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There are some bidders out there who refuse to pay for auctions with anything but a personal check. Unfortunately, there are some bidders who will bounce a check on you, and you might not discover the fact until after you have mailed the item to the bidder.
When you receive a check, it can take ten or more days before you know whether or not those funds have cleared and will definitely be available to you. And it can take extra time to follow up on each check to ensure it has cleared, particularly when your items may have a higher value and you want to check on each one.
Unfortunately, by refusing to accept checks, you will reduce your bidder pool. You can also encourage the use of eChecks through PayPal where clearing time is usually only 2-5 business days.
To protect yourself against bounced checks, always wait 10-14 days after depositing a check before you send the item. Be sure to mention in your auction listings that checks may be held for 10-14 days, so that bidders aren't expecting their items to be shipped as soon as you receive the check.
The only exceptions to your policy on holding items until the funds clear should be for repeat customers you have not had any problems with in the past. But even then, you should still check their feedback for any problems, and proceed with caution.
You not only want to worry about a check bouncing, but if the buyer puts a stop payment on the check, or even if the check if fraud. This also includes Cashiers Checks.
Money Orders are a little safer, where the buyer has to pay cash to get a Money Order. But same thing again, the Money Order could be Fraud. Always check with your bank to see if the Money Order is good before sending the buyer any items.
The best method for sending payment on eBay is PayPal.
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If you have found this link helpful, please vote yes at the bottom of the page. Thank you for visiting. Don't forget to visit my eBay Store: Discovering New Deals.
When you receive a check, it can take ten or more days before you know whether or not those funds have cleared and will definitely be available to you. And it can take extra time to follow up on each check to ensure it has cleared, particularly when your items may have a higher value and you want to check on each one.
Unfortunately, by refusing to accept checks, you will reduce your bidder pool. You can also encourage the use of eChecks through PayPal where clearing time is usually only 2-5 business days.
To protect yourself against bounced checks, always wait 10-14 days after depositing a check before you send the item. Be sure to mention in your auction listings that checks may be held for 10-14 days, so that bidders aren't expecting their items to be shipped as soon as you receive the check.
The only exceptions to your policy on holding items until the funds clear should be for repeat customers you have not had any problems with in the past. But even then, you should still check their feedback for any problems, and proceed with caution.
You not only want to worry about a check bouncing, but if the buyer puts a stop payment on the check, or even if the check if fraud. This also includes Cashiers Checks.
Money Orders are a little safer, where the buyer has to pay cash to get a Money Order. But same thing again, the Money Order could be Fraud. Always check with your bank to see if the Money Order is good before sending the buyer any items.
The best method for sending payment on eBay is PayPal.
__________________________________________________________________________________________________________________________________________________________________
If you have found this link helpful, please vote yes at the bottom of the page. Thank you for visiting. Don't forget to visit my eBay Store: Discovering New Deals.
Guide created: 12/23/07 (updated 10/02/09)
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