accepting paypal for a bike sale?

[SilverDragon]

I've had an offer for the 125 but paypal is how the guy wants to pay. Something about not having actual money in my hand makes me not really willing to do it this way.

Has anybody sold big stuff with paypal before? I've bought a ton, but never sold. Would it be feasible for me to accept the payment, but put a hold on it until I can get a check from paypal that I can then cash/deposit?

[Crash Dummy Denno]

you are going to have to make sure he pays the fees as they will be a large chunk of your profit gone if not

also, get a verified acct and you can transfer is out into your bank acct ASAP - otherwise your limited to 500 per month withdrawal

[Origin]

why does he not want to use cash or a money order or something like that?

[viva_brasil]

fees will eat up some of what you will make, so for bigger amounts its not ideal for the seller. But if you choose paypal, you can wait for the money to clear in your account, or you can ask for a check from paypal. Don't know if there's extra fees for a check though? never did it myself.

I just sold my F3 and the guy mailed me a check. I didn't mail him the title until the check cleared in my account.

[BLACK SQUIRREL]

The reason he wants to pay with paypal is I bet he is paying for it with a credit card. I have been the buyer before, the fees are like 3%

[dingley00]

i bought my bike from a guy using paypal.. it's kind of a long process, but it all worked out smoothly. the buyer of course pays the paypal fee. make sure you both have premier accounts!

[richw]

$$$$ = bike

[Jayspeed]

The reason he wants to pay with paypal is I bet he is paying for it with a credit card. I have been the buyer before, the fees are like 3%

Yep, roughly 3% you will get charged when you recieve the payment. +1 on being verified so you can directly deposit the money into your bank account.

[Kurlon]

Setup a new account at your bank to use with paypal, and setup a new paypal account and get verified using it. Don't keep money in it, and don't tie it to other accounts for overdraft/etc. Once you've got the cash, close the bank account.

If he decides 28 days later to protest the transaction with Paypal, they'll try to yank it out of your bank account, and are real SOBs about releasing it back.

[Slyder]

Nowadays, if so and so cannot go to their bank, get a cashiers check made out to you...well, screw 'em. sell it to someone else.

Is this buyer somewhat local? I'm guessing so. If they are, I'd tell them cashiers check / money order from the bank or no sale.

[mycirus]

Setup a new account at your bank to use with paypal, and setup a new paypal account and get verified using it. Don't keep money in it, and don't tie it to other accounts for overdraft/etc. Once you've got the cash, close the bank account.

If he decides 28 days later to protest the transaction with Paypal, they'll try to yank it out of your bank account, and are real SOBs about releasing it back.

Yeah dont do it. Paypal usual sides with the buyer and he can say he didnt get it or what not and boom, they pull the money back. If he wants to use a credit card he can cash advance it at a bank for a check.

[BMFR6]

Yeah dont do it. Paypal usual sides with the buyer and he can say he didnt get it or what not and boom, they pull the money back. If he wants to use a credit card he can cash advance it at a bank for a check.

i agree with this neal, you don't want to come up empty handed with this and i'm sure there will be plenty of other offers on that bike. (now i am not just trying to get you to hold on to it... )

if the guy is trying to buy a race bike on a credit card, you're already doing him a favor by not selling it!

[zaltzy]

something about it seems sketchy. If you don't need the cash that bad i would wait for another buyer or tell the kid no cash no sale