/2013  11:32 pm  Show Profile Bookmark this reply Add LincolnGuy to your friends list Get a Link to this Reply

Quote:
Buyers pay no fee when using PayPal. Just the seller does.



Quote:
Buyers pay no fee when using PayPal. Just the seller does.


Yes but the seller is trying to charge him the 3% fee. So in this case NO the seller isn't paying it...
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United States
5730 Posts
 Posted 12/24/2013  12:08 am  Show Profile Check BH1964's eBay Listings Bookmark this reply Add BH1964 to your friends list Get a Link to this Reply

Quote:
How do you go about with due diligence?


Good question. I've done it so many times that I forget others haven't sometimes.

1. Use common sense (Is it a "too good to be true" deal?)
2. Do you have a verifiable physical address of the seller? Use Google Maps if you need to check.
3. Are references available if you've never done business with seller?
4. Do you have the seller's phone number and e-mail address?
5. Will seller provide immediate tracking info after receiving payment?

When doing "big" deals, I usually call and talk with the buyer/seller. Keep your eyes open and things should go fine. I've done hundreds of deals during these down economic times and never had a loss. Knock and wood and have fun!
ANA #R3154474
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