Preferred method of payment for Mega-Keys at a con...

[Gem_Mint]

When I day dream about this, I always pay with a cashier's check.

It hasn't come up in real life.

 

I'm day dreaming right now.

 

Hard to haggle when you have a cashiers check.

[2staples]

Don't you already need to know the name of the payee to acquire a cashier's check? A certified check would work better...maybe even a money order.

[2staples]

[thehumantorch]

I've noticed that I get charged a 1% fee now for gift transactions.

Anyone else experience this via bank account payment?

 

It's free if the person you're sending the money to is in Canada. Outside the country you reside in there's a fee.

 

Of course I prefer cash. There's no risk and I love a big wad in my pocket.

 

I've taken cheques from people I trust but it can be risky. paypal payments on the show floor. Square works well.

[Mark 1]

I don't think it's against the Paypal rules to gift cash that is already in your paypal account.

 

I sent a dealer 4k preferred once as the money was in my account. No problems occurred at all.

 

 

Fair enough. I'm more comfortable keeping five figure sums of money in an FDIC-insured checking account than with PayPal.

 

Most definitely. In this case it was a payment received in my paypal account and a day later a payment sent to the dealer. Normally I would keep high dollar amounts in my bank account.

 

 

[thehumantorch]

Amazing to me that anyone would consider using cash to pay for a mega key. I wouldn't be comfortable carrying large (5 figure) sums around in cash. Using PayPal gift for buying merchandise is against the terms of service.

 

I make all large purchases at conventions by check. Cash is fine for small and medium sized buys.

 

At our last show we had a customer with a stack of $100 bills. He dropped about 8k on 3 keys and still had a healthy pile of $100s. Said he'd always dreamed of buying keys and now he could. By the looks of him he's a dentist, doctor, or lawyer who worked his way through school and now was doing well.

[Bill1]

I am not sure an actual retailer with a business is allowed to refuse cash in the US, and I doubt anyone would. The marker/pens that you check for counterfeit bills are cheap and readily available. I imagine the actual retailers are required to file an IRS 8300 for anyone they take 10k or more from, though.

[Sqeggs]

Retailers don't have to accept cash in the U.S.; it's strictly up to them.

 

I would think that a major dealer receiving a large PP payment via the friends and family option would likely receive a call from PP.

[Bill1]

as the US Treasury explains on their website, “Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise.”

 

Still, I imagine most vendors would take your wad of bills for a comic....

[wombat]

I would seriously question a dealer that didn't take cash. Maybe not for a million dollar book without having some security handy, but surely for several thousand dollars.

 

When I was younger I worked for an auction company. It was pretty much a cash only business. People would frequently pay for items worth more than 20K with cash.

[Jeffro.]

And I'm peeling off those dollars bills slapping them down, one hundred, two hundred...."

[Quicksilver Signs]

U2 <3

[Gem_Mint]

Where's the protection on paying for a unrestored book with cash and it comes back restored?

[namisgr]

Where's the protection on paying for a unrestored book with cash and it comes back restored?

 

The same as the protection on paying for a book with any method and it comes back restored.

 

My advice is that if you must buy a mega key unslabbed, buy it from a dealer with high integrity who will refund you should the comic turn out to have undisclosed restoration. (And, my preference, buy it using a personal check).

[Bill1]

I don't think I would buy an ungraded key in the thousands of dollars- it would have to be CGC'ed.

[comicartfan]

I think most people pay cash and they plan for it. They have a general idea of what they want to spend and having cash makes every simpler for the dealer and the buyer. I know when I do this local VFW con, there is no cell phone reception. Makes using Square and PP impossible. -

[Tony S]

Answer to the question is straightforward. If as a consumer you want the best price, cash is KING. If you want the most protection, use a credit card. But as others have noted, at the really big cons sometimes internet access and thus credit card processing can get spotty.

[paradigmcomics]

A few observations:

 

1). While most of the time paying via PayPal and marking as a gift won't cause any issues, I'm pretty sure if the gift amount is over $14,000 and at least one party in the transaction is in the USA, PayPal automatically makes one of the parties fill out (or I should say, sends them) an IRS Form 709

 

2). Since my dad retired in 2006 we have been fairly regular local auction attenders (2 to 3 times a week) and we regularly pay large amounts in all cash. Pretty much all local auctions have a lower Buyer's Premium if you pay in cash, and none that I have seen take checks (at least if they don't know you).

 

3). I know my father-in-laws business accepts checks (they don't advertise this though) and they use a check authorization/guarantee service. You have to get a check-list of information from the customer, call an 800 number and they give you the go ahead to accept or decline the check. If you follow all the steps, and have all the information as per the check-list they guarantee you the funds even if something happens. I think the cost is 8% of all the transactions used through that service OR a flat fee. Whichever is greater.

[Buzzetta]

Having brought a five figure sum to a show once when shopping for a key book, I will offer this. I have seen a few smash and grabs on the subway and the Long Island Railroad. As a pedestrian commuter on public transportation, I probably see more than what you would see driving. I have seen someone just walk up and punch someone in the face and grab their bag and run off the train. I have seen a mobile fun taken as someone was sitting by the entrance of the car and as the doors opened someone punched them, grabbed the device and ran off. Many would like to think they have their wits about them and know exactly what they would do, but by the time you are punched in the face and realize what is going on, the doors have shut and the train is already moving toward the next stop.

 

When I paid for a key, I had someone put their hand on my shoulder and try to look over it to see what I was paying for and how much I had. I was not cool with that and barked at the guy. The comic dealer allowed me to find space in his booth on the floor to sort everything out and make the transaction.

 

Everyone makes fun of the Ron Theda situation and him being walked to his car. Sorry, I don't fault him for that. Everyone saw him make a transaction for a five figure book and he was right to at least have a heightened sense of awareness of his surroundings. In my case, I had no reservations calling a friend who I knew was a couple blocks away from the Javits and meet up with me.

 

Now a days, I do not take anywhere near that with me to a show. At the most, maybe I take a thousand or two in cash in case there is something I see that is too good to pass off and I do keep an electronic device (iPad or iPhone) to make paypal transactions if I need a little backup.

 

Keep in mind though that as one major comic dealer once told me... "Cash is King"

[thirdgreenham]

I'm curious as to what the preferred method of payment would be?

 

Would dealers rather $6k in cash?

 

Do they swipe a card?

 

Do any prefer you gift the funds via paypal on the spot?

 

Any help on this one?

 

As mentioned earlier, cash is king.

 

When using PayPal personal, there is no concern for either party. If there's an extra cost to the buyer, I would consider taking that off of the purchase price. Speedy-D talking about no protection for the buyer doesn't make any sense. The buyer has the book and is walking away, what protection could he possibly need? If he's worried about his own safety, that has nothing to do with the method of payment after he's paid.

 

Now, if it isn't PayPal personal, then the dealer has a lot to worry about. The buyer pays via PayPal, walks away with the book, gets home and does a chargeback. Then the seller is squirming and likely out the book and the money. If it isn't someone you know and trust, then to protect himself, the dealer should only accept "personal".

 

A cheque/check is no problem for people that you know. If you don't know them, forget it. Unless that person has been confirmed by a reputable dealer that there will be no problems, would I only consider this.

 

Visa/MC is fine, but I would call in for authorization and then get their signature on the written receipt.

 

In the end, most serious buyers will bring cash, I would say.