Accepting Pay Pal (from credit card) for bike payment? - Chicagoland Sportbikes
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post #1 of 19 (permalink) Old 05-24-2009, 08:40 PM Thread Starter
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Accepting Pay Pal (from credit card) for bike payment?

I have a buyer that says he is serious about my ZX6R but he is short of cash. He has suggested that he pay me the balance ($1500) via PayPal that way he can have it charged to his credit card. He sounds like an honest guy (college kid actually). Is there any downside of doing this for me?...risk? Once I see the funds transferred into my PayPal account is there any way they could get "called back" or is it same as cash in my hand? ...also as the receiver does it make any difference that the money is actually coming from his credit card?

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post #2 of 19 (permalink) Old 05-24-2009, 08:44 PM
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screw that. cash is king.

he can go to an ATM or his bank and withdraw cash against his credit card
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post #3 of 19 (permalink) Old 05-24-2009, 08:52 PM
 
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Quote:
Originally Posted by Ernie View Post
screw that. cash is king.

he can go to an ATM or his bank and withdraw cash against his credit card
And pay a 20% fee because of it.

I would think Paypal is a pretty safe transaction.
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post #4 of 19 (permalink) Old 05-24-2009, 08:55 PM
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Large paypal fee and you can only withdrawl like $500/month

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post #5 of 19 (permalink) Old 05-24-2009, 09:07 PM
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I paid for my bike with paypal- a combination of payment directly from my bank account and credit card.

The only way your money will get 'pulled back' is if he files a chargeback on the credit card, which will then be processed through paypal, and they'll take your money. Or he stops payment on the charge after he sends it- so your best bet is to get some sort of written contract with him, just in case of something like that.

(Also, make sure his credit card isn't maxed out, otherwise the charge will be denied due to insufficient funds.)
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post #6 of 19 (permalink) Old 05-24-2009, 09:40 PM Thread Starter
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Originally Posted by eE jeremy View Post
Large paypal fee and you can only withdrawl like $500/month
large fee?...for what? I've only used paypal for "small" (up to $400) transactions in the past but I've never paid a fee when I've received money. I guess I need to go read up on the PayPal policies....I really don't want a headache out of this deal.

Someone on this forum must be looking for a really nice ZX6R...make it easy on me and buy my bike (see for sale forum) with cash ....eE jeremy this would be a perfect 2nd bike for you...then you could keep one track ready at all times

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post #7 of 19 (permalink) Old 05-24-2009, 09:42 PM
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Quote:
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And pay a 20% fee because of it.

I would think Paypal is a pretty safe transaction.
the protection measures in place are moreso for the purchaser than the seller. if the buyer is not happy with any aspect of the transaction he can cancel and get a return on his funds and the OP is left with a legal nightmare.

if the buyer can't afford the interest rate then it's not the OP's problem as he just wants a troublefree smooth transaction.

If you want to allow paypal to be allowed for partially funding this transaction I suggest that you get the purchaser to agree that the title xfer will be withheld for 30 days until after all the funds have cleared payment.
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post #8 of 19 (permalink) Old 05-24-2009, 09:43 PM Thread Starter
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(Also, make sure his credit card isn't maxed out, otherwise the charge will be denied due to insufficient funds.)
Wouldn't the charge be approved before PalPal would accept it?....so if the card was maxed out the charge would never go thru in the first palce?

Thanks for all the helpful info... just wish someone with money would come buy this thing...seems like everyone that I've spoken to is a broke college aged kid (I've been there but I was riding bikes that cost less than $1k back then...I could have never dreamed of a bike like this when I was that age).

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post #9 of 19 (permalink) Old 05-24-2009, 09:43 PM
 
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Quote:
Originally Posted by Ernie View Post
the protection measures in place are moreso for the purchaser than the seller. if the buyer is not happy with any aspect of the transaction he can cancel and get a return on his funds and the OP is left with a legal nightmare.

if the buyer can't afford the interest rate then it's not the OP's problem as he just wants a troublefree smooth transaction.

If you want to allow paypal to be allowed for partially funding this transaction I suggest that you get the purchaser to agree that the title xfer will be withheld for 30 days until after all the funds have cleared payment.
Good point! I wasn't aware of a withdrawal maximum either, so 30 days may not be enough to ensure that the seller is able to retrieve all the funds.
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post #10 of 19 (permalink) Old 05-24-2009, 09:53 PM
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I would still be leary because of the whole charge back thing via Paypal. In the past friends of mine had small online stores and stopped accepting CC payment because they were getting killed on charge backs from buyers who then would not return the product.


