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Selling Coins on eBay - Payment Methods
The first priority with payments is to always acknowledge
them immediately. Send an e-mail thanking the buyer for the payment,
identifying
the purchase by eBay number and title, and telling them when the item is going to be
mailed. If you are going to wait for a check to clear you should say so, and
estimate the mailing date for the purchased item. It’s good manners, and it’s
good customer care.
PayPal
All the information below should be verified on PayPal’s web site at www.paypal.com Changes can and do occur from time to time…
PayPal provides safeguards for buyers, through their Buyer Protection scheme. If you choose to accept PayPal payments (expect your sales to be much lower if you don’t), you’ll need to create a PayPal Premier or Business account to enable high bidders to pay using their credit cards or bank account as they choose. PayPal can take a few days to verify your information, so do this as soon as you can!
Clicking on the link below will start the easy process of opening your own PayPal account to accept card payments.
With Paypal, you never see the buyer's card numbers or details, which gives you the security of knowing you can never be accused of misusing that information, and the buyer the knowledge that you couldn't do this even if you wanted to!
In our experience, problems with PayPal are rare, and we find it an excellent method of receiving US dollars no matter in what currency your world wide customers decide to pay (you always get paid in your home country's currency).
As it also lets them use their credit cards it creates many and better bids that would not otherwise have been placed. The fees are reasonable, and in line with what most credit card companies would charge if you accepted card payments directly. It's been our sole method of accepting card payments for five years.
Other Payment Methods
Money orders, cashiers checks and cash are all pretty much safe payments, and you can generally release the item as soon as payment is made.
Personal checks are a little different. In five years of selling on eBay we have never had a personal check bounce (eBay collectors are an honest group), but one might sometime!
Many people believe a check clears when the cash becomes available in your account. Far from it, a check can bounce up to ten days or more after banking, and your bank will then simply retrieve the payment from your account. Do whatever you feel comfortable with, and remember that small risks are all part of running a business.
Good payments and expenses records are essential at tax time. We use QuickBooks, and find this comprehensive but easy method of keeping records to be excellent. Click on the link below to find out more.
Next we look at the all important topic of Customer Care.