How to get PAID ! What form of payment?

[NHmitch]

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.

I wish that I could say that we have not, but unfortunately, there is a lot of fraud in the equine industry, especially when we have dealt with our overseas sales. They always want to ship very, very quickly, and luckily our bank has caught the fraudulent items. The first time was a nightmare, because they bank overdrew our account completely, "to protect our funds", however I think it was to protect the bank, and it took two weeks to get the money put back in, and for their fraud dept to clear our account, and issue us a new account number. This is why we only deal with wire transfers now. I wish that we didn't have too, because they are more expensive, but they do give us a piece of mind, and if someone absolutely does not want to do a wire transfer, then we don't sell the horse. Most of the sales are not in person, and there are agents involved for both the buyer and seller, and the only time a client verifies the horses condition, is after a vet check is done, and most times, they never see the horse until it arrives. We have to produce very good videos, and photos to sell these horses. It is a tough business, and if you can make enough to break even with a enough profit to supplement our regular income from the farm, then you are doing well. We just can't afford to take chances, and most people are very understanding.

 

[Ledge End]

Well, the sale is done. Buyer brought cash, handed it to the teller at my local bank and I got the deposit slip back. I then gave him the signed bill of sale.

I am still making inquiries into other not-in-person payment methods. Wire transfer is high on that list but I am far from convinced that it is not reversable. This has become one of my passive interest areas.

 

[Ledge End]

Well, the sale is done. Buyer brought cash, handed it to the teller at my local bank and I got the deposit slip back. I then gave him the signed bill of sale.

I am still making inquiries into other not-in-person payment methods. Wire transfer is high on that list but I am far from convinced that it is not reversable. This has become one of my passive interest areas.

 

[edlegault]

Can someone explain in detail how a wire transfer works? I always thought the payor (sender) had to have the payee's (receiver's) bank account number to send money. Once some unethical sender got your account number they could withdraw funds. So... someone please explain how it works in detail. And the protections built in to the system.
thx.

 

[joshuabardwell]

Can someone explain in detail how a wire transfer works? I always thought the payor (sender) had to have the payee's (receiver's) bank account number to send money. Once some unethical sender got your account number they could withdraw funds. So... someone please explain how it works in detail. And the protections built in to the system.
thx.

That's my understanding too, but I could be wrong. I have heard that the safe way to handle that is to have two accounts. One receives the transfer. Then you transfer the money to the other account. Once it's safe, complete the sale.

 

[bcp]

Once some unethical sender got your account number they could withdraw funds.

Doesn't everyone who receives one of your checks have your account number?

Bruce

 

[NHmitch]

It is true that they have to have your account number, and your wire number, however every check transaction you have, the person you gave your check to has your full account number, and your routing number. When you use a debit card, or a credit card, they have your card number, your expiration dates, and your security code from the back, so essentially, there is no way that is 100%, however wire transfers are highly regulated, and insured, and the safest way on the market. The wire transfer system, is one that is controlled by the FDIC, and federal banking law, as well as international law. They have much higher security standards than a typical credit card/debit card purchase, or a bank check. They are also insured by the FDIC, and the funds have to be available, and confirmed in person by the sender, and the senders identity has to be confirmed in person at his/her own bank prior to sending a wire transfer. Then the wires are sent over highly secure, highly encrypted networks, that are monitored by the government, and the world banking organizations. Once the funds have been excepted into your account by your bank, they cannot be reversed, withdrawn, or changed. Below is a chart from the FDIC of how the funds transfer:

 

[Bluegill2]

Can someone explain in detail how a wire transfer works? I always thought the payor (sender) had to have the payee's (receiver's) bank account number to send money. Once some unethical sender got your account number they could withdraw funds. So... someone please explain how it works in detail. And the protections built in to the system.
thx.

Like Mitch said, money can be put into your account, but money can not be taken out. I was very concerned about this the first time I gave someone my back account info, but my bank assured me they could not remove funds from my account. A second account to receive funds is a good idea, but probably not necessary...

 

[navy599]

MHO get cash and complete the transaction at the bank where they check and deposit the funds into your account. you have taken the fears out of taking cash and know it is finished when the bank takes it. Forget paypal they charge too much. and can screw you in the end./ If I were going to be taking a bank certified cashiers check. before anything else happened a call to the bank to verify it's validity would happen before my item moved an inch. in all reality, if someone can go to the trouble to get the cashiers check they can go to the same trouble to get my cash. just my humble opinion.