Advice needed on time payments

[comicwiz]

I have never offered time payments, but I am thinking of making an exception as I have been asked by someone with which I have already had a positive dealing. Can anyone offer advice on how to carry this type of transaction out to protect both our interests, and make sure that I'm not stuck with a messy situation? The only ground work we have laid out thus far, is that I won't release the book until payment is made in full. I'm hoping that payment can be made in four seperate installements, which can be staggered over the period of the next four-months. Any and all advice would be greatly appreciated. I expect to respond to his inquiry by tomorrow at the latest. Thanks

[THE_BEYONDER]

Just divide the payments into 4 easy installments......and ship the book when the 4th payment is received.

 

I bought my Hulk 181 in 3 installments.

[comicwiz]

Thanks Chris.

 

Were you asked to sign any agreement or contract? Or were the terms established between email corresondence or verbally over a telephone conversation?

[THE_BEYONDER]

I contacted the seller via Email.....and we verbally worked out an agreement.

 

Did the buyer purchase the book from you through Ebay? I used the seller's BIN as soon as we had agreed on the payment arrangements.....and made my 1st payment within 14 days of auction close.

 

Being the seller, I don't think you have anything to worry about at all. The book will remain in your hands until payment is made in full....so there isn't really any risk.

 

Just make sure that the Buyer understands that they can't "back out" of the transaction after making a couple payments....and ask for a refund.

 

I'm sure that the buyer will appreciate you giving them an opportunity to purchase a book that they otherwise couldn't afford. I know I did.

[Aces]

If it's over a $1000.00 I'd suggest a written contract.

Also I would offer a refund other than a 15%-20% (most of the first payment) charge for "restocking".

Sometimes people get sick, or even pass away , on short notice.

[comicwiz]

I appreciate the advice Chris.

 

The book is on the Paradise Auction site, and there is a BIN which I'm sure he's interested in hitting. He's been a very gracious person in our first dealing (in fact, I'm just in the process of sending his book as we speak), and I wouldn't expect anything but the same for our next transaction. I'm just worried about the prospect of something coming in the way of meeting his commitment, and then renagging on the deal. I may decide to write out some simple terms in an email and just have him agree to them with a reply message stating that in the unlikely circustance where payments cannot be completed, he adknowledges that he cannot forfiet the transaction without some kind of financial penalty (sort of what Aces describes as a restocking fee). To be honest, I'm not crazy about imposing such conditions, but it may help reinforce the notion of staying committed to his end of the deal. What do you guys think?

[fantastic_four]

To be honest, I'm not crazy about imposing such conditions, but it may help reinforce the notion of staying committed to his end of the deal. What do you guys think?

 

I wouldn't be crazy about a imposing a penalty either, but realistically, he's preventing you from selling the book...so if he can't finish paying...him losing you opportunities shouldn't be your problem. The non-payment penalty is a good idea, but you'll need to spin it as positively as you can.

[chrisco37]

No, a "re-stock" fee or non-refundable deposit is perfectly acceptable on time payment items. Like "other Chris" said, I think your best bet (if it is a high $$ item, which I assume it is) is to write up some terms and have both of you sign it.

 

Chris

[comicwiz]

If it's over a $1000.00 I'd suggest a written contract.

Also I would offer a refund other than a 15%-20% (most of the first payment) charge for "restocking".

Sometimes people get sick, or even pass away , on short notice.

 

Good advice Aces. Do you think the 15-20% is steep?

[THE_BEYONDER]

I think Aces idea is a good one. Tell the buyer that you will accept the time payments, but express your concern about them not being "able" to complete payment.

 

Your doing the buyer a favor by allowing installments, so I'm sure they wouldn't have any problem agreeing to some kind of financial "penalty" were they to back out of the transaction.

 

Once you agree on the "penalty", get the buyer to put it into writing.....and save a copy of that Email just in case.

 

If the buyer will not accept your terms, then there is no reason you should help them out with payment....

 

Keep us posted.

[comicwiz]

I wouldn't be crazy about a imposing a penalty either, but realistically, he's preventing you from selling the book...so if he can't finish paying...him losing you opportunities shouldn't be your problem. The non-payment penalty is a good idea, but you'll need to spin it as positively as you can.

 

Thanks James

 

In a sense, his bid is a contract to fulfill his obligation of payment. And your right, as I'm kind of concerned about the spin I use on imposing the penalty... I can't imagine any financial penalty being all that positive to anyone

[THE_BEYONDER]

If it's over a $1000.00 I'd suggest a written contract.

Also I would offer a refund other than a 15%-20% (most of the first payment) charge for "restocking".

Sometimes people get sick, or even pass away , on short notice.

 

Good advice Aces. Do you think the 15-20% is steep?

 

If the buyer is concerned about a 15-20% penalty.....that would suggest that they are unsure about their ability to complete the transaction.

 

When I bought my Hulk 181, although no penalty was discussed.....I would have had no problem with it. I had every intention of purchasing the book.....so the idea of losing money due to a failure to pay on my part.....wouldn't have concerned me at all.

[comicwiz]

No, a "re-stock" fee or non-refundable deposit is perfectly acceptable on time payment items. Like "other Chris" said, I think your best bet (if it is a high $$ item, which I assume it is) is to write up some terms and have both of you sign it.

 

That is the last piece of the puzzle I guess; should I go as far as having him sign a written document and fax it to me, or will an email suffice? I have a few customer service agreements I can refer to which I use for freelancing IT/web dev contracts. I won't go into the same level of detail, and I really hate the impersonal nature of introducing the contract, but at this point, I just want to make sure I have something in writing. Do you think this is too drastic?

 

I'm going to work on the terms, and I'll keep you all posted. A big thanks to everyone for their help on the matter.

[seank]

Another option is to get four post-dated checks from him. Once the last one clears, send the book.

 

As far as a written agreement goes, I think it all depends on the value of the book and the value(s) of the buyer. There's people I know who I would do a $5,000 deal with on a handshake alone and there's others that I would require an IOU from if they wanted to borrow $50.

[Aces]

Well I was thinking a $1000 book and a $150 (15%) fee would seem fair.

But if it's a $5000-$10,000 dollar book then maybe that's too steep.

Maybe make it half of the first payment (12.5%)?

 

Hey Beyonder!

Is your real life name Chris?

[THE_BEYONDER]

[Aces]

Mine is too!

 

That's at least 3 people named Chris here.

[THE_BEYONDER]

a>=

[minutekev@50]

Oh yeah? Well don't get started on the name

 

[chrisco37]

Mine is too!

 

That's at least 3 people named Chris here.

a>=

 

Word!