Time payments question? should I handled it differently? UPDATE!!

[uchiha101]

ok I just did my first time payment and I'm not sure if I handled it wrong or not because he agreed to a 20% down payment on the comic and after he pays me he asks if it's non-refundable I said

 

"yes it's not refundable because what the 20% does is lock down the price and is a security measure if you would try to back out"

 

his response "Wow that's harsh. What if someone had an emergency and needed that back? Kind of like stealing dont you think?"

 

I responded with my previous answer again and he says he understands

 

so should I have handled it differently? and next time someone accuses me of stealing because I'm asking a non-refundable fee what should I say or do?

 

Really appreciate any input

 

 

[Bird]

You should always have all terms clearly spelled out before accepting the first payment. I would emphasize that you expect him to pay and complete the deal and that you are not a bank holding the money. But the focus should be on completing the deal.

[romanheart]

I think 10% is the standard first payment. The first payment is usually non-refundable. You both should have talked that point over before money changing hands.

[DavidTheDavid]

20% down is usual. Non-refundable is usual. And yes, always have it clear in advance.

[MrBedrock]

I think 10% is the standard first payment.

Standard for whom?

[romanheart]

I think 10% is the standard first payment.

Standard for whom?

 

Ok what price range is this book we're talking about? I usually give more because I don't like to draw these things out.

[comeaux]

20% down and nonrefundable is definitely fair but as others have said you should stipulate this requirement before the deal is agreed.

[uchiha101]

You should always have all terms clearly spelled out before accepting the first payment. I would emphasize that you expect him to pay and complete the deal and that you are not a bank holding the money. But the focus should be on completing the deal.

 

ok won't happen a second time

[uchiha101]

I think 10% is the standard first payment. The first payment is usually non-refundable. You both should have talked that point over before money changing hands.

 

20% is the standard from what I see and yes I'll spell it out clearly next time

[uchiha101]

20% down and nonrefundable is definitely fair but as others have said you should stipulate this requirement before the deal is agreed.

 

I agree that was the mistake on my part

[uchiha101]

I think 10% is the standard first payment.

Standard for whom?

 

Ok what price range is this book we're talking about? I usually give more because I don't like to draw these things out.

 

75 dollars in value for this comic since he asked for time payments

[01TheDude]

what if I put down a deposit for a place to hold a wedding reception and then the bride flakes out? -- you don't get your money back. It is a deposit (though that might not be a hard and fast rule).

 

Time payments though seems a little more like escrow. So there should be a penalty but perhaps not the whole amount. Spelling out the exact arrangement seems like the route you have to go to protect both parties.

[01TheDude]

I think 10% is the standard first payment.

Standard for whom?

 

Ok what price range is this book we're talking about? I usually give more because I don't like to draw these things out.

 

75 dollars in value for this comic since he asked for time payments

 

wow- I thought this at least $500

 

75 bucks should not be eligible for time payments at all. This isn't the lay away department at K-Mart. Maybe that is snobbish of me. not sure.

[DeadOne]

I think 10% is the standard first payment.

Standard for whom?

 

Ok what price range is this book we're talking about? I usually give more because I don't like to draw these things out.

 

75 dollars in value for this comic since he asked for time payments

Just so I'm understanding this correctly, $75 was the total for the comic, or &75 was the 20% down payment?

 

[CAHokie]

I think 10% is the standard first payment.

Standard for whom?

 

Ok what price range is this book we're talking about? I usually give more because I don't like to draw these things out.

 

75 dollars in value for this comic since he asked for time payments

 

75 dollars and he is worried about having an emergency and needing the $15 back? If $15 is make it or break it for him then he needs to stop buying comics and especially on time payments.

 

 

[DeadOne]

I think 10% is the standard first payment.

Standard for whom?

 

Ok what price range is this book we're talking about? I usually give more because I don't like to draw these things out.

 

75 dollars in value for this comic since he asked for time payments

 

wow- I thought this at least $500

 

75 bucks should not be eligible for time payments at all. This isn't the lay away department at K-Mart. Maybe that is snobbish of me. not sure.

I thought that too.

I hope I never find myself with a family emergency so dire that I might need my $15 down payment back.

[uchiha101]

what if I put down a deposit for a place to hold a wedding reception and then the bride flakes out? -- you don't get your money back. It is a deposit (though that might not be a hard and fast rule).

 

Time payments though seems a little more like escrow. So there should be a penalty but perhaps not the whole amount. Spelling out the exact arrangement seems like the route you have to go to protect both parties.

 

I agree I'll do that next time

[uchiha101]

I think 10% is the standard first payment.

Standard for whom?

 

Ok what price range is this book we're talking about? I usually give more because I don't like to draw these things out.

 

75 dollars in value for this comic since he asked for time payments

Just so I'm understanding this correctly, $75 was the total for the comic, or &75 was the 20% down payment?

 

Hey Dead one

 

yes 75 was the total for the comic

[Santos208]

For 75 dollarso I don't see why timedo payments should be used/needed. A couple hundred dollars though would make a lot more sense to use timed payments.

[uchiha101]

I think 10% is the standard first payment.

Standard for whom?

 

Ok what price range is this book we're talking about? I usually give more because I don't like to draw these things out.

 

75 dollars in value for this comic since he asked for time payments

 

75 dollars and he is worried about having an emergency and needing the $15 back? If $15 is make it or break it for him then he needs to stop buying comics and especially on time payments.

 

 

I do offer time payments on my other more expensive comics but he offered to put a down payment to secure the comic so I said my terms and he agreed