Selling high $ items on Ebay...

[Chad]

I'll be selling a guitar on Ebay in the next month or two and it should go over $3K. It's both the most expensive guitar I've ever bought and the most expensive I've ever sold. What is the best way to accept payment for an expensive item like that? Paypal? M.O. or cashier's check? I know they all have their pros/cons, but I'd like to hear your opinions. Thanks.

[AzPilot]

DO NOT USE PAYPAL. I am going through a scam right now. Might lose my money on a sale, and the asswipe still has my gear. Money Order only from now on for me.

[slash]

Paypal is quick but at 3K you are going to take a big hit. M.O. and Cashiers checks are fine as long as they are not counterfeit

[finnman]

I like Postal Money Orders.
When I bought my SL2H off e-Bay, I payed With PMO,
with a signed confirmation with a receipt sent back to me.
PMO are only good up to something like $600 dollars so I had to send 2 of them.
Good luck

[mhenson42]

I've bought and sold alot of high $ stuff on ebay without any problem. As a buyer, I would never buy anything over $100 without using paypal. That way I can use my credit card and do a charge back if the seller trys to screw me. With a money order, once you send it, the money is gone and you have no recourse with the seller.

I have done direct wire's to peoples accounts too. I've only done that with deals on music forums with well know posters. I work for a bank so it is free for me and the seller. You should consider accepting that form of payment. The buyer would incurr the fee at his bank - most likely around $20. A far cry from the $100 or so you'd have to do with paypal. Once you have the cash in you account, they can't get it back either.

[Chad]

Will the Post Office cash their money orders? I'm trying to picture them futzing around trying to round up $3K+ at the front counter.

[Chasbo]

You can deposit a PMO at your bank.

chuck

[mhenson42]

Take it to the PO and make sure it is real. Then deposit it at your bank.

[RacerX]

Will the Post Office cash their money orders? I'm trying to picture them futzing around trying to round up $3K+ at the front counter.

They will, only if they have enough cash on hand...so your concern is valid. I remember well the day I tried to get a paltry $300 out of my local PO.

[Chad]

How long does it take to know if a money order is okay and not counterfeit, stolen, payment has been stopped, etc.? i.e. what is a reasonable time to wait to ship an item after you deposit the money order?

[RacerX]

Good question. Let's see if the Consumer Guide to Internet Fraud has that info: http://www.carbuyingtips.com/fraud.htm

[Chad]

Good question. Let's see if the Consumer Guide to Internet Fraud has that info: http://www.carbuyingtips.com/fraud.htm

After reading that I'm sitting here with tinfoil on my head.

[RacerX]

Better safe than sorry, right? The answer is 14-21 days.

[Chad]

Better safe than sorry, right? The answer is 14-21 days.

Yep. Wow, I wonder if buyers would be okay with that.

[Bengal65]

Yep. Wow, I wonder if buyers would be okay with that.

No, I don't think so. Money orders at the USPS are in $1000 increments. I know I just had to get several. PayPal seems the best to me even though you take a 3% hit. The buyer is more comfortable as well.