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Tips / A Guide for Buyers and Sellers
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A Guide for Buyers and Sellers |
| By: admin, November 25, 2004 |
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| Views: 310 |
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Buyers may have several payment options, including
credit card, debit card, personal check, cashier's check, money order,
cash on delivery and escrow services. However, all sellers do not
accept all forms of payment.
Credit cards offer
buyers the most consumer protections, including the right to seek a
credit from the credit card issuer if the product is not delivered or
if the product received isn't the product ordered. Typically, sellers
using business-to-person auction sites accept payment by credit card.
But many sellers in person-to-person auctions don't. Usually they
require payment by cashier's check or money order before they send the
item to the winning bidder.
Some sellers agree to use an escrow service. For a fee - generally 5
percent of the cost of the item, paid by the buyer - an escrow service
accepts payment from the buyer via check, money order or credit card.
The service releases the money to the seller only after the buyer
receives and approves the merchandise. This helps protect buyers from
ending up empty-handed after paying their money. The flip side? Using
an escrow service can delay the deal. As with any business transaction,
investigate the escrow service's reputation before signing on to the
service.
Occasionally, sellers agree to send items COD, with the buyer paying when the item is received.
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