Author Topic: preferred $ transfer methods for bike sales  (Read 1739 times)

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Offline flybox1

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preferred $ transfer methods for bike sales
« on: August 02, 2016, 10:39:18 PM »
Possibly selling a bike to someone in another state.  They are arranging shipping, pick up, etc.
If youve sold a bike in this manner, what payment methods have you used?
What would you suggest, caution against, etc?
Ive only done face to face, cash and a handshake transactions....
'78 750K (F3 engine) PD42b's, Modified airbox w/K&N  filter, 40/110 jets, 1 needle shim, IMS@ 1 turn out. Kerker + Cone 18" QuietCore

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Offline carnivorous chicken

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Re: preferred $ transfer methods for bike sales
« Reply #1 on: August 02, 2016, 11:30:50 PM »
Money order or cashier's check. Or cash (somehow). Or Western Union.

Paypal has a default take-the-buyer's side in a dispute that could screw you -- never happened to me, but there are plenty of Ebay sellers who have been screwed this way.

I imagine a bank-to-bank transfer would work as well -- I've done it paying for things, and had people transfer to me, but I'm just not sure what would happen if there was a dispute.

And, obviously, no checks.

If they do a money order or cashier's check, you can also tell them they have to wait a reasonable amount of time before it clears -- or go to the bank at which it is drawn and cash it immediately. Some people try to scam with fake cashier's checks but they are usually pretty suspect looking.

If it's someone out of state and you tell them you want the check to clear or you need to be able to cash the check before you ship, if they balk at that reasonable request then that should raise some flags. And, overall, trust your gut. I've done some deals where I just kind of had the intuition that it was right ( recently broke a rule and took a personal check for some work, but the guy seemed nice and genuine and no trouble cashing the check a few days later).

Offline Scott S

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Re: preferred $ transfer methods for bike sales
« Reply #2 on: August 03, 2016, 03:34:45 AM »
 1. Cash is king
 2. Bank transfer
 3. Cashiers check
 4. Money order
 5. Paypal (but fees are involved) or check (with a hold time until your bank confirms that the money is YOURS)
 
 I've heard about too many Western Union scams. And PayPal does generally default in the favor of the purchaser.

 Lately, I've been doing bank transfer and sending the title via certified mail once it clears. Either way, somebody has to trust the other person.
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Offline flybox1

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Re: preferred $ transfer methods for bike sales
« Reply #3 on: August 03, 2016, 06:57:13 AM »
Thanks guys.  This gives me enough to go on.
Might be shipping the 550 to AK  :-\
'78 750K (F3 engine) PD42b's, Modified airbox w/K&N  filter, 40/110 jets, 1 needle shim, IMS@ 1 turn out. Kerker + Cone 18" QuietCore

Past Bikes
1974 550K0 (stock), 1973 CB350F (stock), 1983 Yamaha XS400K (POS)
77/78 cool 2 member #3
"Knowledge without mileage equals bullsh!t" - Henry Rollins

"This is my CB. There are many like it, but this one is mine…"

Offline TomsK8resto

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Re: preferred $ transfer methods for bike sales
« Reply #4 on: August 03, 2016, 07:23:50 AM »
I would suggest you talk to the folks at your bank.

Tom
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Offline luvmy71

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Re: preferred $ transfer methods for bike sales
« Reply #5 on: August 03, 2016, 07:38:38 AM »
Glad to hear you were able to sell that nice bike. 

I would suggest either having the buyer send you a check or use Venmo through their bank account.  For non credit card transactions Venmo doesn't charge a service fee.  So just make sure the buyer isn't putting the transaction on a credit card and there won't be any fees.  If you go the check route just make sure the check clears and funds are available for withdrawl from your account before the bike is shipped.  And don't send the Title to the buyer until you have access to the funds.

Good communication is also key.  Keep the buyer informed as to receipt of the check or venmo funds in your Venmo account and when they are transferred to your bank account.  Communication helps assure the buyer they aren't being scammed.

   
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Offline 754

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Re: preferred $ transfer methods for bike sales
« Reply #6 on: August 03, 2016, 08:24:45 AM »
If you send the mney as a gift thru paypal..no protection.and if you make a mistake typing it in, and someone has that address.. Good luck getting it back..paypal wont help..
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Offline Duanob

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Re: preferred $ transfer methods for bike sales
« Reply #7 on: August 03, 2016, 08:42:33 AM »
Don't do PAYPAL! I've had money retracted after shipping an item on ebay once. Luckily it was going to Canada and the customs agent called me because the address in Canada had an issue. I told them just to send it back to me. Then the A*hole buyer had the balls to give me negative feedback because he didn't get the item. That's why i don't sell much on Freak-bay anymore.