Your 6R is friggin sweet though!! It's exactly what I'm looking for but about 8-9 months too early
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post #11 of 19 (permalink) Old 05-24-2009, 11:06 PM
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I wouldn't do it. You have to pay (I think 3.9%) on cc charges, there is always a possibility of him screwing you on the payment, and you can't withdraw the full amount so the money will sit for 3 months before it's all yours (unless you use paypal to buy often).

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post #12 of 19 (permalink) Old 05-24-2009, 11:18 PM
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I bought my bike via Paypal. They do charge a 3 or 4% charge. I would tell him to transfer the funds, give a mandatory 3-5 business days for the funds to transfer from Paypal to your account to make sure it goes through, then let him take the bike.

It's always a good idea to get a signed contract.

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post #13 of 19 (permalink) Old 05-24-2009, 11:42 PM
 
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I wouldn't do it, Paypal sucks. $500 withdrawal max per month, he will probably not compensate for the fees they will charge you, and he always has the ability to perform a chargeback and Paypal is notorious for siding with the buyer.

Try selling it on the WERA or CCS board.
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post #14 of 19 (permalink) Old 05-25-2009, 12:39 AM
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Quote:
Originally Posted by chicagoavatar View Post
Wouldn't the charge be approved before PalPal would accept it?....so if the card was maxed out the charge would never go thru in the first palce?

Thanks for all the helpful info... just wish someone with money would come buy this thing...seems like everyone that I've spoken to is a broke college aged kid (I've been there but I was riding bikes that cost less than $1k back then...I could have never dreamed of a bike like this when I was that age).
guess I didn't phrase that right- what I mean is that you shouldn't just have him sit at your laptop and make the payment in front of you, then hand him title and let him ride off into the sunset. (Even though that's exactly what I did.) It will take a few days for a cleared payment to reach your bank account, and I think that's been mentioned already.

I realized shortly after I paid for my bike that I could have totally screwed the guy over, and I now know that he probably had to pay to even receive my credit card payment. Neither of us knew at the time, oops!
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post #15 of 19 (permalink) Old 05-25-2009, 12:53 AM Thread Starter
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Thanks for all the info....I'm pretty sure I'm not going to go this route. Regarding the $500 limit I was surprised about that but sure enough when I went to PayPal it would only let me transfer a max of $500 out of my account (I've been lazy and had let some money that was paid to me a while back from some ebay sales just sit there)...anyway there was a link to "remove the limit" and all you have to do is verify your Social Security number or link to a debit card...I guess then you remove as much as has been cleared.

...also, having him sit at my laptop and move the funds was exactly what I had in mind but was also exactly what I was worried about...thanks!

We'll see if the buyer can come up with the money somehow.....until then, the bike is listed in the "For Sale" forum so check it out and feel free to buy it form me

- Frank
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post #16 of 19 (permalink) Old 05-25-2009, 07:22 PM
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Just an FYI on chargebacks in general.... A consumer has up to 2 years to do a chargeback on a purchase. In regular processing situations the vendor has one chance to reply to the chargeback before a determination is made. With paypal.... while you may have more than one chance to rebut the claim, they are not easy to deal with.

In a situation such as paypal who is in essence a 3rd party processor, they are very difficult to deal with regarding chargebacks and customer service in general. Their charges to the vendor often adjust according to the amount of the sale.

Personally I would not do the transaction through paypal, I have heard far too many horror stories from vendors who were burned through paypal.

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post #17 of 19 (permalink) Old 05-25-2009, 09:03 PM Thread Starter
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Thanks again, this is all good info to know.

I have informed the potential buyer that I will not accept any amount of the payment via PayPal. The $500 monthly limit is not an issue (I moved my full balance without any fees earlier today) but the risks of charge backs, etc. make this not worth it to me. I've gotten quite a bit of interests on the bike and it's just a matter of time before someone comes along with the cash.

- Frank
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post #18 of 19 (permalink) Old 05-25-2009, 09:27 PM
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I have done this multiple time for very large amounts.



There are fees associated with Cc payments, if the buyer adds them, no problem.

I have them send the payment, I accept it, then transfer the full amount out immediately.


Then deliver the product.


They feel protected, get to use their card, you have your cash in hand.


No problem.


As a buyer, paypal won't do shit to help you..... unless you use your credit card.


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post #19 of 19 (permalink) Old 05-25-2009, 10:11 PM
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I always use CC with paypal, many times been fucked over, called CC company and money is credited back to me.
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