The Payment Methods on eBay
No longer is cash the only accepted mode of payment for purchasing an item. As the concept of trading evolved, so did the means of paying for your goods. Today's electronic world pushes the envelop further. With the advent of online trading systems such as eBay, there are now numerous ways to make a payment. First of all, on eBay, the mode of payment depends on the agreement between the buyer and the seller. Most often, the seller will specify his or her desired payment method. In these cases, the seller often has the final word in the decisions regarding payment modes. However, the buyer may still communicate with the seller regarding another way to pay if it suits both parties. The following is a list of common eBay payment modes. Cash On Delivery Cash is, well, cash. It is NOT a method of payment that I endorse if you plan to send it through the mail. This payment method can be done through a third party courier system or by the buyer and seller meeting each other at an agreed place. The advantage of a cash transaction is that the exchange of the item for payment is done in the presence of the buyer and the seller. The seller can even send a representative in his place. However, some people will not accept the risk present when two strangers meet. After all, you never know who you are really handing your money over too, or if you will ever see them again in case of a problem with the purchased item. Also eBay does not endorse cash OR cash wire transfers as a payment method. This is important, because if you pay by cash, you do not receive protection under the eBay Standard Purchase Protection Program. You also do not retain any proof of your payment, and therefore will have little to no remedy for transaction problems. Paying with personal check, cashiers check or money orders You can pay with a personal check, cashiers check or a money order as long as your seller accepts this payment method. Writing checks is easy and safe. After you win the auction and send your information to the seller, you will receive detailed payment instructions. The advantages of using personal checks include the fact that you can trace the payment to a specific mailing address and you can use it to provide a proof of payment. Under the eBay Standard Purchase Protection Program (minus $25 for processing costs), a personal check is covered up to $200.00. Finally, most banks offer a stop payment service if problems arise and the customer complains before the check is cashed. Then there are some money order services that may have the option to also stop payment. The disadvantages for writing a personal check include the fact that the seller must wait for the funds to clear. Also your payment may be almost impossible to recover in cases of fraud. Finally, due to the fact that banks can stop checks, many sellers do not like accepting checks because they are too easy to cancel. Paying with a credit card There are some sellers that are set up to take credit card payments. They either have their own merchant account or is set up through another payment processor. This means that you would have to provide your credit card information to the seller. The advantage of paying this way is that the payment is convenient, immediate, and traceable. It also provides limited liability coverage. Credit card companies typically provide some level of identity and purchase protection whether you are paying with your credit card through PayPal, or directly to the seller. If you are not sure or have any further questions. then you should contact your credit card company to learn more. There is one thing to keep a note of. Since credit card purchases are generally protected by your card company, if problems arise you must go through your card company before applying to the eBay Standard Purchase Protection Program. Escrow.com Escrow.com is the payment of choice for purchases over $500. Escrow.com holds the buyers money from the seller until the seller delivers the item. Only then will the funds be released to the seller. This system makes for a very safe, although highly procedural transaction. Wire Transfer This is the payment of choice for countries that do not carry the PayPal service. Wire transfers are risky because the buyer usually has to wire over the funds before the seller sends the items. The chance for non-delivery of items is high. Other Payment Systems The number of third party payment services is steadily on the rise. Their systems for payment vary. However, to be successful they must be convenient to use and safe as well. PayPal Then there is PayPal. PayPal is the payment of choice on eBay. In fact, eBay owns PayPal. Using PayPal is easy, convenient, and relatively safe. PayPal acts as like an internet ‘wire transfer After signing-up for PayPal, one may send cash to anyone with an email address using the PayPal system. The advantage of using PayPal is that PayPal also has security features that safeguard against fraud in case there is a dispute between the seller and the buyer. They offers PayPal Buyer Protection on qualifying items - up to $1,000 in free coverage. You can get additional limited protection through PayPal's Money Back Guarantee. Also the payment is traceable. You can track the status of your payment using My eBay or your PayPal account. It is convenient and immediate. You can pay it directly from the item listing page and the seller would see the payment deposited directly into their account. Russell Darden has been an eBay seller and buyer since 2002. He has long been an advocate of helping new entrepreneurs get started making money online... especially on eBay. You can see more of his ideas at howdoyouebay.com/ |
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