Other than that I don't have an answer for you buddy. I've heard issues with Western Union as well. Maybe some sort of online escrow company? They hold the check and the title until all parties are satisfied and paid.
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Offline flybox1

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Re: preferred $ transfer methods for bike sales
« Reply #8 on: August 03, 2016, 09:03:22 AM »
I think i'm going to go the cashiers check route, then certified mail the signed title back to him once the funds clear.
He seems like the real deal, but i'm still apprehensive.
We shall see.
In the meantime, this sure is a fun & nimble bike  8)
'78 750K (F3 engine) PD42b's, Modified airbox w/K&N  filter, 40/110 jets, 1 needle shim, IMS@ 1 turn out. Kerker + Cone 18" QuietCore

Past Bikes
1974 550K0 (stock), 1973 CB350F (stock), 1983 Yamaha XS400K (POS)
77/78 cool 2 member #3
"Knowledge without mileage equals bullsh!t" - Henry Rollins

"This is my CB. There are many like it, but this one is mine…"

Offline la ca fe

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Re: preferred $ transfer methods for bike sales
« Reply #9 on: August 03, 2016, 09:56:17 AM »
There is a "Friends or Family" option on PayPal that allows money to be transfered without a fee and a no refund.
Cashiers Check is best. Will take three days to clear on your end. Release the bike after it clears, also call the bank the check is drawn against just to be sure.
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Offline bochnak

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Re: preferred $ transfer methods for bike sales
« Reply #10 on: August 04, 2016, 12:16:48 PM »
I got burned back in 2002 when I sold a bike and received a "cashiers check" that was fake. Both the bank and police said they couldn't believe it was fake...looked legit.

Talk to your bank and see what they recommend.

Only way I accept a cashiers check nowadays is if I am at the buyers bank and a see the darn thing print out with my own eyes.

Offline flybox1

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Re: preferred $ transfer methods for bike sales
« Reply #11 on: August 04, 2016, 12:36:48 PM »
I got burned back in 2002 when I sold a bike and received a "cashiers check" that was fake. Both the bank and police said they couldn't believe it was fake...looked legit.

Talk to your bank and see what they recommend.

Only way I accept a cashiers check nowadays is if I am at the buyers bank and a see the darn thing print out with my own eyes.
Im not releasing the bike until the funds clear.  ;)
'78 750K (F3 engine) PD42b's, Modified airbox w/K&N  filter, 40/110 jets, 1 needle shim, IMS@ 1 turn out. Kerker + Cone 18" QuietCore

Past Bikes
1974 550K0 (stock), 1973 CB350F (stock), 1983 Yamaha XS400K (POS)
77/78 cool 2 member #3
"Knowledge without mileage equals bullsh!t" - Henry Rollins

"This is my CB. There are many like it, but this one is mine…"

Offline mrbreeze

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Re: preferred $ transfer methods for bike sales
« Reply #12 on: August 04, 2016, 01:12:15 PM »
+1 on no paypal. If the person you sell to can't see the bike in person that's on him. The best you can do on your end is be honest up front. If there are problems with the bike ...explain them. Show them in pictures. Without a test drive he wouldn't know if the bike shifted smoothly through all gears or any other concern unless you told him up front. The paypal thing is an easy way to lose your a$$ if he feels cheated in the deal. Then you have to go a long ways out of your way to make things right (or set up a Brimmer situation!!).
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Offline flybox1

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Re: preferred $ transfer methods for bike sales
« Reply #13 on: August 04, 2016, 01:15:45 PM »
HA!
I'm positive there aren't enough members in Alaska to carry out a Brimmering  :P
Thanks again for the suggestions. 
'78 750K (F3 engine) PD42b's, Modified airbox w/K&N  filter, 40/110 jets, 1 needle shim, IMS@ 1 turn out. Kerker + Cone 18" QuietCore

Past Bikes
1974 550K0 (stock), 1973 CB350F (stock), 1983 Yamaha XS400K (POS)
77/78 cool 2 member #3
"Knowledge without mileage equals bullsh!t" - Henry Rollins

"This is my CB. There are many like it, but this one is mine…"

Offline Don R

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Re: preferred $ transfer methods for bike sales
« Reply #14 on: August 05, 2016, 08:37:43 AM »
 I made a sale a few weeks ago and when I took the cash to the bank the teller held every bill up to the window  to check for fakes. Dang. Thank goodness they were all good.
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Offline bochnak

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Re: preferred $ transfer methods for bike sales
« Reply #15 on: August 05, 2016, 10:57:05 AM »
I got burned back in 2002 when I sold a bike and received a "cashiers check" that was fake. Both the bank and police said they couldn't believe it was fake...looked legit.

Talk to your bank and see what they recommend.

Only way I accept a cashiers check nowadays is if I am at the buyers bank and a see the darn thing print out with my own eyes.
Im not releasing the bike until the funds clear.  ;)

That is what I should have done.

Offline tlbranth

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Re: preferred $ transfer methods for bike sales
« Reply #16 on: August 05, 2016, 02:57:59 PM »
The problem with him sending you a cashier's check and you waiting for it to clear is that he has no protection against fraud from your end. Some type of escrow is needed but dunno how that'd work.
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