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Time payments and deposits. Need input.

Started by Timmay,

194 posts in this topic

comicwiz

comicwiz

Posted
Posted

I think PayPal has plans which essentially move the payee arrangement to a lender scenario, where you're then responsible for paying PayPal, while the money you borrow goes directly to the seller. Line of credit or loan, it's essentially the "keeping broke people poor" model and a way for PayPal to explore different revenue streams.

 

However, this is not the same as what is being discussed here. Any time payments or deposit is not allowed using PayPal, and if the buyer files a claim and describes the payment as being an installment for a time payment schedule or deposit, the seller will lose.

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miraclemet

miraclemet

Posted
Posted
I wouldn't go for HIS number just to make that statement[/b].

 

I love this... its total efffff uuuuu thinking, and completely justified in this case..

 

I'd also argue if there were any other recent transactions for the book (like on ebay, clink etc) that were at or near the agreed to $1200 sale price it further justifies keeping the deposit because you pulled your book off the marketplace based on the "contracted payment plan" and could have realized that amount elsewhere...

 

 

if there were no sales its moot, and you just get to maintain the pre-existing moral high ground...

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DrWatson

DrWatson

Posted
Posted
I think PayPal has plans which essentially move the payee arrangement to a lender scenario, where you're then responsible for paying PayPal, while the money you borrow goes directly to the seller. Line of credit or loan, it's essentially the "keeping broke people poor" model and a way for PayPal to explore different revenue streams.

 

However, this is not the same as what is being discussed here. Any time payments or deposit is not allowed using PayPal, and if the buyer files a claim and describes the payment as being an installment for a time payment schedule or deposit, the seller will lose.

The moral of this story is to not accept paypal payments as installment payments for books on time. A check or money order is the way to go, at least for the initial deposit.

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comicwiz

comicwiz

Posted
Posted
I think PayPal has plans which essentially move the payee arrangement to a lender scenario, where you're then responsible for paying PayPal, while the money you borrow goes directly to the seller. Line of credit or loan, it's essentially the "keeping broke people poor" model and a way for PayPal to explore different revenue streams.

 

However, this is not the same as what is being discussed here. Any time payments or deposit is not allowed using PayPal, and if the buyer files a claim and describes the payment as being an installment for a time payment schedule or deposit, the seller will lose.

The moral of this story is to not accept paypal payments as installment payments for books on time. A check or money order is the way to go, at least for the initial deposit.

 

Absolutely. The same goes with local pick-up. Not allowed, and if you ever have someone tell you they'll pay using PayPal, insist on cash.

 

PayPal's whole seller protection framework is built on the need for tracking by a 3rd-party to verify receipt of goods.

 

There are extenuating circumstances - for instance, where a deal might be reached online (i.e. eBay) and the seller is amenable to local pick-up.

 

However even then, as a seller you're really stacking the odds against yourself by accepting payment via PayPal, because if the buyer files a dispute, what proof will you provide that they received it?

 

On time payments, what are you going to say you sent, and IOU with one tick struck, and two ticks left before you release the goods? Good luck explaining your way out of that honeyhole mirage.

 

8 out of 10 times, PayPal is the safest way to send money. But those two times it isn't happens to be the best two ways for scammers to rip you off!

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joeypost

joeypost

Posted
Posted
I can see keeping a percentage for your time, but keeping $300 or $600 is harsh. If you want to teach him a lesson keep $100 for your time and trouble, out him and move on.

 

The buyer seems to have over extended himself knowingly and now has to at least pay/face the piper.

 

I agree with you...but there's something incredibly dooshy about spending money when you owe and lying about the checks being in the mail. Maybe it's harsh, but I would rather not see people like that welcomed here 2c

 

How much harsher can it get than being shunned by a chat board? He cannot buy and sell here and gets tagged with a fee.

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lizards2

lizards2

Posted
Posted
If you don't have enough credit to put $1,000 on a credit card, maybe you shouldn't be buying expensive comic books? (shrug)

 

 

 

So..., I should stop taking double food stamp value in trade for books? :shrug:
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Fazybones

Fazybones

Posted
Posted
People have to be taught personal financial responsibility.

 

This wasn't caused by some unforseen situation.

