Question about Buying and Selling

Hi guys. Even though I'm not selling anything but I didn't know where else to post this so I'm posting here. Accept my apologies. My question is about buying and selling online, more specifically about making and receiving payments online.

I wish to buy and sell online but I'm not yet comfortable about the whole thing. You guys seem to know what you guys talk about so maybe you can help me out.

If I buy something online, say on this website, then how do I pay the seller? I have signed up with a PayPal account but what if I pay the guy and he never ships it to me? Or ships something other than what is advertised (maybe a bad condition model)? What safety does a buyer have when using PayPal? Secondly, why do people not like to accept checks or money orders? Is it only because of the fear that the check may bounce or is there any other reason?

The other side of the equation is the selling part. If I sell something and want to accept PayPal as well as traditional check or money order, then I've heard some people say that even if the check or money order clears even then the payment may be revoked because it may not be legit. What's that all about? And what's the best and safest way to accept payments?

Thanks a lot!

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Originally Posted by houstonian1213

Hi guys. Even though I'm not selling anything but I didn't know where else to post this so I'm posting here. Accept my apologies. My question is about buying and selling online, more specifically about making and receiving payments online.

I wish to buy and sell online but I'm not yet comfortable about the whole thing. You guys seem to know what you guys talk about so maybe you can help me out.

If I buy something online, say on this website, then how do I pay the seller?

It depends on the terms the seller requests.

I have signed up with a PayPal account but what if I pay the guy and he never ships it to me? Or ships something other than what is advertised (maybe a bad condition model)?

That's the risk you take when buying online in an unregulated media. You have to do your best to research the seller and pay strict attention to the terms of the sale. Plus there are guys around (like me) who monitor sales discussions and will offer constructive input to prevent any problems.

What safety does a buyer have when using PayPal? Secondly, why do people not like to accept checks or money orders? Is it only because of the fear that the check may bounce or is there any other reason?

Well, 1st it records the transaction. There is some sort of fraud protection involved. But ultimately it is your choice to send the other person money. Never send Paypal without confirming who/where the seller is. This prevents getting burned by an unknown person.

The other side of the equation is the selling part. If I sell something and want to accept PayPal as well as traditional check or money order, then I've heard some people say that even if the check or money order clears even then the payment may be revoked because it may not be legit. What's that all about? And what's the best and safest way to accept payments?

Accepting checks is tricky due to the 'clearing' process. Your bank may accept the check when you deposit it, but it could then never make it to your account. Therefore people will sit on the shipment until the deposit is confirmed. This causes some discussions on the legitimacy of the seller, when in actuality he's looking out for his financial well-being before shipping.

The best advice is to use your common sense. Obtain as much info about the buyer/seller as you require to feel comfortable. Be smart with your decisions and you will never have a problem.

Thanks a bunch. It's starting to make more sense and hopefully the responses that follow will fill up any gaps in between but I sure do appreciate the insight.