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Payment Processing Discuss payment processing with PayPal, Stripe, Authorize.Net, Bitcoin and other processors for your products and services.

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Old 10-06-2016
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Default 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
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Old 10-06-2016
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Default 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.
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Old 10-06-2016
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Default 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.
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Default 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%..
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Old 10-06-2016
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Default Re: large payment, best option?

Quote:
Originally Posted by josh View Post
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%..
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.
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Old 10-07-2016
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Default 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
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Default 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.
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Default 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
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Default Re: large payment, best option?

Paypal is the worst option when on the receiving end.
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Default Re: large payment, best option?

Quote:
Originally Posted by empirestate View Post
Paypal is the worst option when on the receiving end.
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.
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Default 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
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Default Re: large payment, best option?

New here but this was very informative for the future.
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Default Re: large payment, best option?

BTC is guaranteed as the sun rises everyday!
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Default Re: large payment, best option?

Quote:
Originally Posted by rsot View Post
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.
You are still getting paid through ccnow ?
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