Forum

large payment, best option?
 

Hey everyone,

Need to receive a large payment, about $6000, buyer wants paypal, but i dont have any stable enough paypals at the moment to accept that size transaction.

Buyer will not pay via bank transfer or WU, any other suggestions? one off payment with protection. If i could open up some sort of facility to accept credit card over phone? or something similar?

Thanks

Re: large payment, best option?
 

Is buyer local? Willing to meet?

That's a big payment for any service - especially a new credit card facility...you would likely be asked a bit of proof of identity, transaction, and possibly a hold on payment. CCNow allows credit card use but 5% fee - Stripe works for cc's as well but a sum of that amount would definitely trip up a flag.

Re: large payment, best option?
 

Taking card payments doesn't provide protection. Its still prone to chargeback.

Your only hope of protection would be cash in person, or bitcoin. Though bitcoin leaves the sender of the payment with no form of protection so there needs to be a mutual trust from the offset.

Re: large payment, best option?
 

thanks guys, Bitcoin may be an option if buyer is willing to do that.. i know credit cards can have chargebacks but surely not for any stupid reason? only if it was clear fraud or something? which if course it isnt..

CCnow, i dont mind paying 5%..

Re: large payment, best option?
 

There doesn't need to be any sort of valid reason for a chargeback. All is takes is the buyer calling the credit card company and saying they didn't authorize a purchase, and a chargeback is initiated. Beware of that for sure.

Why aren't you able to use Paypal though? If your buyer is alright with it I would recommend sending 3x $2000 invoices over a few days if you aren't comfortable receiving the entire $6k at once. That's how I handle most of our wholesale buyers.

Re: large payment, best option?
 

A chargeback can be issued for any reason at all

If you are selling the chap a high value item I would just be very careful dealing with someone you don't know well especially for this sort of value item

I would think he would refuse Bitcoin as there is no prot croon for him as a buyer which is what he is after

Re: large payment, best option?
 

@josh, not to be a downer or anything, but keep in mind that if something is too good to be true...you might consider walking away.

To which country do you have to ship this item? Buyer's feedback is solid...? I hate accepting big amounts through Paypal.

Re: large payment, best option?
 

BTC is the way to go, if that is not possible a bank transfer might be a better option than PP

Re: large payment, best option?
 

Paypal is the worst option when on the receiving end.

Re: large payment, best option?
 

It's totally not. I understand it's risky on a weak account but it's by far the most convenient way to make a large payment. Bank transfers take days to complete and WU/MG require you to leave the office. I've been paying my primary supplier with P/P for over a year and the average order size is $5-6k. It started becoming too time consuming leaving the office every other day to send money with WU. Half of the time WU gets sketched out with large international payments and returns the money to sender anyway. Paypal hasn't caused any problems for us or our supplier. The largest payment I've received was $7500 which was split into 3 $2500 invoices. All 3 payments cleared instantly and I withdrew the money, no sweat.

I wouldn't use BTC even if my supplier gave me a $1000 discount.

Re: large payment, best option?
 

thanks everyone for your input, really appreciated. Unfortunately deal has yet to be done. But now i have got many options :)
Thanks

Re: large payment, best option?
 

New here but this was very informative for the future.

Re: large payment, best option?
 

BTC is guaranteed as the sun rises everyday!

Re: large payment, best option?
 

You are still getting paid through ccnow ?

Re: large payment, best option?
 

Today, online businesses have more payment platform options than ever before. Each platform comes with its own advantages and fallback Like Paypal, Payoneer, Venmo, Stripe

Re: large payment, best option?
 

bank of America small business,you can do wire transfer online in any currency.
for OP,how about a bank cashier check,where is the buyer?If Canada or Japan,he can go to local post office and get you a US $ POSTAL ORDER at a fair rate,better than his local bank.
For $6k,HE may have to buy 6 postal orders,you can cash it at your post office free with ID or if deposit in your bank,check its fee.
srry,I just realise OP is in UK

Re: large payment, best option?
 

I am under the impression Paypal buyer protection is not offered if the buyer makes multiple payment for 1 purchase.
say if I buy a Rolex watch from you for $6k and make 3 $2k payments,it turns out to be ⊗⊗⊗⊗,I cant file INAD for the same item 3 times????
so all I would get back is $2k

Re: large payment, best option?
 

4 years old thread whats wrong with you guys
I am sure much changed in that 4 years

Re: large payment, best option?
 

Hi i know this thread is old but just want to add my comment.

If you want 100% protection, you need to accept via bank transfer.
It cant be reversed.
I bought some very expensive tyres for £1500 and paid via bank ( he said its best this way to se a paper trail )

however, he scammed me, i contacted the Police, they said there is nothing i can do as wilfully signing into online banking there is no bank protection and nothing i can do about it.

ACCEPTING PAYMENT: Golden rule is: Accept bank transfer only for large payments.
PAY: ALWAYS pay via card, you can charge it back id you get scammed.