How to get PAID ! What form of payment?

[Ledge End]

Hello,

So here I am about ready to sell a piece of equipment and already contemplating my next purchase with the said proceeds. :dance1:

I'm offered a check but how long should I wait for a check to clear? My banker tells me that money orders are not necessarily good, same with bank checks or cashier checks - they all need time to "clear". Cash might be counterfeit and I will not know until I deposit it in the bank. If the cash is bad then I'm on the hook. :confused2:

It's sounding like I can only be assured of good payment if it is pre-1960 quarters or half dollars. :2cents:

How is the best way to handle a "cash and carry, as is where is" sale of approx $10k ?

 

[Gary Fowler]

A bank can verify funds on a personal check immediately but CASH is always king. Even CERTIFIED or Cashiers checks have to be verified and a bank can do that immediately also. I doubt that anyone is going to pay with counterfeit money especialy if you get a DL ID

 

[Bird]

When I sold a tractor ($15,000) and a bass boat ($6,000) I specified cash only and got it.

 

[Cat_Driver]

Money transfer - pay pal, western union,

 

[joshuabardwell]

Money transfer - pay pal, western union,

Western Union can be used in fraud, but I don't know the details. With Paypal, you have to be concerned that the buyer will file a claim against you. Paypal very much favors the buyer in fraud claims, and is very quick to yank money back from the seller and then hold it for a long time, with unclear standards for what to do to get it back. I have heard of businesses just getting screwed out of tens of thousands of dollars in cash by Paypal. I would strongly advise not to use them for large transactions, or carry large balances with them, unless you just have no other option.

 

[Bluegill2]

You worry too much! Not many crooks will be buying tractors...

 

[sixdogs]

Cash only and do the transaction right at the bank. They can count $10,000 in five seconds and immediately advise if good or not. Second choice is an attorney and who will act as an "escrow agent" and receive the $$ into his trust acct. When funds are clear, they empty the account, send you good funds and release the item to the buyer. Buyer and seller sign a contract and my atty charged me $165 for the transaction. These two ways are foolproof and the only way I will deal on something major. Anything else is at varying degrees of peril but, hey, it's not my money.

Wire transfers can be reversed after the fact, certified checks and bank drafts can be faked, reversed and cancelled under certain instances and PayPay can also be reversed. Your account can be debited at your bank if the other bank asks it to do so under certain conditions of "fraud" which is a subjective opinion. I've seen big numbers reversed to the chagrin of those involved and even did one myself.
It is amazing the number that get taken advantage of in situations they should have rapidly run away from.

"Trust, but verify"

 

[dusty3030]

Cash, grass, or ***** - nobody rides for free.

 

[grsthegreat]

ive sold quite a few items ...and always required cash. I have the client meet me at my bank. and we do the deal with the teller taking the funds and issuing me a receipt into my account. Then the bank will notary the sales receipt.

ill never sell a big ticket item over the phone, and never use money order, western union or any such thing. No personal checks either....too many false checks out there.

 

[Ledge End]

Cash only and do the transaction right at the bank. They can count $10,000 in five seconds and immediately advise if good or not. Second choice is an attorney and who will act as an "escrow agent" and receive the $$ into his trust acct. When funds are clear, they empty the account, send you good funds and release the item to the buyer. Buyer and seller sign a contract and my atty charged me $165 for the transaction. These two ways are foolproof and the only way I will deal on something major. Anything else is at varying degrees of peril but, hey, it's not my money.

Wire transfers can be reversed after the fact, certified checks and bank drafts can be faked, reversed and cancelled under certain instances and PayPay can also be reversed. Your account can be debited at your bank if the other bank asks it to do so under certain conditions of "fraud" which is a subjective opinion. I've seen big numbers reversed to the chagrin of those involved and even did one myself.
It is amazing the number that get taken advantage of in situations they should have rapidly run away from.

You covered a few items that I have been told. Wire transfers, certified checks, bank drafts, paypal or other credit card pmt all are no go for seller security. As far as getting my attorney involved... I think that I would take a personal check and wait the 2 weeks (!!! yes 10 full business days is what my bank said they need to be pretty much assured that it is good - this is the best they would commit to).

Cash at the bank seems to be the only way so far to be able to make a deal on the spot.

It seems that in this day in age there would be at least a handfull of options for good payment.

One bank also wanted my finger prints before they would cash the check drawn on their bank. Go figure, they want my ID and my finger prints for a check from their bank. This implies that they can not verify a good check from their own bank.