How to get PAID ! What form of payment?

[tungularafishcamp]

When we bought the l48 in Oregon, after talking to the guy a few times on the phone I was pretty sure I wanted it so we rented a trailer the next day and drove over to look at it, it was just like he said so my wife rode with his wife to their bank and we wired the money while he helped me load it then rode with me to town to meet the ladies for lunch. No risk, no worry for either party.

 

[cowski]

sixdogs lawyer and escrow is not 100%. i thought it was.

 

[Ledge End]

sixdogs lawyer and escrow is not 100%. i thought it was.

CowSki - would you elaborate on what the catch is?

tungularafishcamp - it seems that as the buyer and now holder of the goods (L48) you have nothing to worry about. The seller however has to worry that you don't reverse the transfer of funds. That is the central part of this whole issue. It is easier for a buyer to get their money back than for the seller to get their tractor back after the initial exchange is made.

Almost all transactions are done without a problem. I believe that most people are honest, especially tractor people However, the size of the transaction along with the ability of the tractor to pretty much disappear once it leaves my property got me to thinking more on this topic. Maybe this was also triggered by a comment a store owner made about the futile nature of trying to collect on bad checks, even from local people and a local bank. Bigger ticket items make it worth traveling to another state to get the machine you want. Out of state / out of country make it more important for the seller to make sure they have good funds before they let the machine go. I am shocked that it seems that the only way to do this is to bring cash to the bank. And my banker told me that we now have a cashless society

 

[Bluegill2]

And my banker told me that we now have a cashless society

That's what the big banks and powers to be want. But it hasn't happened yet...

 

[tungularafishcamp]

Ledge end, I might be wrong am definitely not a banker or even bank savvy but I thought once a wire transfer was done it was a done deal? Instantly from my bank account to yours and no way to get it back unless you say so??

 

[Bluegill2]

Ledge end, I might be wrong am definitely not a banker or even bank savvy but I thought once a wire transfer was done it was a done deal? Instantly from my bank account to yours and no way to get it back unless you say so??

I have sold and shipped stuff over seas and got paid by wire transfer. I was concerned so ask my bank about it and they said; "The money goes into your account, but no money can be taken out of your account"...

 

[cowski]

i do not know how explain it with out divulging private information .just ask your lawyer how it can be lost .if he says it can not, get a better lawyer.

 

[Ledge End]

tungularafishcamp - I am not an expert here either. I thought a wire transfer was only one way. Then again I thought that a cashier's check was as good as cash. I'm asking questions because for me the $10k sale is a biggie and I don't want to end up on the short side of the deal. My local banker has been little help. I'm not offering advice, I'm looking for a sure way to get paid. I certainly thought that in this day of whiz bang puters and high tech fully connected banking systems that there would be a plethora of options. So far the best one seems to be "bring cash to the bank teller for deposit into my account". My only other option for a non-business hr. deal is to take pre1960 coins at market value. Sounds stupid, I know, but then I won't worry about counterfit paper. Heck, with all the changes in our paper I don't even recognize the real stuff anymore.

On a similar note - I handed a $100 to the thruway toll person to pay for my toll and they wanted my ID and filled in a form with the serial number on the bill. Apparently they can't tell if a bill is fake either. For me the kicker is that they gave me back a $20 which, as I understand it, is the most counterfitted denomination. I should have asked him for his ID.

 

[NHmitch]

We do a lot of business in the equine industry, and like I said, we sell horses both internationally, and stateside. We have checked, and then checked again to ensure that wire transfers are a one way deal only, and they are, and we have never had a single penny taken out. A buyer once tried to break a contract, and retract funds, and he was unable to do so, and our bank alerted us, that he had attempted to withdraw a wire transfer, and was categorically denied, by both banks. It may give you a piece of mind to talk to you bank about it, and I would recommend doing so if you have not done a wire transfer before. We have been in the equine business for 15 years, and never had one bad wire transfer. They only issue we ever had, was a buyer not calculating the exchange rate, but that had nothing to do with the wire, or the banks. It is by far the safest way to do a large cash transfer if you are unsure about the seller. I also like to do business with people in person, and tend to trust people, but we have had fake US Postal Money Orders, bad checks, and once, counterfeit bills. It was only a few, and the buyer may not have know, but the bank caught it, and we were out that amount. We do have a second checking account, and it is a free account, that we opened at our bank, and we only use that account for wire transfers. I personally don't like these funds going into our main account, mainly because we often handle the money for the seller, from the buyer, so we don't want any discrepancies, if we need to show them a ledger.

 

[Bluegill2]

I've been self employed for over 20 years selling stuff here and other countries. Never any counterfeit bills, bad bank checks, bad personal checks, bad paypal deals, or bad wire transfers. But always prefer cash.