time payments

[The Less Blob]

I have received some requests about time payments on some semi-expensive items ($400-$750 type stuff). other than locking in the price and holding the book and maybe them backing out at some point, am i missing any potential pitfalls? the people making the offers seem to have three digit feedback -- not fly by night stuff.

[Deathlok]

Just be sure you clarify the terms of the time payments. (i.e. cancellation charge, late payments charge, etc.)

[greggy]

Just be sure you clarify the terms of the time payments. (i.e. cancellation charge, late payments charge, etc.)

[Silver Surfer]

Just don't keep a Paypal balance, withdraw it immediately. Make the timelines firms, if a payment is missed and then at least you should get a minimum of 25% for free.

[mister_not_so_nice]

The only pitfall I see is removing the item for sale and having them back out. If you have a XX% fee if they cancel I see no risk on your end. Since it is time payments I would ask for a check or money order. No need to incur PAYPAL fees if your going to have to wait 2-3 months for the money anyway. If using checks you could get them al upfront (post-dated) and cash when applicable.

[Timulty]

As a person who often purchases via time payments. Mister_Not_So_Nice has a very good point. Checks, MO and Cash. I am not a fan of post dated checks but hey, if it makes the seller feel more secure in the purchase I will make, so be it. Of course, keep the purchase until the last check clears. Then get it out straight away. That poor customer has been jonesin for that comic for a long, long time!!!!!

[ComicSupply]

This is what I do with payments.

 

Let's say I am selling a $1000 book and they want to make 4 payments.

 

I go about this one of two ways and always try to have my first way agreed to.

 

#1.

 

Monthly payments, postmarked by a certain day. I take the last monthly payment and half it, and add it to the first payment. I try to get only money orders as you can't stop payment on them. If a payment is more than 5 days late then they either lose a payment they have already made, or the deal is done.

 

#2.

 

Monthly payments postmarked by a certain day. Equal amounts scheduled in whichever way the buyer wants. There is still the chance they lose a payment if they are late or forget.

 

Of course there are always circumstances in which I wouldn't penalize them, and nothing is ever shipped before payment is made in full. I don't like postdated checks because if the terms are long enough there is more time in which you could lose the checks. It is important to say no cancelling the deal without some sort of penalty. The problem with payments is that it gives the buyer time to rationalize their buying choice and possibly revoke the deal. I haven't any problems up to this point with it though.

[Dr_Neff]

Send them parts of the book(s) as they pay along. then at the end they can assemble the book(s) and encapsulate. Oops..

 

 

I meant to say click the little box on your ebay page that says "time payments" and they (paypal) pay you up front and the squab.. I mean customer pays them (paypal) off in installments for up to 2 years..

 

If you are not on eBay, don't take time payments, you are losing money that you could have made either: by selling outright and recycling your money ie.. new collections, etc that come up in between your accepting time payments, and/or

worrying about elements out of your control that if anything happened to the purchase, you would become dually liable, both to satisfy the customer, and your inventory.

[The Less Blob]

the requests came via some fixed autions i was running on ebay. haven't heard back from these people. one sounded like he wanted me to end it early, the other, not sure what he was going for.

 

i don't really recycle the money into buying new books, my comic selling money pays for houshold/child stuff with a piece (some % of my cost) of the big books going back into my bank account where it could be spent on anything, including more comics! generating some houshold money makes all these boxes of comics a little more tolerable for my wife.