 

It was exacerbated by the fact that the "buyer" decided to buy another book before the first one was paid for.

 

Greg

 

This is true and I'm probably the last person who should talk. :blush:

 

I find with time payments it's better not to even look at books

for sale until your original seller is paid up.

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Mark 1

Mark 1

Posted
Posted
Who else would agree to a $600 non refundable deposit? That's insane. Good for the seller for getting that agreement. The buyer certainly is at fault here for not fulfilling the transaction. However a $600 non refundable deposit is a lot to ask. I would never agree to those terms.

 

 

Depends on the size of the book though, doesn't it?

 

$600 is not a lot of money relatively speaking if it's a big book.

 

How much of a bigger inconvenience is it to remove a big book from the market and eliminate any other potential offers because you have it "sold" only to find out that they guy is backing out?

 

 

 

 

Good point Roy. I was really referring to this transaction where the book was $1,600. If we are talking about a 5 or 6 figure book...could be much higher. For me, $600 non refundable for a $1,600 is much more than I would agree to.

 

For the OP, the guy agreed to $600 and for that he should agree to lose it.

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The-Collector

The-Collector

Posted
Posted
Who else would agree to a $600 non refundable deposit? That's insane. Good for the seller for getting that agreement. The buyer certainly is at fault here for not fulfilling the transaction. However a $600 non refundable deposit is a lot to ask. I would never agree to those terms.

 

 

Depends on the size of the book though, doesn't it?

 

$600 is not a lot of money relatively speaking if it's a big book.

 

How much of a bigger inconvenience is it to remove a big book from the market and eliminate any other potential offers because you have it "sold" only to find out that they guy is backing out?

 

 

 

 

Good point Roy. I was really referring to this transaction where the book was $1,600. If we are talking about a 5 or 6 figure book...could be much higher. For me, $600 non refundable for a $1,600 is much more than I would agree to.

 

For the OP, the guy agreed to $600 and for that he should agree to lose it.

 

For me it isn't a matter of whether the deposit is proportional rather it is the fact that it was agreeded too.

 

I know the law in Australia rejects my opinion though. The Australian Consumer Law prohibits opressive terms and terms that seek to impose a punishment for breach. Punishment occurs when the cost of the breach imposed by the term exceeds the damage suffered by the seller. Here I think you could classify a nonrefundable 35% deposit as both oppressive and punishing.

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comeaux

comeaux

Posted
Posted

Wow this should be really simple … buyer agrees to put $600 down and make payments. Regardless if $600 is too much of a down payment is irrelevant, the deal was agreed by both parties.

 

Seller should keep the entire $600 especially if in fact the buyer did spend money on another book before settling up on the deal he agreed to.

 

The buyers excuse of “something happened” or whatever the reason is bogus, life serves up sh!tt sandwiches every day and if you don’t have money put away for emergencies then you shouldn’t be agreeing to buy a $1600 book that you can't afford.

 

A man is only as good as his word

 

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comicartfan

comicartfan

Posted
Posted
10-20% non refundable deposit is generally reasonable and accepted in our hobby...

35% + is, by most accounts, "excessive" from a non refundable deposit standpoint...

legally, sounds like seller can keep the entire 600, but might not be the "right" decision..

 

...

 

reason for the 10-20% non refundable deposit is to protect seller against regular price fluctuations...

no books should fluctuate 35% in 2 months if priced fairly to begin with, imo

 

I would sell book on ebay, and keep amount of deposit necessary to make the original sale price whole...then refund the requested 300 or balance not used in ebay fees and potential loss on sale price

 

100% agree with this post

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Kevin76

Kevin76

Posted
Posted
10-20% non refundable deposit is generally reasonable and accepted in our hobby...

35% + is, by most accounts, "excessive" from a non refundable deposit standpoint...

legally, sounds like seller can keep the entire 600, but might not be the "right" decision..

 

...

 

reason for the 10-20% non refundable deposit is to protect seller against regular price fluctuations...

no books should fluctuate 35% in 2 months if priced fairly to begin with, imo

 

I would sell book on ebay, and keep amount of deposit necessary to make the original sale price whole...then refund the requested 300 or balance not used in ebay fees and potential loss on sale price

 

100% agree with this post

 

Since you agreed, you come across as smart :P

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